0001423869False00014238692023-10-252023-10-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): October 25, 2023
PCB BANCORP
(Exact name of registrant as specified in its charter)
California
(State or other jurisdiction of
incorporation)
001-38621
(Commission
File Number)
20-8856755
(I.R.S. Employer
Identification No.)
3701 Wilshire Boulevard, Suite 900
Los Angeles, California
(Address of principal offices)
90010
(Zip Code)
Registrant’s telephone number, including area code: (213) 210-2000
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, no par valuePCBNasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒



Item 2.02 Results of Operations and Financial Condition.
On October 25, 2023, PCB Bancorp, a California corporation (the “Company”), issued a press release concerning its unaudited results for the third quarter of 2023. A copy of the press release is attached as Exhibit 99.1 to this Current Report and is incorporated herein by reference.
The information in this report set forth under this Item 2.02 and in Exhibit 99.1 shall not be treated as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly stated by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
Attached as Exhibit 99.2, and incorporated herein by reference, is a copy of an investor presentation that may be utilized by management at future discussions with investors. The information in this report set forth under this Item 7.01 and in Exhibit 99.2 shall not be treated as “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except expressly stated by specific reference in such filing.
Item 8.01 Other Events.
On October 25, 2023, the Company issued a press release announcing that on October 25, 2023, its Board of Directors declared a quarterly cash dividend of $0.18 per common share. The dividend will be paid on or about November 17, 2023, to shareholders of record as of the close of business on November 9, 2023. A copy of the press release is attached as Exhibit 99.3 to this Current Report and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PCB Bancorp
Date:October 25, 2023/s/ Timothy Chang
Timothy Chang
Executive Vice President and Chief Financial Officer


3

Exhibit 99.1
pcbbancorpa.jpg
PCB Bancorp Reports Earnings of $7.0 million for Q3 2023
Los Angeles, California - October 25, 2023 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income of $7.0 million, or $0.49 per diluted common share, for the third quarter of 2023, compared with $7.5 million, or $0.52 per diluted common share, for the previous quarter and $7.0 million, or $0.46 per diluted common share, for the year-ago quarter.
Q3 2023 Highlights
•Net income totaled $7.0 million, or $0.49 per diluted common share, for the current quarter;
•Recorded a provision for credit losses(1),(2) of $751 thousand for the current quarter compared with $197 thousand for the previous quarter and $3.8 million for the year-ago quarter;
•Allowance for Credit Losses (“ACL”)(1) on loans to loans held-for-investment ratio was 1.18% at September 30, 2023 compared with 1.17% at June 30, 2023 and 1.21% at September 30, 2022;
•Net interest income was $22.4 million for the current quarter compared with $21.7 million for the previous quarter and $24.0 million for the year-ago quarter. Net interest margin was 3.57% for the current quarter compared with 3.55% for the previous quarter and 4.25% for the year-ago quarter;
•Gain on sale of loans was $689 thousand for the current quarter compared with $769 thousand for the previous quarter and $1.4 million for the year-ago quarter;
•Total assets were $2.57 billion at September 30, 2023, an increase of $11.6 million, or 0.5%, from $2.56 billion at June 30, 2023, an increase of $147.9 million, or 6.1%, from $2.42 billion at December 31, 2022, and an increase of $240.9 million, or 10.4%, from $2.33 billion at September 30, 2022;
•Loans held-for-investment were $2.17 billion at September 30, 2023, an increase of $45.2 million, or 2.1%, from $2.12 billion at June 30, 2023, an increase of $121.5 million, or 5.9%, from $2.05 billion at December 31, 2022, and an increase of $208.4 million, or 10.6%, from $1.96 billion at September 30, 2022;
•Total deposits were $2.19 billion at September 30, 2023, an increase of $3.9 million, or 0.2%, from $2.19 billion at June 30, 2023, an increase of $146.1 million, or 7.1%, from $2.05 billion at December 31, 2022, and an increase of $214.0 million, or 10.8%, from $1.98 billion at September 30, 2022; and
•Announced a stock repurchase program on August 2, 2023 for the repurchase of up to 720,000 shares of the Company’s outstanding common stock through August 2, 2024. During the current quarter, the Company repurchased and retired 67,202 shares of common stock.
“We are pleased with our continued solid earnings, modest loan growth, and a slight increase in net interest margin and net interest income during the third quarter,” said Henry Kim, President and Chief Executive Officer. “Our loan balance increased 2.1% to $2.17 billion, deposit balance remained steady and our asset quality continued to be strong with non-performing assets and classified assets to total assets ratios of 0.15% and 0.26%, respectively.”
Mr. Kim added, “We announced a new stock repurchase program and repurchased 67,202 shares. The Company continued to maintain a strong capital position with the Bank’s tier 1 capital to average assets ratio of 13.44% and the Company’s tangible common equity to total assets ratio of 10.62%. These robust ratios provide us with extensive confidence to maneuver through these uncharted times and enable us to prudently manage our capital to maximize shareholder value.”
Mr. Kim concluded, “This past September, we celebrated our 20th anniversary of PCB Bank. We will continue to build a strong franchise by focusing on maintaining a strong balance sheet and asset quality, disciplined expense management, repurchasing our shares whenever feasible, and maintainable cash dividend.”
-------------------------------------------------------------------------------------
(1)     Provision (reversal) for credit losses and ACL for reporting periods beginning with January 1, 2023 are presented under ASC 326, while prior period comparisons continue to be presented under legacy ASC 450 and ASC 310 in this release.
(2)    Provision (reversal) for credit losses on off-balance sheet credit exposures of $(10) thousand and $28 thousand, respectively, for the year-ago quarter and previous year-to-date period were recorded in Other Expense on Consolidated Statements of Income (Unaudited).
1

Financial Highlights (Unaudited)
($ in thousands, except per share data)
Three Months Ended
Nine Months Ended
9/30/20236/30/2023
% Change
9/30/2022
% Change
9/30/20239/30/2022% Change
Net income$7,023 $7,477 (6.1)%$6,953 1.0 %$24,797 $26,285 (5.7)%
Diluted earnings per common share$0.49 $0.52 (5.8)%$0.46 6.5 %$1.71 $1.73 (1.2)%
Net interest income$22,449 $21,717 3.4 %$24,023 (6.6)%$66,580 $65,367 1.9 %
Provision (reversal) for credit losses (1)
751 197 281.2 %3,753 (80.0)%(1,830)2,453 NM
Noninterest income2,502 2,657 (5.8)%3,176 (21.2)%8,180 12,110 (32.5)%
Noninterest expense14,207 13,627 4.3 %13,695 3.7 %41,588 38,011 9.4 %
Return on average assets (2)
1.09 %1.19 %1.19 %1.32 %1.58 %
Return on average shareholders’ equity (2)
8.12 %8.82 %8.16 %9.77 %11.84 %
Return on average tangible common equity (“TCE”) (2),(3)
10.17 %11.08 %10.25 %12.27 %13.31 %
Net interest margin (2)
3.57 %3.55 %4.25 %3.63 %4.05 %
Efficiency ratio (4)
56.94 %55.91 %50.35 %55.63 %49.06 %
($ in thousands, except per share data)9/30/20236/30/2023% Change12/31/2022% Change9/30/2022% Change
Total assets
$2,567,974 $2,556,345 0.5 %$2,420,036 6.1 %$2,327,051 10.4 %
Net loans held-for-investment
2,142,006 2,097,560 2.1 %2,021,121 6.0 %1,935,476 10.7 %
Total deposits
2,192,129 2,188,232 0.2 %2,045,983 7.1 %1,978,098 10.8 %
Book value per common share (5)
$23.87 $23.77 $22.94 $22.40 
TCE per common share (3)
$19.05 $18.94 $18.21 $17.75 
Tier 1 leverage ratio (consolidated)
13.76 %13.84 %14.33 %14.74 %
Total shareholders’ equity to total assets13.31 %13.32 %13.86 %14.30 %
TCE to total assets (3), (6)
10.62 %10.61 %11.00 %11.33 %
(1)Provision (reversal) for credit losses on off-balance sheet credit exposures of $(10) thousand and $28 thousand, respectively, for the year-ago quarter and previous year-to-date period were recorded in Other Expense on Consolidated Statements of Income (Unaudited). See Provision (reversal) for credit losses included in the Result of Operations discussion for additional information.
(2)Ratios are presented on an annualized basis.
(3)Non-GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.
(4)Calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
(5)Calculated by dividing total shareholders’ equity by the number of outstanding common shares.
(6)The Company did not have any intangible asset component for the presented periods.


2

Result of Operations (Unaudited)
Net Interest Income and Net Interest Margin
The following table presents the components of net interest income for the periods indicated:
Three Months Ended
Nine Months Ended
($ in thousands)9/30/20236/30/2023
% Change
9/30/2022% Change9/30/20239/30/2022% Change
Interest income/expense on
Loans
$34,651 $32,960 5.1 %$24,835 39.5 %$98,840 $66,268 49.2 %
Investment securities
1,170 1,136 3.0 %806 45.2 %3,408 1,950 74.8 %
Other interest-earning assets
3,031 2,742 10.5 %1,194 153.9 %7,978 1,957 307.7 %
Total interest-earning assets
38,852 36,838 5.5 %26,835 44.8 %110,226 70,175 57.1 %
Interest-bearing deposits
16,403 15,121 8.5 %2,798 486.2 %43,437 4,689 826.4 %
Borrowings
— — — %14 (100.0)%209 119 75.6 %
Total interest-bearing liabilities
16,403 15,121 8.5 %2,812 483.3 %43,646 4,808 807.8 %
Net interest income
$22,449 $21,717 3.4 %$24,023 (6.6)%$66,580 $65,367 1.9 %
Average balance of
Loans
$2,137,184 $2,097,489 1.9 %$1,905,366 12.2 %$2,102,600 $1,828,187 15.0 %
Investment securities
138,993 142,136 (2.2)%137,363 1.2 %141,057 132,023 6.8 %
Other interest-earning assets
219,115 213,883 2.4 %200,367 9.4 %206,720 198,311 4.2 %
Total interest-earning assets
$2,495,292 $2,453,508 1.7 %$2,243,096 11.2 %$2,450,377 $2,158,521 13.5 %
Interest-bearing deposits
$1,561,582 $1,527,522 2.2 %$1,137,739 37.3 %$1,500,523 $1,058,105 41.8 %
Borrowings
— — — %2,033 (100.0)%5,212 7,824 (33.4)%
Total interest-bearing liabilities
$1,561,582 $1,527,522 2.2 %$1,139,772 37.0 %$1,505,735 $1,065,929 41.3 %
Total funding (1)
$2,188,320 $2,155,649 1.5 %$1,965,134 11.4 %$2,152,993 $1,917,766 12.3 %
Annualized average yield/cost of 
Loans
6.43 %6.30 %5.17 %6.29 %4.85 %
Investment securities
3.34 %3.21 %2.33 %3.23 %1.97 %
Other interest-earning assets
5.49 %5.14 %2.36 %5.16 %1.32 %
Total interest-earning assets6.18 %6.02 %4.75 %6.01 %4.35 %
Interest-bearing deposits
4.17 %3.97 %0.98 %3.87 %0.59 %
Borrowings
— %— %2.73 %5.36 %2.03 %
Total interest-bearing liabilities4.17 %3.97 %0.98 %3.88 %0.60 %
Net interest margin3.57 %3.55 %4.25 %3.63 %4.05 %
Cost of total funding (1)
2.97 %2.81 %0.57 %2.71 %0.34 %
Supplementary information
Net accretion of discount on loans$775 $751 3.2 %$867 (10.6)%$2,197 $2,682 (18.1)%
Net amortization of deferred loan fees$226 $247 (8.5)%$243 (7.0)%$648 $2,014 (67.8)%
(1)Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

3

Loans. The increases in average yield for the current quarter and year-to-date period compared with the same periods of 2022 were primarily due to an increase in overall interest rates on loans from the rising interest rate environment, partially offset by decreases in net accretion of discount on loans and net amortization of deferred loan fees from the decreased amount of SBA PPP loan payoffs.
The following table presents a composition of total loans by interest rate type accompanied with the weighted-average contractual rates as of the dates indicated:
9/30/20236/30/202312/31/20229/30/2022
% to Total LoansWeighted-Average Contractual Rate% to Total LoansWeighted-Average Contractual Rate% to Total LoansWeighted-Average Contractual Rate% to Total LoansWeighted-Average Contractual Rate
Fixed rate loans
22.4 %4.75 %22.6 %4.64 %23.2 %4.51 %24.0 %4.43 %
Hybrid rate loans
38.8 %4.71 %39.2 %4.62 %39.1 %4.40 %38.0 %4.23 %
Variable rate loans
38.8 %8.52 %38.2 %8.39 %37.7 %7.86 %38.0 %6.75 %
Investment Securities. The increases in average yield for the current quarter and year-to-date period were primarily due to a decrease in net amortization of premiums on securities and higher yield on newly purchased investment securities.
Other Interest-Earning Assets. The increases in average yield for the current quarter and year-to-date period were primarily due to an increased interest rate on cash held at the Federal Reserve Bank.
Interest-Bearing Deposits. The increases in average cost for the current quarter and year-to-date period were primarily due to an increase in market rates and the migration of noninterest-bearing demand deposits to interest-bearing deposits attributable to the rising market rates. To retain existing and attract new customers, the Bank offers competitive rates on deposit products in the rising interest rate environment.
Provision (Reversal) for Credit Losses
The following table presents a composition of provision (reversal) for credit losses for the periods indicated:
Three Months Ended
Nine Months Ended
($ in thousands)9/30/20236/30/2023
% Change
9/30/2022
% Change
9/30/20239/30/2022
% Change
Provision (reversal) for credit losses on loans$822 $157 423.6 %$3,753 (78.1)%$(1,438)$2,453 NM
Provision (reversal) for credit losses on off-balance sheet credit exposure (1)
(71)40 NM(10)610.0 %(392)28 NM
Total provision (reversal) for credit losses$751 $197 281.2 %$3,743 (79.9)%$(1,830)$2,481 NM
(1)Provision for credit losses on off-balance sheet credit exposures for previous and year-ago quarters were recorded in Other Expense on Consolidated Statements of Income (Unaudited).
On January 1, 2023, the Company adopted the provisions of ASC 326, also known as the current expected credit losses (“CECL”) accounting standard, through the application of the modified retrospective transition approach. Provision (reversal) for credit losses and ACL for reporting periods beginning with January 1, 2023 are presented under ASC 326, while prior period comparisons continue to be presented under legacy ASC 450 and ASC 310 in this release. See CECL Adoption and Allowance for Credit Losses sections included in the Balance Sheet section of this release for additional information.
The provision for credit losses on loans for the current quarter was primarily due to an increase in loan held-for-investment. The reversal for credit losses for the current year-to-date period was primarily due to net recoveries and the improvement in the economic forecast.
4

Noninterest Income
The following table presents the components of noninterest income for the periods indicated:
Three Months Ended
Nine Months Ended
($ in thousands)9/30/20236/30/2023
% Change
9/30/2022
% Change
9/30/20239/30/2022
% Change
Gain on sale of loans
$689 $769 (10.4)%$1,415 (51.3)%$2,767 $7,231 (61.7)%
Service charges and fees on deposits
371 369 0.5 %341 8.8 %1,084 974 11.3 %
Loan servicing income
851 868 (2.0)%780 9.1 %2,579 2,235 15.4 %
Bank-owned life insurance income187 184 1.6 %178 5.1 %551 525 5.0 %
Other income
404 467 (13.5)%462 (12.6)%1,199 1,145 4.7 %
Total noninterest income
$2,502 $2,657 (5.8)%$3,176 (21.2)%$8,180 $12,110 (32.5)%
Gain on Sale of Loans. The following table presents information on gain on sale of loans for the periods indicated:
Three Months Ended
Nine Months Ended
($ in thousands)9/30/20236/30/2023% Change9/30/2022% Change9/30/20239/30/2022% Change
Gain on sale of SBA loans
Sold loan balance
$17,697 $16,762 5.6 %$27,313 (35.2)%$61,592 $105,438 (41.6)%
Premium received
1,112 1,209 (8.0)%2,036 (45.4)%4,362 8,842 (50.7)%
Gain recognized
689 769 (10.4)%1,407 (51.0)%2,767 7,223 (61.7)%
Gain on sale of residential property loans
Sold loan balance
$— $— — %$858 (100.0)%$— $858 (100.0)%
Gain recognized
— — — %8 (100.0)%— 8 (100.0)%
Loan Servicing Income. The following table presents information on loan servicing income for the periods indicated:
Three Months Ended
Nine Months Ended
($ in thousands)9/30/20236/30/2023
% Change
9/30/2022
% Change
9/30/20239/30/2022
% Change
Loan servicing income
Servicing income received
$1,321 $1,317 0.3 %$1,302 1.5 %$3,922 $3,819 2.7 %
Servicing assets amortization
(470)(449)4.7 %(522)(10.0)%(1,343)(1,584)(15.2)%
Loan servicing income$851 $868 (2.0)%$780 9.1 %$2,579 $2,235 15.4 %
Underlying loans at end of period
$536,424 $539,160 (0.5)%$538,904 (0.5)%$536,424 $538,904 (0.5)%
The Company services SBA loans and certain residential property loans sold to the secondary market.
5

Noninterest Expense
The following table presents the components of noninterest expense for the periods indicated:
Three Months Ended
Nine Months Ended
($ in thousands)9/30/20236/30/2023% Change9/30/2022% Change9/30/20239/30/2022% Change
Salaries and employee benefits
$8,572 $8,675 (1.2)%$8,457 1.4 %$26,175 $25,177 4.0 %
Occupancy and equipment
1,964 1,919 2.3 %1,650 19.0 %5,779 4,584 26.1 %
Professional fees
685 772 (11.3)%587 16.7 %2,189 1,632 34.1 %
Marketing and business promotion
980 203 382.8 %909 7.8 %1,555 1,426 9.0 %
Data processing
367 380 (3.4)%427 (14.1)%1,159 1,272 (8.9)%
Director fees and expenses
152 217 (30.0)%179 (15.1)%549 530 3.6 %
Regulatory assessments
281 382 (26.4)%150 87.3 %818 438 86.8 %
Other expense1,206 1,079 11.8 %1,336 (9.7)%3,364 2,952 14.0 %
Total noninterest expense
$14,207 $13,627 4.3 %$13,695 3.7 %$41,588 $38,011 9.4 %
Salaries and Employee Benefits. The increases for the current quarter and year-to-date period compared with the same periods of 2022 were primarily due to increases in salaries and other employee benefit expense, partially offset by decreases in bonus accruals and incentives tied to sales of SBA loans originated at loan production offices. The number of full-time equivalent employees was 270, 272 and 274 as of September 30, 2023, June 30, 2023 and September 30, 2022, respectively.
Occupancy and Equipment. The increases for the current quarter and year-to-date period compared with the same periods of 2022 were primarily due to new branch openings during the second half of 2022. During the second half of 2022, the Company opened 3 new full-service branches in Dallas and Carrollton, Texas and Palisades Park, New Jersey.
Professional Fees. The increases for the current quarter and year-to-date period compared with the same periods of 2022 were primarily due to increases in audit and consulting fees.
Marketing and Business Promotion. The increase for the current quarter compared with the previous quarter was primarily due to an increase in advertisements and the Company’s 20th anniversary celebration.
Director fees and expenses. The decrease for the current quarter compared with the previous quarter was primarily due to the retirement of a director during the previous quarter.
Regulatory Assessments. The increases for the current quarter and year-to-date period compared with the same periods of 2022 were due to an increase in FDIC assessment rates. During the previous quarter, an adjustment of $113 thousand was made for the first quarter of 2023. The FDIC increased the initial base deposit insurance assessment rate schedules by two basis points beginning in the first quarterly assessment period of 2023.
Other Expense. The increases for the current quarter and year-to-date period were primarily due to increases in office expenses and armed guard expenses attributable to the branch network expansion. Provision (reversal) for credit losses on off-balance credit exposures of $(10) thousand and $28 thousand was included in other expense for the year-ago quarter and previous year-to-date period, respectively, while the provision (reversal) for the current reporting periods beginning January 1, 2023 was included in provision (reversal) for credit losses.
6

Balance Sheet (Unaudited)
Total assets were $2.57 billion at September 30, 2023, an increase of $11.6 million, or 0.5%, from $2.56 billion at June 30, 2023, an increase of $147.9 million, or 6.1%, from $2.42 billion at December 31, 2022, and an increase of $240.9 million, or 10.4%, from $2.33 billion at September 30, 2022. The increase for the current quarter was primarily due to an increase in loans held-for-investment, partially offset by decreases in cash and cash equivalents and loans held-for-sale. The increase for the year-to-date period was primarily due to increases in cash and cash equivalents and loans held-for-investment, partially offset by a decrease in loans held-for-sale.

CECL Adoption
On January 1, 2023, the Company adopted the provisions of ASC 326 through the application of the modified retrospective transition approach. The initial adjustment to the ACL reflects the expected lifetime credit losses associated with the composition of financial assets within in the scope of ASC 326 as of January 1, 2023, as well as management’s current expectation of future economic conditions. The Company recorded a net decrease of $1.9 million to the beginning balance of retained earnings as of January 1, 2023 for the cumulative effect adjustment, reflecting an initial adjustment to the ACL on loans of $1.1 million and the ACL on off-balance sheet credit exposures of $1.6 million, net of related deferred tax assets arising from temporary differences of $788 thousand. As a part of the adoption of ASC 326, the Company reviewed and revised certain loan segments for the Company’s ACL model. See Loan Segments Revision section of this release for a reconciliation of revised loan segments to legacy loan segments, which were utilized before the adoption of ASC 326.
Loans
The following table presents a composition of total loans (includes both loans held-for-sale and loans held-for-investment) as of the dates indicated:
($ in thousands)9/30/20236/30/2023% Change12/31/2022% Change9/30/2022% Change
Commercial real estate:
Commercial property$814,547 $793,946 2.6 %$772,020 5.5 %$759,644 7.2 %
Business property537,351 533,592 0.7 %526,513 2.1 %526,395 2.1 %
Multifamily132,558 124,029 6.9 %124,751 6.3 %121,830 8.8 %
Construction19,246 16,942 13.6 %17,054 12.9 %14,592 31.9 %
Total commercial real estate1,503,702 1,468,509 2.4 %1,440,338 4.4 %1,422,461 5.7 %
Commercial and industrial279,608 272,278 2.7 %249,250 12.2 %216,036 29.4 %
Consumer:
Residential mortgage363,369 359,655 1.0 %333,726 8.9 %297,506 22.1 %
Other consumer20,926 21,985 (4.8)%22,749 (8.0)%23,234 (9.9)%
Total consumer384,295 381,640 0.7 %356,475 7.8 %320,740 19.8 %
Loans held-for-investment2,167,605 2,122,427 2.1 %2,046,063 5.9 %1,959,237 10.6 %
Loans held-for-sale6,693 13,065 (48.8)%22,811 (70.7)%18,982 (64.7)%
Total loans
$2,174,298 $2,135,492 1.8 %$2,068,874 5.1 %$1,978,219 9.9 %
The increase in loans held-for-investment for the current quarter was primarily due to new funding and advances on lines of credit of $259.3 million, partially offset by pay-downs and pay-offs of $214.1 million. The increase for the current year-to-date period was primarily due to new funding and advances on lines of credit of $717.0 million and purchases of residential mortgage loans of $15.7 million, partially offset by pay-downs and pay-offs of $611.2 million.
The decrease in loans held-for-sale for the current quarter was primarily due to sales of $17.7 million, partially offset by new funding of $11.5 million. The decrease for the current year-to-date was primarily due to sales of $61.6 million and pay-downs and pay-offs of $4.3 million, partially offset by new funding of $49.8 million.

7

The following table presents a composition of off-balance sheet credit exposure as of the dates indicated:
($ in thousands)9/30/20236/30/2023% Change12/31/2022% Change9/30/2022% Change
Commercial property$9,827 $11,118 (11.6)%$7,006 40.3 %$6,283 56.4 %
Business property8,388 9,487 (11.6)%8,396 (0.1)%10,847 (22.7)%
Multifamily1,800 4,500 (60.0)%4,500 (60.0)%5,000 (64.0)%
Construction29,293 30,865 (5.1)%18,211 60.9 %11,093 164.1 %
Commercial and industrial283,119 279,584 1.3 %254,668 11.2 %257,337 10.0 %
Other consumer271 445 (39.1)%692 (60.8)%847 (68.0)%
Total commitments to extend credit332,698 335,999 (1.0)%293,473 13.4 %291,407 14.2 %
Letters of credit6,083 6,027 0.9 %5,392 12.8 %5,096 19.4 %
Total off-balance sheet credit exposure$338,781 $342,026 (0.9)%$298,865 13.4 %$296,503 14.3 %
Credit Quality
The following table presents a summary of non-performing loans and assets, and classified assets as of the dates indicated:
($ in thousands)9/30/20236/30/2023% Change12/31/2022% Change9/30/2022% Change
Nonaccrual loans
Commercial real estate:
Commercial property$686 $699 (1.9)%$— — %$— — %
Business property2,964 3,007 (1.4)%2,985 (0.7)%2,996 (1.1)%
Total commercial real estate3,650 3,706 (1.5)%2,985 22.3 %2,996 21.8 %
Commercial and industrial72 88 (18.2)%— — %4,003 (98.2)%
Consumer:
Residential mortgage— — — %372 (100.0)%372 (100.0)%
Other consumer8 51 (84.3)%3 166.7 %25 (68.0)%
Total consumer8 51 (84.3)%375 (97.9)%397 (98.0)%
Total nonaccrual loans held-for-investment
3,730 3,845 (3.0)%3,360 11.0 %7,396 (49.6)%
Loans past due 90 days or more and still accruing
— — — %— — %— — %
Non-performing loans (“NPLs”) held-for-investment3,730 3,845 (3.0)%3,360 11.0 %7,396 (49.6)%
NPLs held-for-sale— — — %4,000 (100.0)%— — %
Total NPLs3,730 3,845 (3.0)%7,360 (49.3)%7,396 (49.6)%
Other real estate owned (“OREO”)
— — — %— — %— — %
Non-performing assets (“NPAs”)
$3,730 $3,845 (3.0)%$7,360 (49.3)%$7,396 (49.6)%
Loans past due and still accruing
Past due 30 to 59 days
$654 $428 52.8 %$47 1,291.5 %$215 204.2 %
Past due 60 to 89 days
54 — — %87 (37.9)%195 (72.3)%
Past due 90 days or more
— — — %— — %— — %
Total loans past due and still accruing
$708 $428 65.4 %134 428.4 %$410 72.7 %
Special mention loans$5,281 $5,406 (2.3)%$6,857 (23.0)%$5,986 (11.8)%
Classified assets
Classified loans held-for-investment$6,742 $6,901 (2.3)%$6,211 8.5 %$10,293 (34.5)%
Classified loans held-for-sale— — — %4,000 (100.0)%— — %
OREO
— — — %— — %— — %
Classified assets
$6,742 $6,901 (2.3)%$10,211 (34.0)%$10,293 (34.5)%
NPLs held-for-investment to loans held-for-investment0.17 %0.18 %0.16 %0.38 %
NPAs to total assets
0.15 %0.15 %0.30 %0.32 %
Classified assets to total assets
0.26 %0.27 %0.42 %0.44 %
During the first quarter of 2023, NPLs held-for-sale of $4.0 million were paid-off.

8

Allowance for Credit Losses
The following table presents activities in ACL for the periods indicated:
Three Months Ended
Nine Months Ended
($ in thousands)9/30/20236/30/2023% Change9/30/2022% Change9/30/20239/30/2022% Change
ACL on loans
Balance at beginning of period$24,867 $24,694 0.7 %$21,071 18.0 %$24,942 $22,381 11.4 %
Impact of ASC 326 adoption— — NM— NM1,067 — NM
Charge-offs(112)(7)1,500.0 %(1,112)(89.9)%(119)(1,171)(89.8)%
Recoveries22 23 (4.3)%49 (55.1)%1,147 98 1,070.4 %
Provision (reversal) for credit losses on loans822 157 423.6 %3,753 (78.1)%(1,438)2,453 NM
Balance at end of period$25,599 $24,867 2.9 %$23,761 7.7 %$25,599 $23,761 7.7 %
Percentage to loans held-for-investment at end of period1.18 %1.17 %1.22 %1.22 %
ACL on off-balance sheet credit exposure (1)
Balance at beginning of period$1,585 $1,545 2.6 %$252 529.0 %$299 $214 39.7 %
Impact of ASC 326 adoption— — NM— NM1,607 — NM
Provision (reversal) for credit losses on off-balance sheet credit exposure(71)40 NM(10)610.0 %(392)28 NM
Balance at end of period$1,514 $1,585 (4.5)%$242 525.6 %$1,514 $242 525.6 %
(1)ACL on off-balance sheet credit exposures was recorded in Accrued Interest Payable and Other Liabilities on Consolidated Balance Sheets (Unaudited).
Investment Securities
Total investment securities were $139.2 million at September 30, 2023, an increase of $545 thousand, or 0.4%, from $138.7 million at June 30, 2023, a decrease of $2.6 million, or 1.9%, from $141.9 million at December 31, 2022, and an increase of $9.8 million, or 7.6%, from $129.4 million at September 30, 2022. The increase for the current quarter was primarily due to purchases of $10.0 million, partially offset by principal pay-downs and calls of $5.6 million, a fair value decrease of $3.8 million and net premium amortization of $53 thousand. The decrease for the current year-to-date period was primarily due to principal pay-downs and calls of $14.3 million, a fair value decrease of $4.1 million and net premium amortization of $169 thousand, partially offset by purchases of $16.0 million.


9

Deposits
The following table presents the Company’s deposit mix as of the dates indicated:
9/30/20236/30/202312/31/20229/30/2022
($ in thousands)Amount% to TotalAmount% to TotalAmount% to TotalAmount% to Total
Noninterest-bearing demand deposits
$611,021 27.9 %$635,329 29.0 %$734,989 35.9 %$809,842 40.9 %
Interest-bearing deposits
Savings
6,846 0.3 %7,504 0.3 %8,579 0.4 %13,028 0.7 %
NOW
16,076 0.7 %16,993 0.8 %11,405 0.6 %17,550 0.9 %
Retail money market accounts
436,115 19.8 %464,655 21.1 %494,749 24.1 %522,412 26.4 %
Brokered money market accounts
1 0.1 %1 0.1 %8 0.1 %10,010 0.5 %
Retail time deposits of
$250,000 or less
406,407 18.5 %392,012 17.9 %295,354 14.4 %236,864 12.0 %
More than $250,000
454,406 20.8 %451,590 20.7 %353,876 17.3 %239,271 12.1 %
State and brokered time deposits
261,257 11.9 %220,148 10.1 %147,023 7.2 %129,121 6.5 %
Total interest-bearing deposits
1,581,108 72.1 %1,552,903 71.0 %1,310,994 64.1 %1,168,256 59.1 %
Total deposits
$2,192,129 100.0 %$2,188,232 100.0 %$2,045,983 100.0 %$1,978,098 100.0 %
Estimated total deposits not covered by deposit insurance$983,851 44.9 %$1,034,148 47.3 %$1,062,111 51.9 %$1,199,502 60.6 %
The decrease in noninterest-bearing demand deposits was primarily due to strong deposit market competition and the migration to interest-bearing deposits attributable to the rising market rates. To retain existing and attract new customers, the Bank offers competitive rates on deposit products.
The increase in retail time deposits for the current quarter was primarily due to new accounts of $60.8 million, renewals of the matured accounts of $85.1 million and balance increases of $5.3 million, partially offset by matured and closed accounts of $133.9 million. The increase for the current year-to-date period was primarily due to new accounts of $469.0 million, renewals of the matured accounts of $291.3 million and balance increases of $17.1 million, partially offset by matured and closed accounts of $565.8 million.
Liquidity
The following table presents a summary of the Company’s liquidity position as of September 30, 2023:
($ in thousands)9/30/202312/31/2022% Change
Cash and cash equivalents
$192,350 $147,031 30.8 %
Cash and cash equivalents to total assets
7.5 %6.1 %
Available borrowing capacity
FHLB advances
$639,072 $561,745 13.8 %
Federal Reserve Discount Window
490,633 23,902 1952.7 %
Overnight federal funds lines
65,000 65,000 — %
Total
$1,194,705 $650,647 83.6 %
Total available borrowing capacity to total assets
46.5 %26.9 %
During the current year-to-date period, the Company increased cash and cash equivalents by $45.3 million, or 30.8%, to $192.4 million and available borrowing capacity by $544.1 million, or 83.6%, to $1.19 billion. During the current quarter, the Company began participating in the Borrower-in Custody Program with the Federal Reserve Bank providing additional borrowing capacity. As of September 30, 2023, the Company's cash and cash equivalents and available borrowing capacity covered approximately 141.0% of deposits not covered by deposit insurance compared to 75.1% at December 31, 2022.
10

Shareholders’ Equity
Shareholders’ equity was $341.9 million at September 30, 2023, an increase of $1.4 million, or 0.4%, from $340.4 million at June 30, 2023, an increase of $6.4 million, or 1.9%, from $335.4 million at December 31, 2022, and an increase of $9.1 million, or 2.7%, from $332.7 million at September 30, 2022. The increase for the current quarter was primarily due to net income and cash proceeds from exercise of stock options of $662 thousand, partially offset by cash dividends declared on common stock of $2.6 million, repurchase of common stock of $1.1 million and an increase in other comprehensive loss of $2.7 million. The increase for the current year-to-date period was primarily due to net income and cash proceeds from exercise of stock options of $1.3 million, partially offset by cash dividend declared on common stock of $7.3 million, repurchase of common stock of $7.9 million, an increase in other comprehensive loss of $2.9 million, and cumulative effect adjustment upon adoption of ASC 326 of $1.9 million.
Stock Repurchases
On July 28, 2022, the Company’s Board of Directors approved a stock repurchase program authorizing the repurchase of up to 5% of the Company’s outstanding common stock, which represented 747,938 shares, through February 1, 2023. On January 26, 2023, the Company announced the amendment to the repurchase program, which extended the program expiration from February 1, 2023 to February 1, 2024. The Company completed the repurchase program during the first quarter of 2023. Under this repurchase program, the Company repurchased and retired 747,938 shares of common stock at a weighted-average price of $18.15 per share, totaling $13.6 million.
On August 2, 2023, the Company’s Board of Directors approved a new stock repurchase program authorizing the repurchase of up to 5% of the Company’s outstanding common stock, which represented 720,000 shares, through August 2, 2024. The Company repurchased and retired 67,202 shares of common stock at a weighted-average price of $15.75 per share, totaling $1.1 million under this repurchase program through September 30, 2023.
For the current year-to-date period, the Company repurchased and retired 452,583 shares of common stock at a weighted-average price of $17.46, totaling $7.9 million.
Issuance of Preferred Stock Under the Emergency Capital Investment Program
On May 24, 2022, the Company issued 69,141 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference of $1,000 per share (“Series C Preferred Stock”) for the capital investment of $69.1 million from the U.S. Treasury under the Emergency Capital Investment Program (“ECIP”). The ECIP investment is treated as tier 1 capital for regulatory capital purposes.
The Series C Preferred Stock bears no dividend for the first 24 months following the investment date. Thereafter, the dividend rate will be adjusted based on the lending growth criteria listed in the terms of the ECIP investment with an annual dividend rate up to 2%. After the tenth anniversary of the investment date, the dividend rate will be fixed based on average annual amount of lending in years 2 through 10.
Capital Ratios
Based on the Federal Reserve’s Small Bank Holding Company policy, the Company is not currently subject to consolidated minimum capital measurements. At such time as the Company reaches the $3 billion asset level, it will be subject to consolidated capital requirements independent of the Bank. For comparison purposes, the Company’s capital ratios are included in following table, which presents capital ratios for the Company and the Bank as of the dates indicated:
9/30/20236/30/202312/31/20229/30/2022Well Capitalized Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)
13.07 %13.12 %13.29 %13.69 %N/A
Total capital (to risk-weighted assets)
17.48 %17.57 %17.83 %18.34 %N/A
Tier 1 capital (to risk-weighted assets)
16.24 %16.34 %16.62 %17.14 %N/A
Tier 1 capital (to average assets)
13.76 %13.84 %14.33 %14.74 %N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets)
15.87 %16.00 %16.30 %16.82 %6.5 %
Total capital (to risk-weighted assets)
17.11 %17.23 %17.52 %18.02 %10.0 %
Tier 1 capital (to risk-weighted assets)
15.87 %16.00 %16.30 %16.82 %8.0 %
Tier 1 capital (to average assets)
13.44 %13.55 %14.05 %14.47 %5.0 %
11

About PCB Bancorp
PCB Bancorp is the bank holding company for PCB Bank, a California state chartered bank, offering a full suite of commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control, including but not limited to the health of the national and local economies including the impact to the Company and its customers resulting from changes to, and the level of, inflation and interest rates; the Company’s ability to maintain and grow its deposit base; loan demand and continued portfolio performance; the impact of adverse developments at other banks, including bank failures, that impact general sentiment regarding the stability and liquidity of banks that could affect the Company’s financial performance and stock price; changes to valuations of the Company’s assets and liabilities including the allowance for credit losses, earning assets, and intangible assets; changes to the availability of liquidity sources including borrowing lines and the ability to pledge or sell certain assets; the Company's ability to attract and retain skilled employees, customers' service expectations; cyber security risks; the Company's ability to successfully deploy new technology; acquisitions and branch and loan production office expansions; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company’s enterprise risk management framework; costs related to litigation; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, other public health crises, acts of war or terrorism, and other external events on our business. These and other important factors are detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and other filings the Company makes with the SEC, which are available at the SEC’s Internet site (http://www.sec.gov) or from the Company without charge. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.
Contact:
Timothy Chang
Executive Vice President & Chief Financial Officer
213-210-2000

12

PCB Bancorp and Subsidiary
Consolidated Balance Sheets (Unaudited)
($ in thousands, except share and per share data)
9/30/20236/30/2023% Change12/31/2022% Change9/30/2022% Change
Assets
Cash and due from banks
$22,691 $22,159 2.4 %$23,202 (2.2)%$22,252 2.0 %
Interest-bearing deposits in other financial institutions169,659 199,987 (15.2)%123,829 37.0 %131,786 28.7 %
Total cash and cash equivalents
192,350 222,146 (13.4)%147,031 30.8 %154,038 24.9 %
Securities available-for-sale, at fair value
139,218 138,673 0.4 %141,863 (1.9)%129,401 7.6 %
Loans held-for-sale
6,693 13,065 (48.8)%22,811 (70.7)%18,982 (64.7)%
Loans held-for-investment2,167,605 2,122,427 2.1 %2,046,063 5.9 %1,959,237 10.6 %
Allowance for credit losses on loans(25,599)(24,867)2.9 %(24,942)2.6 %(23,761)7.7 %
Net loans held-for-investment
2,142,006 2,097,560 2.1 %2,021,121 6.0 %1,935,476 10.7 %
Premises and equipment, net
6,229 6,394 (2.6)%6,916 (9.9)%4,671 33.4 %
Federal Home Loan Bank and other bank stock
12,716 12,716 — %10,183 24.9 %10,183 24.9 %
Bank-owned life insurance30,615 30,428 0.6 %30,064 1.8 %29,883 2.4 %
Deferred tax assets, net
4,486 4,348 3.2 %3,115 44.0 %12,135 (63.0)%
Servicing assets
6,920 7,142 (3.1)%7,347 (5.8)%7,627 (9.3)%
Operating lease assets
5,626 5,182 8.6 %6,358 (11.5)%6,897 (18.4)%
Accrued interest receivable
8,731 8,040 8.6 %7,472 16.8 %6,070 43.8 %
Other assets
12,384 10,651 16.3 %15,755 (21.4)%11,688 6.0 %
Total assets
$2,567,974 $2,556,345 0.5 %$2,420,036 6.1 %$2,327,051 10.4 %
Liabilities
Deposits
Noninterest-bearing demand
$611,021 $635,329 (3.8)%$734,989 (16.9)%$809,842 (24.6)%
Savings, NOW and money market accounts
459,038 489,153 (6.2)%514,741 (10.8)%563,000 (18.5)%
Time deposits of $250,000 or less
607,664 552,160 10.1 %382,377 58.9 %305,985 98.6 %
Time deposits of more than $250,000
514,406 511,590 0.6 %413,876 24.3 %299,271 71.9 %
Total deposits
2,192,129 2,188,232 0.2 %2,045,983 7.1 %1,978,098 10.8 %
Federal Home Loan Bank advances
— — — %20,000 (100.0)%— — %
Operating lease liabilities
5,852 5,495 6.5 %6,809 (14.1)%7,402 (20.9)%
Accrued interest payable and other liabilities
28,141 22,207 26.7 %11,802 138.4 %8,832 218.6 %
Total liabilities
2,226,122 2,215,934 0.5 %2,084,594 6.8 %1,994,332 11.6 %
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock69,141 69,141 — %69,141 — %69,141 — %
Common stock143,401 143,686 (0.2)%149,631 (4.2)%153,890 (6.8)%
Retained earnings
142,750 138,315 3.2 %127,181 12.2 %120,699 18.3 %
Accumulated other comprehensive loss, net(13,440)(10,731)25.2 %(10,511)27.9 %(11,011)22.1 %
Total shareholders’ equity
341,852 340,411 0.4 %335,442 1.9 %332,719 2.7 %
Total liabilities and shareholders’ equity
$2,567,974 $2,556,345 0.5 %$2,420,036 6.1 %$2,327,051 10.4 %
Outstanding common shares
14,319,014 14,318,890 14,625,474 14,853,140 
Book value per common share (1)
$23.87 $23.77 $22.94 $22.40 
TCE per common share (2)
$19.05 $18.94 $18.21 $17.75 
Total loan to total deposit ratio
99.19 %97.59 %101.12 %100.01 %
Noninterest-bearing deposits to total deposits
27.87 %29.03 %35.92 %40.94 %
(1)The ratios are calculated by dividing total shareholders’ equity by the number of outstanding common shares. The Company did not have any intangible equity components for the presented periods.
(2)Non-GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.
13

PCB Bancorp and Subsidiary
Consolidated Statements of Income (Unaudited)
($ in thousands, except share and per share data)
Three Months Ended
Nine Months Ended
9/30/20236/30/2023% Change9/30/2022% Change9/30/20239/30/2022% Change
Interest and dividend income
Loans, including fees$34,651 $32,960 5.1 %$24,835 39.5 %$98,840 $66,268 49.2 %
Investment securities1,170 1,136 3.0 %806 45.2 %3,408 1,950 74.8 %
Other interest-earning assets3,031 2,742 10.5 %1,194 153.9 %7,978 1,957 307.7 %
Total interest income38,852 36,838 5.5 %26,835 44.8 %110,226 70,175 57.1 %
Interest expense
Deposits16,403 15,121 8.5 %2,798 486.2 %43,437 4,689 826.4 %
Other borrowings— — — %14 (100.0)%209 119 75.6 %
Total interest expense
16,403 15,121 8.5 %2,812 483.3 %43,646 4,808 807.8 %
Net interest income
22,449 21,717 3.4 %24,023 (6.6)%66,580 65,367 1.9 %
Provision (reversal) for credit losses751 197 281.2 %3,753 (80.0)%(1,830)2,453 NM
Net interest income after provision (reversal) for credit losses21,698 21,520 0.8 %20,270 7.0 %68,410 62,914 8.7 %
Noninterest income
Gain on sale of loans
689 769 (10.4)%1,415 (51.3)%2,767 7,231 (61.7)%
Service charges and fees on deposits
371 369 0.5 %341 8.8 %1,084 974 11.3 %
Loan servicing income
851 868 (2.0)%780 9.1 %2,579 2,235 15.4 %
Bank-owned life insurance income187 184 1.6 %178 5.1 %551 525 5.0 %
Other income
404 467 (13.5)%462 (12.6)%1,199 1,145 4.7 %
Total noninterest income
2,502 2,657 (5.8)%3,176 (21.2)%8,180 12,110 (32.5)%
Noninterest expense
Salaries and employee benefits
8,572 8,675 (1.2)%8,457 1.4 %26,175 25,177 4.0 %
Occupancy and equipment
1,964 1,919 2.3 %1,650 19.0 %5,779 4,584 26.1 %
Professional fees
685 772 (11.3)%587 16.7 %2,189 1,632 34.1 %
Marketing and business promotion
980 203 382.8 %909 7.8 %1,555 1,426 9.0 %
Data processing
367 380 (3.4)%427 (14.1)%1,159 1,272 (8.9)%
Director fees and expenses
152 217 (30.0)%179 (15.1)%549 530 3.6 %
Regulatory assessments
281 382 (26.4)%150 87.3 %818 438 86.8 %
Other expense1,206 1,079 11.8 %1,336 (9.7)%3,364 2,952 14.0 %
Total noninterest expense
14,207 13,627 4.3 %13,695 3.7 %41,588 38,011 9.4 %
Income before income taxes
9,993 10,550 (5.3)%9,751 2.5 %35,002 37,013 (5.4)%
Income tax expense
2,970 3,073 (3.4)%2,798 6.1 %10,205 10,728 (4.9)%
Net income
$7,023 $7,477 (6.1)%$6,953 1.0 %$24,797 $26,285 (5.7)%
Earnings per common share
Basic
$0.49 $0.52 $0.47 $1.73 $1.76 
Diluted
$0.49 $0.52 $0.46 $1.71 $1.73 
Average common shares
Basic
14,294,802 14,271,200 14,877,879 14,327,930 14,869,997 
Diluted
14,396,216 14,356,776 15,088,089 14,441,960 15,126,863 
Dividend paid per common share
$0.18 $0.18 $0.15 $0.51 $0.45 
Return on average assets (1)
1.09 %1.19 %1.19 %1.32 %1.58 %
Return on average shareholders’ equity (1)
8.12 %8.82 %8.16 %9.77 %11.84 %
Return on average TCE (1), (2)
10.17 %11.08 %10.25 %12.27 %13.31 %
Efficiency ratio (3)
56.94 %55.91 %50.35 %55.63 %49.06 %
(1)Ratios are presented on an annualized basis.
(2)Non-GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.
(3)The ratios are calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
14

PCB Bancorp and Subsidiary
Average Balance, Average Yield, and Average Rate (Unaudited)
($ in thousands)
Three Months Ended
9/30/20236/30/20239/30/2022
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Assets
Interest-earning assets
Total loans (1)
$2,137,184 $34,651 6.43 %$2,097,489 $32,960 6.30 %$1,905,366 $24,835 5.17 %
Mortgage-backed securities
98,534 750 3.02 %98,971 713 2.89 %93,546 518 2.20 %
Collateralized mortgage obligation
24,959 262 4.16 %26,228 262 4.01 %24,090 151 2.49 %
SBA loan pool securities
7,842 81 4.10 %8,364 81 3.88 %10,435 56 2.13 %
Municipal bonds (2)
3,602 30 3.30 %4,234 33 3.13 %4,491 34 3.00 %
Corporate bonds4,056 47 4.60 %4,339 47 4.34 %4,801 47 3.88 %
Other interest-earning assets
219,115 3,031 5.49 %213,883 2,742 5.14 %200,367 1,194 2.36 %
Total interest-earning assets
2,495,292 38,852 6.18 %2,453,508 36,838 6.02 %2,243,096 26,835 4.75 %
Noninterest-earning assets
Cash and due from banks21,298 20,754 20,609 
ACL on loans(24,869)(24,710)(21,117)
Other assets
71,512 71,200 76,851 
Total noninterest-earning assets
67,941 67,244 76,343 
Total assets
$2,563,233 $2,520,752 $2,319,439 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts
$481,341 4,398 3.62 %$465,564 3,929 3.38 %$577,975 1,375 0.94 %
Savings
7,197 4 0.22 %7,767 5 0.26 %14,990 2 0.05 %
Time deposits
1,073,044 12,001 4.44 %1,054,191 11,187 4.26 %544,774 1,421 1.03 %
Total interest-bearing deposits
1,561,582 16,403 4.17 %1,527,522 15,121 3.97 %1,137,739 2,798 0.98 %
Other borrowings— — 0.00 %— — — %2,033 14 2.73 %
Total interest-bearing liabilities
1,561,582 16,403 4.17 %1,527,522 15,121 3.97 %1,139,772 2,812 0.98 %
Noninterest-bearing liabilities
Noninterest-bearing demand
626,738 628,127 825,362 
Other liabilities
31,769 25,234 16,057 
Total noninterest-bearing liabilities
658,507 653,361 841,419 
Total liabilities
2,220,089 2,180,883 1,981,191 
Total shareholders’ equity
343,144 339,869 338,248 
Total liabilities and shareholders’ equity
$2,563,233 $2,520,752 $2,319,439 
Net interest income
$22,449 $21,717 $24,023 
Net interest spread (3)
2.01 %2.05 %3.77 %
Net interest margin (4)
3.57 %3.55 %4.25 %
Total deposits
$2,188,320 $16,403 2.97 %$2,155,649 $15,121 2.81 %$1,963,101 $2,798 0.57 %
Total funding (5)
$2,188,320 $16,403 2.97 %$2,155,649 $15,121 2.81 %$1,965,134 $2,812 0.57 %
(1)Total loans include both loans held-for-sale and loans held-for-investment.
(2)The yield on municipal bonds has not been computed on a tax-equivalent basis.
(3)Net interest spread is calculated by subtracting average rate on interest-bearing liabilities from average yield on interest-earning assets.
(4)Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.
(5)Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.
(6)Annualized.



15

PCB Bancorp and Subsidiary
Average Balance, Average Yield, and Average Rate (Unaudited)
($ in thousands)
Nine Months Ended
9/30/20239/30/2022
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Assets
Interest-earning assets
Total loans (1)
$2,102,600 $98,840 6.29 %$1,828,187 $66,268 4.85 %
Mortgage-backed securities
98,364 2,146 2.92 %88,634 1,241 1.87 %
Collateralized mortgage obligation
25,970 780 4.02 %22,775 324 1.90 %
SBA loan pool securities
8,406 244 3.88 %10,566 137 1.73 %
Municipal bonds (2)
4,017 97 3.23 %5,152 107 2.78 %
Corporate bonds4,300 141 4.38 %4,896 141 3.85 %
Other interest-earning assets
206,720 7,978 5.16 %198,311 1,957 1.32 %
Total interest-earning assets
2,450,377 110,226 6.01 %2,158,521 70,175 4.35 %
Noninterest-earning assets
Cash and due from banks21,069 20,599 
ACL on loans(25,438)(21,561)
Other assets
72,616 72,563 
Total noninterest-earning assets
68,247 71,601 
Total assets
$2,518,624 $2,230,122 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts
$477,605 11,772 3.30 %$492,130 2,118 0.58 %
Savings
7,684 14 0.24 %15,205 6 0.05 %
Time deposits
1,015,234 31,651 4.17 %550,770 2,565 0.62 %
Total interest-bearing deposits
1,500,523 43,437 3.87 %1,058,105 4,689 0.59 %
Other borrowings5,212 209 5.36 %7,824 119 2.03 %
Total interest-bearing liabilities
1,505,735 43,646 3.88 %1,065,929 4,808 0.60 %
Noninterest-bearing liabilities
Noninterest-bearing demand
647,258 851,837 
Other liabilities
26,208 15,485 
Total noninterest-bearing liabilities
673,466 867,322 
Total liabilities
2,179,201 1,933,251 
Total shareholders’ equity
339,423 296,871 
Total liabilities and shareholders’ equity
$2,518,624 $2,230,122 
Net interest income
$66,580 $65,367 
Net interest spread (3)
2.13 %3.75 %
Net interest margin (4)
3.63 %4.05 %
Total deposits
$2,147,781 $43,437 2.70 %$1,909,942 $4,689 0.33 %
Total funding (5)
$2,152,993 $43,646 2.71 %$1,917,766 $4,808 0.34 %
(1)Total loans include both loans held-for-sale and loans held-for-investment.
(2)The yield on municipal bonds has not been computed on a tax-equivalent basis.
(3)Net interest spread is calculated by subtracting average rate on interest-bearing liabilities from average yield on interest-earning assets.
(4)Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.
(5)Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.
(6)Annualized.
16

PCB Bancorp and Subsidiary
Loan Segments Revision (Unaudited)
($ in thousands)
As a part of the adoption of ASC 326, the Company reviewed and revised certain loan segments for the Company’s ACL model. Before the adoption of ASC 326, commercial property and SBA property loans were separately presented and represented 63.0% and 6.6% of loans held-for-investment at December 31, 2022, respectively. The Company re-divided these loan segments into commercial property (non-owner occupied), business property (owner occupied) and multifamily loans as these new loan segments are determined to share similar characteristics under the Company’s ACL model. In addition, four loan segments before the adoption of ASC 326 (commercial term loans, commercial lines of credit, SBA term loans and SBA PPP loans), which represented 12.2% of loans held-for-investment at December 31, 2022, are combined into a single loan segment, commercial and industrial loans, as these loans are determined to share similar risk characteristics under the Company’s ACL model. In this release, loan segments on loan related disclosures for prior period comparisons are revised accordingly in order to be comparable to the Company’s new loan segments.
The following table presents a reconciliation of revised loan segments to legacy loan segments, which were utilized before the adoption of ASC 326:
($ in thousands)9/30/20236/30/202312/31/20229/30/2022
Revision for commercial real estate loans
Revised loan segments:
Commercial property$814,547 $793,946 $772,020 $759,644 
Business property537,351 533,592 526,513 526,395 
Multifamily132,558 124,029 124,751 121,830 
Total$1,484,456 $1,451,567 $1,423,284 $1,407,869 
Legacy loan segments:
Commercial property$1,354,590 $1,320,110 $1,288,392 $1,271,781 
SBA property129,866 131,457 134,892 136,088 
Total$1,484,456 $1,451,567 $1,423,284 $1,407,869 
Revision for commercial and industrial loans
Revised loan segments:
Commercial and industrial$279,608 $272,278 $249,250 $216,036 
Legacy loan segments:
Commercial term$87,892 $90,213 $77,700 $80,225 
Commercial lines of credit174,585 165,162 154,142 117,960 
SBA commercial term16,272 15,900 16,211 16,542 
SBA PPP859 1,003 1,197 1,309 
Total$279,608 $272,278 $249,250 $216,036 
17

PCB Bancorp and Subsidiary
Non-GAAP Measures
($ in thousands)
Return on average tangible common equity, tangible common equity per common share and tangible common equity to total assets ratios
The Company's TCE is calculated by subtracting preferred stock from shareholders’ equity. The Company does not have any intangible assets for the presented periods. Return on average TCE, TCE per common share, and TCE to total assets constitute supplemental financial information determined by methods other than in accordance with GAAP. These non-GAAP measures are used by management in its analysis of the Company's performance. These non-GAAP measures should not be viewed as substitutes for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. The following tables provide reconciliations of the non-GAAP measures with financial measures defined by GAAP.
($ in thousands)
Three Months Ended
Nine Months Ended
9/30/20236/30/20239/30/20229/30/20239/30/2022
Average total shareholders' equity(a)$343,144 $339,869 $338,248 $339,423 $296,871 
Less: average preferred stock(b)69,141 69,141 69,141 69,141 32,924 
Average TCE(c)=(a)-(b)$274,003 $270,728 $269,107 $270,282 $263,947 
Net income(d)$7,023 $7,477 $6,953 $24,797 $26,285 
Return on average shareholder's equity (1)
(d)/(a)8.12 %8.82 %8.16 %9.77 %11.84 %
Return on average TCE (1)
(d)/(c)10.17 %11.08 %10.25 %12.27 %13.31 %
(1) Annualized.
($ in thousands, except per share data)9/30/20236/30/202312/31/20229/30/2022
Total shareholders' equity(a)$341,852 $340,411 $335,442 $332,719 
Less: preferred stock(b)69,141 69,141 69,141 69,141 
TCE(c)=(a)-(b)$272,711 $271,270 $266,301 $263,578 
Outstanding common shares
(d)14,319,014 14,318,890 14,625,474 14,853,140 
Book value per common share(a)/(d)$23.87 $23.77 $22.94 $22.40 
TCE per common share(c)/(d)$19.05 $18.94 $18.21 $17.75 
Total assets(e)$2,567,974 $2,556,345 $2,420,036 $2,327,051 
Total shareholders' equity to total assets(a)/(e)13.31 %13.32 %13.86 %14.30 %
TCE to total assets(c)/(e)10.62 %10.61 %11.00 %11.33 %
18
Earnings Results 3Q23 October 25, 2023 PCB BANCORP

 
2 Forward-Looking Statement & Non-GAAP Forward-Looking Statement This presentation contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control, including but not limited to the health of the national and local economies including the impact to the Company and its customers resulting from changes to, and the level of, inflation and interest rates; the Company’s ability to maintain and grow its deposit base; loan demand and continued portfolio performance; the impact of adverse developments at other banks, including bank failures, that impact general sentiment regarding the stability and liquidity of banks that could affect our financial performance and our stock price; changes to valuations of the Company’s assets and liabilities including the allowance for credit losses, earning assets, and intangible assets; changes to the availability of liquidity sources including borrowing lines and the ability to pledge or sell certain assets; the Company's ability to attract and retain skilled employees; customers' service expectations; cyber security risks; the Company's ability to successfully deploy new technology; the success of acquisitions and branch expansion; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company’s enterprise risk management framework; costs related to litigation; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, other public health crises, acts of war or terrorism, and other external events on our business. These and other important factors are detailed in various securities law filings made periodically by the Company, copies of which are available without charge on the SEC’s website at www.sec.gov and the on the investor relations section of the Company’s website at www.mypcbbank.com. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward- looking statements presented herein are made only as of the date of this presentation, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law. Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of the historical or future financial performance, financial position or cash flows that excludes amounts or is subject to adjustments that have the effect of excluding amounts that are included in the most directly comparable measure calculated and presented in accordance with GAAP. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are provided in the Non-GAAP Measures section of this presentation. References to the “Company,” “we,” or “us” refer to PCB Bancorp and references to the “Bank” refer to the Company’s subsidiary, PCB Bank.

 
Market Information 10/23/23 Market Cap $213.6 million Stock Price Per Share $14.97 52-Week Range $13.11 - $20.03 Dividend Yield 4.81% Dividend Payout Ratio (4Q22 – 3Q23) 28.57% Outstanding Shares 14,266,216 Stock Information 3Q23 or 9/30/23 Diluted Earnings Per Share (“Diluted EPS”) $0.49 Cash Dividend Per Share $0.18 Book Value (“BV”) Per Share $23.87 Tangible Common Equity (“TCE”) Per Share (1) $19.05 Number of Repurchased Shares (2) 67,202 (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of these measures to their most comparable GAAP measures (2) Stock repurchase plan announced on 8/2/23 3 PCB Footprint Corporate Profile

 
4 Historical Performance $1.34 $1.45 $1.58 $1.73 $2.05 $2.17 0.000 0.500 1.000 1.500 2.000 2.500 2018 2019 2020 2021 2022 Sep-23 Held-For-Investment Loans ($bn) Annualized +7.9% $1.44 $1.48 $1.59 $1.87 $2.05 $2.19 0.000 0.500 1.000 1.500 2.000 2.500 2018 2019 2020 2021 2022 Sep-23 Deposits ($bn) $24.3 $24.1 $16.2 $40.1 $35.0 $24.8 $36.0 $38.6 $36.2 $52.4 $53.0 $33.2 0.000 10.000 20.000 30.000 40.000 50.000 60.000 2018 2019 2020 2021 2022 09/23 YTD Net Income/PTPP Income ($mm) Net Income PTPP Income CAGR +11.2% CAGR +9.1% $0.12 $0.25 $0.40 $0.44 $0.60 $0.51 $1.65 $1.49 $1.05 $2.62 $2.31 $1.71 $13.16 $14.44 $15.19 $17.24 $22.94 $23.87 $18.21 $19.05 -$5.00 $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 2018 2019 2020 2021 2022 09/23 YTD Cash Dividend/Diluted EPS & BV/TCE Per Share Cash Dividend Per Share Diluted EPS BV Per Share TCE Per Share (1) At period end (2) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of these measures to their most comparable GAAP measures Annualized +9.5% (1), (2)(1) (2)

 
5 3Q23 Highlights Operating Results • Net income of $7.0 million, or $0.49 per diluted share • Provision for credit losses of $751 thousand • ROAA of 1.09% & ROATCE (1) of 10.17%, net interest margin of 3.57%, and efficiency ratio of 56.9% Loans • Loans held-for-investment (“HFI loans”) increased $45.2 million, or 2.1%, to $2.17 billion • Loans held-for-sale (“HFS loans”) decreased $6.4 million, or 48.8%, to $6.7 million • Average loan yield was 6.43% compared to 6.30% for 2Q23 • Total loans to deposits ratio was 99.2% • Quarterly loan production was $157.8 million compared to $123.3 million for 2Q23 Asset Quality • ACL for loans was $25.6 million, or 1.18% to HFI loans • Past due loans were $708 thousand, or 0.03% to HFI loans, and NPLs were $3.7 million, or 0.17% to HFI loans Deposits • Total deposits increased $3.9 million, or 0.2%, to $2.19 billion • Core deposits(1) were $1.48 billion, or 67.4% of total deposits • Non-interest bearing deposits were $611.0 million, or 27.9% of total deposits • Uninsured deposits were $983.9 million, or 44.9% of total deposits • Cost of average interest-bearing deposits and total deposits were 4.17% and 2.97%, respectively Capital & Liquidity • Declared and paid quarterly cash dividend of $0.18 per share • TBV per share increased to $19.05 • Total cash and available borrowing capacity covers 141.0% of uninsured deposits compared to 75.1% at 12/31/22 (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation to most comparable GAAP measures

 
6 Selected Financial As of or For the Three Months Ended Compared to 6/30/23 Compared to 9/30/22 ($ in Thousands, Except Per Share Data) 9/30/23 6/30/23 9/30/22 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 38,852 $ 36,838 $ 26,835 $ 2,014 5.5% $ 12,017 44.8% Interest Expense 16,403 15,121 2,812 1,282 8.5% 13,591 483.3% Net Interest Income 22,449 21,717 24,023 732 3.4% (1,574) -6.6% Noninterest Income 2,502 2,657 3,176 (155) -5.8% (674) -21.2% Noninterest Expense 14,207 13,627 13,695 580 4.3% 512 3.7% Provision (Reversal) for Credit Losses (1) 751 197 3,753 554 281.2% (3,002) -80.0% Pretax Income 9,993 10,550 9,751 (557) -5.3% 242 2.5% Income Tax Expense 2,970 3,073 2,798 (103) -3.4% 172 6.1% Net Income 7,023 7,477 6,953 (454) -6.1% 70 1.0% Diluted Earnings Per Share $ 0.49 $ 0.52 $ 0.46 $ (0.03) -5.8% $ 0.03 6.5% Selected Balance Sheet Items: HFI loans $ 2,167,605 $ 2,122,427 $ 1,959,237 $ 45,178 2.1% $ 208,368 10.6% HFS loans 6,693 13,065 18,982 (6,372) -48.8% (12,289) -64.7% Total Deposits 2,192,129 2,188,232 1,978,098 3,897 0.2% 214,031 10.8% Total Assets 2,567,974 2,556,345 2,327,051 11,629 0.5% 240,923 10.4% Shareholders’ Equity 341,852 340,411 332,719 1,441 0.4% 9,133 2.7% TCE (2) 272,711 271,270 263,578 1,441 0.5% 9,133 3.5% Key Metrics: Book Value Per Share $ 23.87 $ 23.77 $ 22.40 $ 0.10 0.4% $ 1.47 6.6% TCE Per Share (2) $ 19.05 $ 18.94 $ 17.75 $ 0.11 0.6% $ 1.30 7.3% Return on Average Assets (“ROAA”) (3) 1.09% 1.19% 1.19% -0.10% -0.10% Return on Average Equity (“ROAE”) (3) 8.12% 8.82% 8.16% -0.70% -0.04% Return on Average TCE (“ROATCE”) (2), (3) 10.17% 11.08% 10.25% -0.91% -0.08% Net Interest Margin (3) 3.57% 3.55% 4.25% 0.02% -0.68% Efficiency Ratio (4) 56.94% 55.91% 50.35% 1.03% 6.59% (1) Provision (reversal) for credit losses and ACL for reporting periods beginning with 1/1/23 are presented under ASC 326, while prior period comparisons continue to be presented under legacy ASC 450 and ASC 310 (2) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of these measures to their most comparable GAAP measures (3) Annualized (4) Calculated by dividing noninterest expense by the sum of net interest income and noninterest income

 
$1,244 $1,289 $1,348 $1,422 $1,440 $1,445 $1,469 $1,504 $257 $217 $205 $216 $249 $268 $272 $280$231 $237 $280 $321 $357 $379 $382 $384 $1,732 $1,743 $1,833 $1,959 $2,046 $2,092 $2,122 $2,168 - 500 1,000 1,500 2,000 2,500 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 HFI Loan Trend ($mm) Commercial Real Estate Commercial & Industrial Consumer 7 Loan Overview YoY +10.6% (1) Per regulatory definition in the Commercial Real Estate (“CRE”) Concentration Guidance $733 $756 $819 $898 $925 $943 $941 $961 270% 270% 230% 249% 254% 259% 255% 257% 0% 50% 100% 150% 200% 250% 300% 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0 1,100.0 1,200.0 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Commercial Real Estate(1) Loan Trend ($mm) CRE Loans % to the Bank's Total Risk-Based Capital Commercial Property 37% Business Property 25% Multifamily 6% Construction 1% Commercial & Industrial 13% Consumer 18% HFI Loan Composition September 30, 2023 $2.17B 3Q23 Highlights • HFI loans Increased $45.2 million, or 2.1%, to $2.17 billion • CRE loans increased $35.2MM (2.4%), C&I loans increased $7.3MM (2.7%) & residential mortgage loans increased $3.7MM (1.0%)

 
8 Loan Production & Rate/Yield Analysis (1) Total commitment basis (2) Excluding SBA PPP loans (3) Include both HFI and HFS loans (4) Annualized $19 $25 $23 $29 $15 $14 $4 $17 $69 $67 $126 $68 $64 $27 $37 $27 $97 $62 $129 $169 $110 $71 $83 $114 $186 $154 $278 $266 $190 $112 $123 $158 4.01% 4.26% 5.23% 5.92% 7.17% 8.04% 8.18% 7.95% -8% -6% -4% -2% 0% 2% 4% 6% 8% 0 50 100 150 200 250 300 350 400 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 New Production(1),(2) by Rate Type ($mm) Fixed Hybrid Variable WA Rate Fixed (WA Rate: 4.75%) 22% Variable (WA Rate: 8.52%) 39% Hybrid (WA Rate: 4.71%) 39% HFI Loans Interest Rate Mix(2) 26% 26% 24% 24% 23% 23% 23% 22% 30% 32% 37% 38% 39% 39% 39% 39% 44% 42% 39% 38% 38% 38% 38% 39% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 30-Sep HFI Loans Interest Rate Mix Trend(2) Fixed Hybrid Variable September 30, 2023 HFI Loans WA Rate 6.19% Repricing Schedule (9/30/23) HFI Loans HFS Loans Total Loans ($ in thousands) Carrying Value WA Rate Carrying Value WA Rate Carrying Value WA Rate Less Than 3 Months $ 739,014 8.87% $ 6,693 9.88% $ 745,707 8.88% 3 to 12 Months 127,718 5.22% 0 127,718 5.22% 1 to 3 Years 520,374 4.32% 0 520,374 4.32% 3 to 5 Years 674,368 5.09% 0 674,368 5.09% More than 5 Years 106,131 4.89% 0 106,131 4.89% Total $ 2,167,605 6.19% $ 6,693 9.88% $ 2,174,298 6.20% Loan Yield Analysis 3Q23 09/23 YTD ($ in thousands) Amount(3) Yield(4) Amount(3) Yield(4) Average Carrying Value $ 2,137,184 $ 2,102,600 Interest on Loans $ 33,650 6.25% $ 95,995 6.10% Fee (Cost) 187 0.03% 488 0.03% Prepayment Penalty & Late Charges 39 0.01% 160 0.01% Discount (Premium) 775 0.14% 2,197 0.14% Total Interest & Fees $ 34,651 6.43% $ 98,840 6.29%

 
Carrying Value % to Total Count WA LTV(1) WA Rate Maturing ($ in thousands) <= 1 Year 2-3 Years 3-5 Years > 5 Years Retail (More than 50%) $ 325,238 21.6% 296 48.1% 5.98% $ 32,496 $ 101,449 $ 77,551 $ 113,742 Industrial 270,541 18.0% 163 49.8% 5.92% 63,640 45,325 80,820 80,757 Mixed Use 161,469 10.7% 145 45.7% 5.72% 27,249 39,788 62,746 31,686 Apartments 112,803 7.5% 53 53.0% 4.88% 6,467 16,783 56,989 32,564 Hotel & Motel 106,738 7.1% 108 49.8% 7.17% 10,777 5,282 37,423 53,256 Gas Station 102,736 6.8% 120 55.2% 6.58% 6,512 6,957 24,999 64,268 Office 90,692 6.0% 52 53.8% 5.73% 5,241 12,922 40,653 31,876 Medical 56,818 3.8% 29 41.3% 7.56% 11,991 5,894 29,118 9,815 Auto (Sales, Repair & etc.) 38,610 2.6% 33 54.1% 5.43% 3,069 8,322 21,738 5,481 Car Wash 36,776 2.4% 31 50.6% 5.93% 1,472 16,897 2,989 15,418 Commercial Condominium 34,041 2.3% 41 47.8% 5.97% 5,159 6,281 7,903 14,698 Golf Course 31,072 2.1% 7 49.0% 4.68% 1,732 17,961 10,921 458 Spa, Sauna, & Other Selfcare 29,669 2.0% 9 50.4% 5.02% 0 13,444 9,364 6,861 Wholesale 21,655 1.4% 16 43.1% 5.72% 4,068 4,115 3,931 9,541 Construction 19,246 1.3% 8 50.6% 9.51% 19,246 - - - Church 10,664 0.7% 15 33.1% 5.11% 969 1,965 4,318 3,412 Others 54,934 3.7% 75 53.5% 6.30% 10,106 11,767 15,840 17,221 Total $ 1,503,702 100.0% 1,201 49.5% 6.01% $ 210,194 $ 315,152 $ 487,303 $ 491,054 9 Loan Concentration (1) Collateral value at origination Los Angeles County 63% Orange County 7% San Bernardino County 4% Ventura County 4% Other Califronia Counties 2% NY/NJ 8% Texas 5% Washington 3% Nevada 1% Other States 3% Commercial Real Estate Loans Geographic Concentration (9/30/23) $1.50B CA: $1.21B, (80%) Commercial Real Estate Loans by Property Type (9/30/23) ($ in thousands) Carrying Value WA LTV(1) WA FICO Residential Mortgage $ 363,369 59.5% 760 Residential Mortgage Loans (9/30/23)

 
10 Loan Concentration Carrying Value % to Total WA Rate WA Month to Maturity($ in thousands) Finance and Insurance $ 89,905 32.2% 7.98% 5 General Manufacturing & Wholesale Trade 53,059 19.0% 8.78% 19 Real Estate Related 33,375 11.9% 7.82% 18 Retail Trade 31,470 11.3% 9.30% 58 Food Services 31,246 11.2% 9.20% 68 Professional, Scientific, & Technical Services 14,308 5.1% 9.01% 14 Entertainment & Recreation 9,500 3.4% 7.30% 37 Health Care & Social Assistance 4,246 1.5% 9.16% 27 Other Services 3,910 1.4% 8.34% 43 Transportation & Warehousing 3,750 1.3% 8.62% 13 All Other 4,839 1.7% 7.79% 54 Total $ 279,608 100.0% 8.46% 25 Los Angeles County 61% Orange County 12% San Bernardino County 2% Ventura County 1% Other Califronia Counties 3% NY/NJ 9% Texas 2% Nevada 2% Washington 1% Other States 7% Commercial & Industrial Loans Geographic Concentration (9/30/23) Commercial & Industrial Loans by Industry Type (9/30/23) $280MM CA: $221MM (79%)

 
11 Credit Quality & Peer(1) Comparison $1.0 $1.4 $2.0 $7.4 $7.4 $3.0 $3.8 $3.7 0 1 2 3 4 5 6 7 8 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Non-Performing Assets (“NPAs”) ($mm) 0.05% 0.06% 0.09% 0.32% 0.30% 0.12% 0.15% 0.15% 0% 0% 0% 0% 0% 0% 0% 0% Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 NPAs to Total Assets 1.29% 1.22% 1.15% 1.21% 1.22% 1.18% 1.17% 1.18% 1% 1% 1% 1% 1% 1% 1% Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 ACL on Loans to HFI Loans 2252% 1495% 1723% 321% 742% 834% 647% 686% 0 5 10 15 20 25 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 ACL on Loans to Non-Performing HFI Loans 0.91% 0.61% 0.51% 0.42% 0.37% 0.28% 0.17% 0.09% 0.09% 0% 0% 0% 0% 0% 1% 1% 1% 1% 1% 1% Hope Shinhan Open Peer Hanmi USM PCB CBB Woori NPAs / (Total Loans + OREO)(2) September 30, 2023 Peer Information: June 30, 2023 0.66% 0.58% 0.53% 0.26% 0.22% 0% 0% 0% 0% 0% 1% 1% 1% Hope CBB Hanmi PCB Open Classified Assets to Total Assets(4) September 30, 2023 Peer Information: June 30, 2023 (1) Korean-American banks operating in Southern California (2) Source: UBPR (3) PCB Bank’s Peer Group per UBPR (4) Source: press releases concerning financial performance (3)

 
12 Deposits (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure. $830 $892 $989 $810 $735 $654 $635 $611 $423 $464 $492 $553 $515 $460 $489 $459 $429 $420 $422 $476 $649 $811 $844 $861 $185 $135 $95 $139 $147 $217 $220 $261 $1,867 $1,911 $1,998 $1,978 $2,046 $2,142 $2,188 $2,192 0 500 1,000 1,500 2,000 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Deposit Trend ($mm) Noninterest DDA Retail Other Interest-Bearing Retail Time Deposits Wholesale Deposits Noninterest DDA 28% Retail Other Interest-Bearing 21% Retail Time Deposits 39% Whoelsae Deposits 12% Deposit Composition $2.19B $1,510 $1,602 $1,717 $1,600 $1,545 $1,470 $1,516 $1,476 81% 84% 86% 81% 76% 69% 69% 67% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $500 $700 $900 $1,100 $1,300 $1,500 $1,700 $1,900 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Core Deposits(1) ($mm) Core Deposits % to Total Deposits Time Deposit Maturity Schedule (9/30/23) Retail Wholesale Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 311,941 4.23% $ 137,516 4.91% $ 449,457 4.44% 3 to 6 Months 328,833 4.51% 68,970 5.26% 397,803 4.64% 6 to 9 Months 128,756 4.56% 16,821 5.29% 145,577 4.64% 9 to 12 Months 86,193 4.57% 37,950 5.35% 124,143 4.81% More than 12 Months 5,090 3.15% 0 5,090 3.15% Total $ 860,813 4.41% $ 261,257 5.09% $ 1,122,070 4.57% YoY +10.8% 3Q23 Highlights • Total deposits increased $3.9MM (0.2%) but retail deposits decreased $37.2MM (1.9%) • Uninsured deposits were $983.9MM (44.9% of total deposits) compared to $1.03B (47.3% of total deposits) at 6/30/23 September 30, 2023

 
13 Profitability (1) PTPP (Pre-Tax Pre-Provision) income, and adjusted EPS, ROAA and ROAE for PTPP are not presented in accordance with GAAP. See “Non-GAAP measure” for reconciliations of these measures to their most comparable GAAP measures. $10.7 $10.2 $9.1 $7.0 $8.7 $10.3 $7.5 $7.0 $13.8 $13.2 $12.8 $13.5 $13.5 $11.7 $10.7 $10.7 -1 1 3 5 7 9 11 13 15 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Net Income PTPP Net Income & PTPP(1) Income ($mm) $0.70 $0.67 $0.60 $0.46 $0.58 $0.70 $0.52 $0.49 $0.91 $0.87 $0.84 $0.89 $0.91 $0.80 $0.75 $0.74 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Diluted EPS Adjusted Diluted EPS Diluted EPS & Adjusted Diluted EPS(1) 2.01% 1.92% 1.65% 1.19% 1.44% 1.69% 1.19% 1.09% 2.59% 2.48% 2.32% 2.31% 2.24% 1.92% 1.71% 1.66% 0% 1% 1% 2% 2% 3% 3% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 ROAA Adjusted ROAA ROAA & Adjusted ROAA(1) 16.84% 16.01% 12.48% 8.16% 10.31% 12.46% 8.82% 8.12% 21.72% 20.65% 17.51% 15.84% 16.04% 14.13% 12.68% 12.42% 0% 5% 10% 15% 20% 25% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 ROAE Adjusted ROAE ROAE & Adjusted ROAE(1) 3Q23 Highlights • Noninterest expense increased $580K and noninterest income decreased $155K, while net interest income increased $732K.

 
14 Noninterest Income & Expense $36.8 $39.7 $38.4 $27.3 $17.4 $27.1 $16.8 $17.7 $52.3 $29.7 $42.7 $46.1 $22.3 $22.5 $19.2 $16.2 10.0% 10.6% 6.8% 7.5% 6.3% 7.5% 7.2% 6.3% 9.1% 9.5% 5.3% 5.2% 4.4% 4.8% 4.6% 3.9% -8% -3% 2% 7% 12% 0 20 40 60 80 100 120 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 SBA 7(A) Loans ($mm) Sold Production Premium % Gain % $7.1 $8.6 $8.1 $8.5 $7.9 $8.9 $8.7 $8.6 $4.1 $3.5 $4.1 $5.2 $5.2 $4.8 $4.9 $5.6 2.12% 2.23% 2.22% 2.36% 2.19% 2.23% 2.16% 2.22% 0% 1% 1% 2% 2% 3% 0 2 4 6 8 10 12 14 16 18 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Noninterest Expense Trend ($mm) Compensation All Other Expenses % to Average Total Assets 44.8% 47.8% 49.0% 50.4% 49.2% 54.1% 55.9% 56.9% 59.8% 62.1% 60.5% 59.2% 62.1% 61.0% 61.5% 0% 10% 20% 30% 40% 50% 60% 70% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Efficiency Ratio (2) PCB Peer Average 247 256 271 274 272 276 272 272 230 235 240 245 250 255 260 265 270 275 280 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Number of FTE(3) Employees (1) Annualized (2) Calculated by dividing noninterest expense by the sum of net interest income and noninterest income. Peer average data from UBPR (3) Full-time equivalent (1) $1.4 $1.5 $1.6 $1.8 $1.6 $1.7 $1.9 $1.8 $3.4 $3.8 $2.0 $1.4 $0.8 $1.3 $0.8 $0.7 70% 71% 56% 45% 32% 43% 29% 28% -40% -20% 0% 20% 40% 60% 80% 0 1 2 3 4 5 6 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Noninterest Income Trend ($mm) All Other Income Gain on Sale of Loans % of Gain on Sale of Loans

 
15 Net Interest Margin (1) Annualized 4.59% 4.62% 4.72% 5.17% 5.70% 6.11% 6.30% 6.43% 3.87% 3.87% 4.01% 4.25% 4.15% 3.79% 3.55% 3.57% 0.35% 0.35% 0.43% 0.98% 2.28% 3.45% 3.97% 4.17% 0.19% 0.19% 0.23% 0.57% 1.42% 2.33% 2.81% 2.97% 0.08% 0.12% 0.77% 2.19% 3.65% 4.52% 4.99% 5.26% -1% 0% 1% 2% 3% 4% 5% 6% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Yield & Cost(1) Loan Yield Net Interest Margin Cost of Interest-Bearing Liabilities Cost of Funds Average Fed Funds Rate 3.55% 3.57% +0.11% +0.04% -0.12% -0.01% 3.00% 3.20% 3.40% 3.60% 3.80% 4.00% 2Q23 Loan Yield Other Earning Assets Yield Int-Bearing Liabilities Cost Balance Sheet Mix 3Q23 Quarter-over-Quarter Impact to Net Interest Margin(1) 3Q23 Highlights • Net interest income increased $732K to $22.4MM from $ 21.7MM for 2Q23. • Net interest margin increased to 3.57% from 3.55% for 2Q23 mainly due to an increase in yield on average interest-earning assets, partially offset by an increase in cost of average interest-bearing liabilities.

 
16 Capital 13.44% 15.87% 15.87% 17.11% 5.00% 6.50% 8.00% 10.00% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Tier 1 Leverage CET 1 Capital Tier 1 Capital Total Capital Bank Regulatory Capital Ratios Actual Minimum Requirement For Well-Capitalized $17.24 $17.47 $22.36 $22.40 $22.94 $23.56 $23.77 $23.87 $17.73 $17.75 $18.21 $18.72 $18.94 $19.05 $12 $14 $16 $18 $20 $22 $24 $26 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Book Value/TCE(1) Per Share BV Per Share TCE Per Share September 30, 2023 11.92% 14.26% 14.30% 13.86% 13.47% 13.32% 13.31% 11.87% 11.31% 11.33% 11.00% 10.71% 10.61% 10.62% 8% 9% 10% 11% 12% 13% 14% 15% Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Total Equity/TCE(1) to Total Assets Total Equity to Total Assets TCE to Total Assets (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.

 
17 Non-GAAP Measures To supplement the financial information presented in accordance with GAAP, we use certain non-GAAP financial measures. Management believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. Risks associated with non-GAAP measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently. In the information below, we provide reconciliations of the non-GAAP financial measures used in this presentation to the most direct comparable GAAP measures. Core Deposits Core Deposits are a non-GAAP measure that we use to measure the portion of our total deposits that are thought to be more stable, lower cost and reprice less frequently on average in a rising rate environment. We calculate core deposits as total deposits less time deposits greater than $250,000 and brokered deposits. Management tracks its core deposits because management believes it is a useful measure to help assess the Company’s deposit base and, among other things, potential volatility therein. ROATCE, TCE Per Share and TCE to Total Assets ROATCE, TCE per share and TCE to total assets measures that we use to measure the Company’s performance. We calculated TCE as total shareholders’ equity excluding preferred stock. Management believes the non-GAAP measures provide useful supplemental information, and a clearer understanding of the Company’s performance. PTPP Income, and Adjusted ROAA, ROAE and Diluted EPS for PTPP PTPP income, and adjusted ROAA, ROAE and Diluted EPS are non-GAAP measures that we use to measure the Company’s performance and believe these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. We calculated PTPP income as net income excluding income tax provision and provision for loan losses.

 
18 Non-GAAP Measures The following table reconciles core deposits to its most comparable GAAP measure: ($ in thousands) Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Total Deposits (d) $ 1,867,134 $ 1,910,379 $ 1,997,607 $ 1,978,098 $ 2,045,983 $ 2,141,689 $ 2,188,231 $ 2,192,1291 Less: Time Deposits Greater Than $250K (272,269) (273,844) (246,024) (299,271) (413,876) (514,464) (511,590) (514,406) Less: Brokered Deposits (85,001) (35,001) (35,001) (79,131) (87,031) (157,020) (160,149) (201,258) Core Deposits (e) $ 1,509,864 $ 1,601,534 $ 1,716,582 $ 1,599,696 $ 1,545,076 $ 1,470,205 $ 1,516,492 $ 1,476,465 Core Deposits to Total Deposits (e)/(d) 80.9% 83.8% 85.9% 80.9% 75.5% 68.6% 69.3% 67.4% The following table reconciles ROATCE to its most comparable GAAP measure: ($ in thousands) 4Q21 1Q22 2Q22 3Q22 4Q22 Q123 Q223 Q323 Average Total Shareholders' Equity (a) $ 251,477 $ 259,367 $ 292,135 $ 338,248 $ 334,832 $ 335,169 $ 339,869 $ 343,144 Less: Average Preferred Stock 0 0 28,872 69,141 69,141 69,141 69,141 69,141 Average TCE (Non-GAAP) (b) $ 251,477 $ 259,367 $ 263,263 $ 269,107 $ 265,691 $ 266,028 $ 270,728 $ 274,003 Net Income (c) $ 10,676 $ 10,240 $ 9,092 $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 ROAE (1) (c)/(a) 16.84% 16.01% 12.48% 8.16% 10.31% 12.46% 8.82% 8.12% ROATCE (Non-GAAP)(1) (c)/(b) 16.84% 16.01% 13.85% 10.25% 12.99% 15.70% 11.08% 10.17% The following table reconciles TCE per share and TCE to total assets to their most comparable GAAP measures: ($ in thousands, except per share data) Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Total Shareholders' Equity (a) $ 256,286 $ 261,058 $ 334,375 $ 332,719 $ 335,442 $ 336,830 $ 340,411 $ 341,852 Less: Preferred Stock 0 0 69,141 69,141 69,141 69,141 69,141 69,141 TCE (Non-GAAP) (b) $ 256,286 $ 261,058 $ 265,234 $ 263,578 $ 266,301 $ 267,689 $ 271,270 $ 272,711 Outstanding Shares (c) 14,865,825 14,944,663 14,956,760 14,853,140 14,625,474 14,297,870 14,318,890 14,319,014 Book Value Per Share (a)/(c) $ 17.24 $ 17.47 $ 22.36 $ 22.40 $ 22.94 $ 23.56 $ 23.77 $ 23.87 TCE Per Share (Non-GAAP) (b)/(c) $ 17.24 $ 17.47 $ 17.73 $ 17.75 $ 18.21 $ 18.72 $ 18.94 $ 19.05 Total Assets (d) $ 2,149,735 $ 2,199,742 $ 2,344,560 $ 2,327,051 $ 2,420,036 $ 2,500,524 $ 2,556,345 $ 2,567,974 Total Shareholders’ Equity to Total Assets (a)/(d) 11.92% 11.87% 14.26% 14.30% 13.86% 13.47% 13.32% 13.31% TCE to Total Assets (Non-GAAP) (b)/(d) 11.92% 11.87% 11.31% 11.33% 11.00% 10.71% 10.61% 10.62%

 
19 Non-GAAP Measures (1) Provision (reversal) for credit losses does not include provision (reversal) for off-balance sheet credit exposures for periods prior to January 1, 2023. (2) Annualized. The following table reconciles PTPP income, and adjusted ROAA, ROAE and diluted EPS for PTPP to their most comparable GAAP measures: ($ in thousands) 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Net Income (a) $ 10,676 $ 10,240 $ 9,092 $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 Add: Provision (Reversal) for Credit Losses(1) (1,462) (1,191) (109) 3,753 1,149 (2,778) 197 751 Add: Income Tax Provision 4,551 4,159 3,771 2,798 3,688 4,162 3,073 2,970 PTPP Income (Non-GAAP) (b) $ 13,765 $ 13,208 $ 12,754 $ 13,504 $ 13,539 $ 11,681 $ 10,747 $ 10,744 Average Total Assets (c) $ 2,111,834 $ 2,161,132 $ 2,208,059 $ 2,319,439 $ 2,395,712 $ 2,470,876 $ 2,520,752 $ 2,563,233 ROAA (2) (a)/(c) 2.01% 1.92% 1.65% 1.19% 1.44% 1.69% 1.19% 1.09% Adjusted ROAA (Non-GAAP)(2) (b)/(c) 2.59% 2.48% 2.32% 2.31% 2.24% 1.92% 1.71% 1.66% Average Total Shareholders' Equity (d) $ 251,477 $ 259,367 $ 292,135 $ 338,248 $ 334,832 $ 335,169 $ 339,869 $ 343,144 ROAE (2) (a)/(d) 16.84% 16.01% 12.48% 8.16% 10.31% 12.46% 8.82% 8.12% Adjusted ROAE (Non-GAAP)(2) (b)/(d) 21.72% 20.65% 17.51% 15.84% 16.04% 14.13% 12.68% 12.42% Net Income $ 10,676 $ 10,240 $ 9,092 $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 Less: Income Allocated to Participating Securities (40) (48) (42) (30) (37) (33) (24) (21) Net Income Allocated to Common Stock (e) 10,636 10,192 9,050 6,923 8,665 10,264 7,453 7,002 Add: Provision for Loan Losses (1,462) (1,191) (109) 3,753 1,149 (2,778) 197 751 Add: Income Tax Provision 4,551 4,159 3,771 2,798 3,688 4,162 3,073 2,970 PTPP Income Allocated to Common Stock (f) $ 13,725 $ 13,160 $ 12,712 $ 13,474 $ 13,502 $ 11,648 $ 10,723 $ 10,723 WA common shares outstanding, diluted (g) 15,093,351 15,141,693 15,122,452 15,088,089 14,904,106 14,574,929 14,356,776 14,396,216 Diluted EPS (e)/(g) $ 0.70 $ 0.67 $ 0.60 $ 0.46 $ 0.58 $ 0.70 $ 0.52 $ 0.49 Adjusted Diluted EPS (Non-GAAP) (f)/(g) $ 0.91 $ 0.87 $ 0.84 $ 0.89 $ 0.91 $ 0.80 $ 0.75 $ 0.74 ($ in thousands) 2018 2019 2020 2021 2022 09/23 YTD Net Income $ 24,301 $ 24,108 $ 16,175 $ 40,103 $ 34,987 $ 24,797 Add: Provision (Reversal) for Credit Losses(1) 1,231 4,237 13,219 (4,596) 3,602 (1,830) Add: Income Tax Provision 10,444 10,243 6,836 16,856 14,416 10,205 PTPP Income (Non-GAAP) $ 35,976 $ 38,588 $ 36,230 $ 52,363 $ 53,005 $ 33,172

 

Exhibit 99.3

pcbbancorp.jpg
PCB Bancorp Declares Quarterly Cash Dividend of $0.18 Per Common Share
Los Angeles, California - October 25, 2023 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank, announced that on October 25, 2023, its Board of Directors declared a quarterly cash dividend of $0.18 per common share. The dividend will be paid on or about November 17, 2023, to shareholders of record as of the close of business on November 9, 2023.
About PCB Bancorp
PCB Bancorp is the bank holding company for PCB Bank, a California state chartered bank, offering a full suite of commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities.
Contact:
Timothy Chang
Executive Vice President & Chief Financial Officer
213-210-2000


1
v3.23.3
Document and Entity Information Document
Oct. 25, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 25, 2023
Entity Registrant Name PCB BANCORP
Entity Central Index Key 0001423869
Amendment Flag false
Entity Incorporation, State or Country Code CA
Entity File Number 001-38621
Entity Tax Identification Number 20-8856755
Entity Address, Address Line One 3701 Wilshire Boulevard
Entity Address, Address Line Two Suite 900
Entity Address, City or Town Los Angeles
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90010
City Area Code 213
Local Phone Number 210-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, no par value
Trading Symbol PCB
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Entity Ex Transition Period true
PCB Bancorp (NASDAQ:PCB)
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PCB Bancorp (NASDAQ:PCB)
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