0001423869False00014238692025-04-232025-04-23
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): April 23, 2025
PCB BANCORP
(Exact name of registrant as specified in its charter)
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California (State or other jurisdiction of incorporation) | | 001-38621 (Commission File Number) | | 20-8856755 (I.R.S. Employer Identification No.) |
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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:
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| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, no par value | PCB | Nasdaq 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 April 24, 2025, PCB Bancorp, a California corporation (the “Company”), issued a press release concerning its unaudited results for the first quarter of 2025. 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.
Common Stock Dividend
On April 24, 2025, the Company issued a press release announcing that on April 23, 2025, its Board of Directors declared a quarterly cash dividend of $0.20 per common share. The dividend will be paid on or about May 16, 2025, to shareholders of record as of the close of business on May 9, 2025. 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)
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.
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| | | PCB Bancorp |
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| Date: | April 24, 2025 | | /s/ Timothy Chang |
| | | Timothy Chang |
| | | Executive Vice President and Chief Financial Officer |
PCB Bancorp Reports Earnings for Q1 2025
Los Angeles, California - April 24, 2025 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income available to common shareholders of $7.7 million, or $0.53 per diluted common share, for the first quarter of 2025, compared with $6.7 million, or $0.46 per diluted common share, for the previous quarter and $4.7 million, or $0.33 per diluted common share, for the year-ago quarter.
Q1 2025 Highlights
•Net income available to common shareholders totaled $7.7 million, or $0.53 per diluted common share, for the current quarter;
•Provision for credit losses was $1.6 million for the current quarter compared with $2.0 million for the previous quarter and $1.1 million for the year-ago quarter;
•Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment ratio was 1.17% at March 31, 2025 compared with 1.16% at December 31, 2024 and 1.18% at March 31, 2024;
•Net interest income was $24.3 million for the current quarter compared with $23.2 million for the previous quarter and $21.0 million for the year-ago quarter. Net interest margin was 3.28% for the current quarter compared with 3.18% for the previous quarter and 3.10% for the year-ago quarter;
•Gain on sale of loans was $887 thousand for the current quarter compared with $1.2 million for the previous quarter and $1.1 million for the year-ago quarter;
•Total assets were $3.18 billion at March 31, 2025, an increase of $119.8 million, or 3.9%, from $3.06 billion at December 31, 2024 and an increase of $329.5 million, or 11.5%, from $2.85 billion at March 31, 2024;
•Loans held-for-investment were $2.73 billion at March 31, 2025, an increase of $98.2 million, or 3.7%, from $2.63 billion at December 31, 2024 and an increase of $329.6 million, or 13.7%, from $2.40 billion at March 31, 2024; and
•Total deposits were $2.71 billion at March 31, 2025, an increase of $98.6 million, or 3.8%, from $2.62 billion at December 31, 2024 and an increase of $311.6 million, or 13.0%, from $2.40 billion at March 31, 2024.
“Our strong first quarter results were highlighted by continued robust growth in loan and deposit balances, expansion in net interest margin, and outstanding credit metrics,” said Henry Kim, President and CEO. “In light of the recent news on tariffs and trade restrictions, and current volatility in capital markets, the outlook for the near future appears increasingly uncertain. Nevertheless, as a relationship bank, we are well-positioned to withstand such economic disturbance, continue our focus on successfully executing our long-term strategies and serving our customers.”
Mr. Kim continued, “In addition to our strong balance sheet growth, our credit quality remains strong, and capital level remains robust, supporting the needs of our borrowers while ensuring the safety and soundness of the bank. Our outlook for the year remains positive as our organic growth continues to outpace our peer group. While we closely monitor the current geopolitical environment, we are well positioned to grow our balance sheet, operate efficiently, expand our branch network, and increase profitability and shareholders’ value.”
Financial Highlights (Unaudited)
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($ in thousands, except per share data) | | Three Months Ended | | |
| 3/31/2025 | | 12/31/2024 | | % Change | | 3/31/2024 | | % Change | | | | | | |
| Net income | | $ | 7,735 | | | $ | 7,030 | | | 10.0 | % | | $ | 4,685 | | | 65.1 | % | | | | | | |
| Net income available to common shareholders | | $ | 7,695 | | | $ | 6,684 | | | 15.1 | % | | $ | 4,685 | | | 64.2 | % | | | | | | |
| Diluted earnings per common share | | $ | 0.53 | | | $ | 0.46 | | | 15.2 | % | | $ | 0.33 | | | 60.6 | % | | | | | | |
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| Net interest income | | $ | 24,283 | | | $ | 23,164 | | | 4.8 | % | | $ | 20,999 | | | 15.6 | % | | | | | | |
| Provision for credit losses | | 1,598 | | | 2,002 | | | (20.2) | % | | 1,090 | | | 46.6 | % | | | | | | |
| Noninterest income | | 2,580 | | | 3,043 | | | (15.2) | % | | 2,945 | | | (12.4) | % | | | | | | |
| Noninterest expense | | 14,474 | | | 13,894 | | | 4.2 | % | | 16,352 | | | (11.5) | % | | | | | | |
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Return on average assets (1) | | 1.01 | % | | 0.94 | % | | | | 0.67 | % | | | | | | | | |
Return on average shareholders’ equity (1) | | 8.53 | % | | 7.69 | % | | | | 5.39 | % | | | | | | | | |
Return on average tangible common equity (“TCE”) (1),(2) | | 10.45 | % | | 9.02 | % | | | | 6.72 | % | | | | | | | | |
Net interest margin (1) | | 3.28 | % | | 3.18 | % | | | | 3.10 | % | | | | | | | | |
Efficiency ratio (3) | | 53.88 | % | | 53.02 | % | | | | 68.29 | % | | | | | | | | |
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| ($ in thousands, except per share data) | | 3/31/2025 | | 12/31/2024 | | % Change | | | | | | 3/31/2024 | | % Change |
Total assets | | $ | 3,183,758 | | | $ | 3,063,971 | | | 3.9 | % | | | | | | $ | 2,854,292 | | | 11.5 | % |
Net loans held-for-investment | | 2,695,668 | | | 2,598,759 | | | 3.7 | % | | | | | | 2,369,632 | | | 13.8 | % |
Total deposits | | 2,714,399 | | | 2,615,791 | | | 3.8 | % | | | | | | 2,402,840 | | | 13.0 | % |
Book value per common share (4) | | $ | 25.78 | | | $ | 25.30 | | | | | | | | | $ | 24.54 | | | |
TCE per common share (2) | | $ | 20.97 | | | $ | 20.49 | | | | | | | | | $ | 19.69 | | | |
Tier 1 leverage ratio (consolidated) | | 12.14 | % | | 12.45 | % | | | | | | | | 12.73 | % | | |
| Total shareholders’ equity to total assets | | 11.65 | % | | 11.87 | % | | | | | | | | 12.26 | % | | |
TCE to total assets (2), (5) | | 9.48 | % | | 9.62 | % | | | | | | | | 9.84 | % | | |
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(1)Ratios are presented on an annualized basis.
(2)Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.
(3)Calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
(4)Calculated by dividing total shareholders’ equity by the number of outstanding common shares.
(5)The Company did not have any intangible asset component for the presented periods.
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:
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| | Three Months Ended | | |
| ($ in thousands) | | 3/31/2025 | | 12/31/2024 | | % Change | | 3/31/2024 | | % Change | | | | | | |
| Interest income/expense on | | | | | | | | | | | | | | | | |
Loans | | $ | 43,026 | | | $ | 42,309 | | | 1.7 | % | | $ | 39,251 | | | 9.6 | % | | | | | | |
Investment securities | | 1,408 | | | 1,388 | | | 1.4 | % | | 1,246 | | | 13.0 | % | | | | | | |
Other interest-earning assets | | 2,458 | | | 2,622 | | | (6.3) | % | | 3,058 | | | (19.6) | % | | | | | | |
Total interest-earning assets | | 46,892 | | | 46,319 | | | 1.2 | % | | 43,555 | | | 7.7 | % | | | | | | |
Interest-bearing deposits | | 22,564 | | | 22,927 | | | (1.6) | % | | 21,967 | | | 2.7 | % | | | | | | |
Borrowings | | 45 | | | 228 | | | (80.3) | % | | 589 | | | (92.4) | % | | | | | | |
Total interest-bearing liabilities | | 22,609 | | | 23,155 | | | (2.4) | % | | 22,556 | | | 0.2 | % | | | | | | |
Net interest income | | $ | 24,283 | | | $ | 23,164 | | | 4.8 | % | | $ | 20,999 | | | 15.6 | % | | | | | | |
| Average balance of | | | | | | | | | | | | | | | | |
Loans | | $ | 2,649,037 | | | $ | 2,538,310 | | | 4.4 | % | | $ | 2,370,027 | | | 11.8 | % | | | | | | |
Investment securities | | 146,540 | | | 147,943 | | | (0.9) | % | | 140,459 | | | 4.3 | % | | | | | | |
Other interest-earning assets | | 209,375 | | | 207,234 | | | 1.0 | % | | 217,002 | | | (3.5) | % | | | | | | |
Total interest-earning assets | | $ | 3,004,952 | | | $ | 2,893,487 | | | 3.9 | % | | $ | 2,727,488 | | | 10.2 | % | | | | | | |
Interest-bearing deposits | | $ | 2,140,201 | | | $ | 1,986,901 | | | 7.7 | % | | $ | 1,827,209 | | | 17.1 | % | | | | | | |
Borrowings | | 3,933 | | | 17,946 | | | (78.1) | % | | 42,187 | | | (90.7) | % | | | | | | |
Total interest-bearing liabilities | | $ | 2,144,134 | | | $ | 2,004,847 | | | 6.9 | % | | $ | 1,869,396 | | | 14.7 | % | | | | | | |
Total funding (1) | | $ | 2,660,764 | | | $ | 2,548,818 | | | 4.4 | % | | $ | 2,412,207 | | | 10.3 | % | | | | | | |
| Annualized average yield/cost of | | | | | | | | | | | | | | | |
Loans | | 6.59 | % | | 6.63 | % | | | | 6.66 | % | | | | | | | | |
Investment securities | | 3.90 | % | | 3.73 | % | | | | 3.57 | % | | | | | | | | |
Other interest-earning assets | | 4.76 | % | | 5.03 | % | | | | 5.67 | % | | | | | | | | |
| Total interest-earning assets | | 6.33 | % | | 6.37 | % | | | | 6.42 | % | | | | | | | | |
Interest-bearing deposits | | 4.28 | % | | 4.59 | % | | | | 4.84 | % | | | | | | | | |
Borrowings | | 4.64 | % | | 5.05 | % | | | | 5.62 | % | | | | | | | | |
| Total interest-bearing liabilities | | 4.28 | % | | 4.59 | % | | | | 4.85 | % | | | | | | | | |
| Net interest margin | | 3.28 | % | | 3.18 | % | | | | 3.10 | % | | | | | | | | |
Cost of total funding (1) | | 3.45 | % | | 3.61 | % | | | | 3.76 | % | | | | | | | | |
Supplementary information | | | | | | | | | | | | | | | | |
| Net accretion of discount on loans | | $ | 872 | | | $ | 645 | | | 35.2 | % | | $ | 573 | | | 52.2 | % | | | | | | |
| Net amortization of deferred loan fees | | $ | 266 | | | $ | 295 | | | (9.8) | % | | $ | 334 | | | (20.4) | % | | | | | | |
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(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.
Loans. The decreases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to decreases in market rates and net amortization of deferred loan fees, partially offset by an increase in net accretion of discount on loans.
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:
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| | 3/31/2025 | | 12/31/2024 | | | | 3/31/2024 |
| | % to Total Loans | | Weighted-Average Contractual Rate | | % to Total Loans | | Weighted-Average Contractual Rate | | | | | | % to Total Loans | | Weighted-Average Contractual Rate |
Fixed rate loans | | 17.8 | % | | 5.35 | % | | 17.4 | % | | 5.23 | % | | | | | | 20.0 | % | | 4.92 | % |
Hybrid rate loans | | 38.0 | % | | 5.36 | % | | 37.3 | % | | 5.27 | % | | | | | | 38.6 | % | | 5.01 | % |
Variable rate loans | | 44.2 | % | | 7.52 | % | | 45.3 | % | | 7.63 | % | | | | | | 41.4 | % | | 8.46 | % |
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Investment Securities. The increases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to higher yields on newly purchased investment securities and a decrease in net amortization of premium.
Other Interest-Earning Assets. The decreases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to a decrease in average interest rate on cash held at the Federal Reserve Bank (“FRB”), partially offset by an increase in dividends received on Federal Home Loan Bank (“FHLB”) stock.
Interest-Bearing Deposits. The decreases in average cost for the current quarter compared with the previous and year-ago quarters were primarily due to a decrease in market rates.
Provision (Reversal) for Credit Losses
The following table presents a composition of provision (reversal) for credit losses for the periods indicated:
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| | Three Months Ended | | |
| ($ in thousands) | | 3/31/2025 | | 12/31/2024 | | % Change | | 3/31/2024 | | % Change | | | | | | |
| Provision for credit losses on loans | | $ | 1,591 | | | $ | 2,044 | | | (22.2) | % | | $ | 922 | | | 72.6 | % | | | | | | |
| Provision (reversal) for credit losses on off-balance sheet credit exposure | | 7 | | | (42) | | | NM | | 168 | | | (95.8) | % | | | | | | |
| Total provision for credit losses | | $ | 1,598 | | | $ | 2,002 | | | (20.2) | % | | $ | 1,090 | | | 46.6 | % | | | | | | |
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The provision for credit losses on loans for the current quarter was primarily due to an increase in loans held-for-investment.
Noninterest Income
The following table presents the components of noninterest income for the periods indicated:
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| | Three Months Ended | | |
| ($ in thousands) | | 3/31/2025 | | 12/31/2024 | | % Change | | 3/31/2024 | | % Change | | | | | | |
Gain on sale of loans | | $ | 887 | | | $ | 1,161 | | | (23.6) | % | | $ | 1,078 | | | (17.7) | % | | | | | | |
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Service charges and fees on deposits | | 372 | | | 404 | | | (7.9) | % | | 378 | | | (1.6) | % | | | | | | |
Loan servicing income | | 725 | | | 861 | | | (15.8) | % | | 919 | | | (21.1) | % | | | | | | |
| Bank-owned life insurance income | | 247 | | | 246 | | | 0.4 | % | | 228 | | | 8.3 | % | | | | | | |
Other income | | 349 | | | 371 | | | (5.9) | % | | 342 | | | 2.0 | % | | | | | | |
Total noninterest income | | $ | 2,580 | | | $ | 3,043 | | | (15.2) | % | | $ | 2,945 | | | (12.4) | % | | | | | | |
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Gain on Sale of Loans. The following table presents information on gain on sale of loans for the periods indicated:
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| | Three Months Ended | | |
| ($ in thousands) | | 3/31/2025 | | 12/31/2024 | | % Change | | 3/31/2024 | | % Change | | | | | | |
Gain on sale of SBA loans | | | | | | | | | | | | | | | | |
Sold loan balance | | $ | 16,605 | | | $ | 24,518 | | | (32.3) | % | | $ | 19,414 | | | (14.5) | % | | | | | | |
Premium received | | 1,208 | | | 1,910 | | | (36.8) | % | | 1,596 | | | (24.3) | % | | | | | | |
Gain recognized | | 887 | | | 1,161 | | | (23.6) | % | | 1,078 | | | (17.7) | % | | | | | | |
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Loan Servicing Income. The following table presents information on loan servicing income for the periods indicated:
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| | Three Months Ended | | |
| ($ in thousands) | | 3/31/2025 | | 12/31/2024 | | % Change | | 3/31/2024 | | % Change | | | | | | |
| Loan servicing income | | | | | | | | | | | | | | | | |
Servicing income received | | $ | 1,273 | | | $ | 1,255 | | | 1.4 | % | | $ | 1,293 | | | (1.5) | % | | | | | | |
Servicing assets amortization | | (548) | | | (394) | | | 39.1 | % | | (374) | | | 46.5 | % | | | | | | |
| Loan servicing income | | $ | 725 | | | $ | 861 | | | (15.8) | % | | $ | 919 | | | (21.1) | % | | | | | | |
Underlying loans at end of period | | $ | 510,927 | | | $ | 523,797 | | | (2.5) | % | | $ | 540,039 | | | (5.4) | % | | | | | | |
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The Company services SBA loans and certain residential property loans sold to the secondary market.
Noninterest Expense
The following table presents the components of noninterest expense for the periods indicated:
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| | Three Months Ended | | |
| ($ in thousands) | | 3/31/2025 | | 12/31/2024 | | % Change | | 3/31/2024 | | % Change | | | | | | |
Salaries and employee benefits | | $ | 9,075 | | | $ | 8,417 | | | 7.8 | % | | $ | 9,218 | | | (1.6) | % | | | | | | |
Occupancy and equipment | | 2,289 | | | 2,198 | | | 4.1 | % | | 2,358 | | | (2.9) | % | | | | | | |
Professional fees | | 628 | | | 752 | | | (16.5) | % | | 1,084 | | | (42.1) | % | | | | | | |
Marketing and business promotion | | 243 | | | 582 | | | (58.2) | % | | 319 | | | (23.8) | % | | | | | | |
Data processing | | 333 | | | 205 | | | 62.4 | % | | 402 | | | (17.2) | % | | | | | | |
Director fees and expenses | | 226 | | | 227 | | | (0.4) | % | | 232 | | | (2.6) | % | | | | | | |
Regulatory assessments | | 344 | | | 322 | | | 6.8 | % | | 298 | | | 15.4 | % | | | | | | |
| Other expense | | 1,336 | | | 1,191 | | | 12.2 | % | | 2,441 | | | (45.3) | % | | | | | | |
Total noninterest expense | | $ | 14,474 | | | $ | 13,894 | | | 4.2 | % | | $ | 16,352 | | | (11.5) | % | | | | | | |
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Salaries and Employee Benefits. The increase for the current quarter compared with the previous quarter was primarily due to increases in bonus and vacation accruals, and other employee benefits, partially offset by a decrease in salaries. The decrease for the current quarter compared with the year-ago quarter was primarily due to a decrease in salaries and an increase in direct loan origination cost, which offsets and defers the recognition of salaries and benefits expense, partially offset by an increase in bonus accrual. The number of full-time equivalent employees was 257, 262 and 272 as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
Professional Fees. The decrease for the current quarter compared with the previous quarter was due to a higher internal audit fees for the previous quarter as a part of the year-end process. The decrease for the current quarter compared with the year-ago quarter was primarily due to other professional fees for the year-ago quarter related to a core system conversion that was completed in April 2024.
Marketing and Business Promotion. The decrease for the current quarter compared with the previous was primarily due to year-end promotions during the previous quarter. The decrease for the current quarter compared with the year-ago quarter was primarily due to a decrease in advertising.
Data Processing. The increase for the current quarter compared with the previous quarter was primarily due to a one-time new relationship credit recognized during the previous quarter from the core system conversion completed in April 2024. The decrease for the current quarter compared with the year-ago quarter was primarily due to a decrease in overall service charges after the core system conversion.
Other Expense. The increase for the current quarter compared with the previous quarter was primarily due to an impairment on operating lease assets of $146 thousand for a sublease contract and recognition of contingent liabilities for legal settlements of $183 thousand. The decrease for the current quarter compared with the year-ago quarter was primarily due to a termination charge for the legacy core system of $508 thousand and an expense of $815 thousand for a reimbursement for an SBA loan guarantee previously paid by the SBA on a loan originated in 2014 that subsequently defaulted and was ultimately determined to be ineligible for the SBA guaranty during the year-ago quarter, partially offset by the impairment on operating lease assets and contingent liabilities for legal settlements.
Balance Sheet (Unaudited)
Total assets were $3.18 billion at March 31, 2025, an increase of $119.8 million, or 3.9%, from $3.06 billion at December 31, 2024 and an increase of $329.5 million, or 11.5%, from $2.85 billion at March 31, 2024. The increases for the current quarter were primarily due to increases in loans held-for-investment, loans held-for-sale, and cash and cash equivalents.
Loans
The following table presents a composition of total loans (includes both loans held-for-sale and loans held-for-investment) as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ($ in thousands) | | 3/31/2025 | | 12/31/2024 | | % Change | | | | | | 3/31/2024 | | % Change |
| Commercial real estate: | | | | | | | | | | | | | | |
| Commercial property | | $ | 965,302 | | | $ | 940,931 | | | 2.6 | % | | | | | | $ | 874,300 | | | 10.4 | % |
| Business property | | 618,771 | | | 595,547 | | | 3.9 | % | | | | | | 578,903 | | | 6.9 | % |
| Multifamily | | 207,096 | | | 194,220 | | | 6.6 | % | | | | | | 131,742 | | | 57.2 | % |
| Construction | | 23,978 | | | 21,854 | | | 9.7 | % | | | | | | 29,212 | | | (17.9) | % |
| Total commercial real estate | | 1,815,147 | | | 1,752,552 | | | 3.6 | % | | | | | | 1,614,157 | | | 12.5 | % |
| Commercial and industrial | | 494,697 | | | 472,763 | | | 4.6 | % | | | | | | 371,934 | | | 33.0 | % |
| Consumer: | | | | | | | | | | | | | | |
| Residential mortgage | | 406,774 | | | 392,456 | | | 3.6 | % | | | | | | 389,888 | | | 4.3 | % |
| Other consumer | | 10,992 | | | 11,616 | | | (5.4) | % | | | | | | 21,985 | | | (50.0) | % |
| Total consumer | | 417,766 | | | 404,072 | | | 3.4 | % | | | | | | 411,873 | | | 1.4 | % |
| Loans held-for-investment | | 2,727,610 | | | 2,629,387 | | | 3.7 | % | | | | | | 2,397,964 | | | 13.7 | % |
| Loans held-for-sale | | 12,101 | | | 6,292 | | | 92.3 | % | | | | | | 3,256 | | | 271.7 | % |
Total loans | | $ | 2,739,711 | | | $ | 2,635,679 | | | 3.9 | % | | | | | | $ | 2,401,220 | | | 14.1 | % |
| | | | | | | | | | | | | | |
| SBA loans included in: | | | | | | | | | | | | | | |
| Loans held-for-investment | | $ | 147,622 | | | $ | 146,940 | | | 0.5 | % | | | | | | $ | 148,316 | | | (0.5) | % |
| Loans held-for-sale | | $ | 12,101 | | | $ | 6,292 | | | 92.3 | % | | | | | | $ | 3,256 | | | 271.7 | % |
| | | | | | | | | | | | | | |
The increase in loans held-for-investment for the current quarter was primarily due to new funding of term loans of $154.0 million and net increase of lines of credit of $29.3 million, partially offset by pay-downs and pay-offs of term loans of $84.8 million and charge-offs of $353 thousand.
The increase in loans held-for-sale for the current quarter was primarily due to new funding of $22.5 million, partially offset by sales of $16.6 million and pay-downs of $44 thousand.
The following table presents a composition of off-balance sheet credit exposure as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ($ in thousands) | | 3/31/2025 | | 12/31/2024 | | % Change | | | | | | 3/31/2024 | | % Change |
| Commercial property | | $ | 7,810 | | | $ | 8,888 | | | (12.1) | % | | | | | | $ | 8,687 | | | (10.1) | % |
| Business property | | 11,068 | | | 11,058 | | | 0.1 | % | | | | | | 10,196 | | | 8.6 | % |
| Multifamily | | — | | | — | | | — | % | | | | | | 1,800 | | | (100.0) | % |
| Construction | | 12,312 | | | 14,423 | | | (14.6) | % | | | | | | 22,895 | | | (46.2) | % |
| Commercial and industrial | | 351,802 | | | 364,731 | | | (3.5) | % | | | | | | 384,034 | | | (8.4) | % |
| Other consumer | | 1,671 | | | 1,475 | | | 13.3 | % | | | | | | 992 | | | 68.4 | % |
| Total commitments to extend credit | | 384,663 | | | 400,575 | | | (4.0) | % | | | | | | 428,604 | | | (10.3) | % |
| Letters of credit | | 6,795 | | | 6,795 | | | — | % | | | | | | 6,558 | | | 3.6 | % |
| Total off-balance sheet credit exposure | | $ | 391,458 | | | $ | 407,370 | | | (3.9) | % | | | | | | $ | 435,162 | | | (10.0) | % |
| | | | | | | | | | | | | | |
Credit Quality
The following table presents a summary of non-performing loans and assets, and classified assets as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ($ in thousands) | | 3/31/2025 | | 12/31/2024 | | % Change | | | | | | 3/31/2024 | | % Change |
| Nonaccrual loans | | | | | | | | | | | | | | |
| Commercial real estate: | | | | | | | | | | | | | | |
| Commercial property | | $ | 1,538 | | | $ | 1,851 | | | (16.9) | % | | | | | | $ | 932 | | | 65.0 | % |
| Business property | | 1,485 | | | 2,336 | | | (36.4) | % | | | | | | 3,455 | | | (57.0) | % |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Total commercial real estate | | 3,023 | | | 4,187 | | | (27.8) | % | | | | | | 4,387 | | | (31.1) | % |
| Commercial and industrial | | 66 | | | 79 | | | (16.5) | % | | | | | | 111 | | | (40.5) | % |
| Consumer: | | | | | | | | | | | | | | |
| Residential mortgage | | 3,153 | | | 403 | | | 682.4 | % | | | | | | 436 | | | 623.2 | % |
| Other consumer | | 6 | | | 24 | | | (75.0) | % | | | | | | 6 | | | — | % |
| Total consumer | | 3,159 | | | 427 | | | 639.8 | % | | | | | | 442 | | | 614.7 | % |
Total nonaccrual loans held-for-investment | | 6,248 | | | 4,693 | | | 33.1 | % | | | | | | 4,940 | | | 26.5 | % |
Loans past due 90 days or more and still accruing | | — | | | — | | | — | % | | | | | | — | | | — | % |
| Non-performing loans (“NPLs”) | | 6,248 | | | 4,693 | | | 33.1 | % | | | | | | 4,940 | | | 26.5 | % |
| NPLs held-for-sale | | — | | | — | | | — | % | | | | | | — | | | — | % |
| Total NPLs | | 6,248 | | | 4,693 | | | 33.1 | % | | | | | | 4,940 | | | 26.5 | % |
Other real estate owned (“OREO”) | | — | | | — | | | — | % | | | | | | — | | | — | % |
Non-performing assets (“NPAs”) | | $ | 6,248 | | | $ | 4,693 | | | 33.1 | % | | | | | | $ | 4,940 | | | 26.5 | % |
| Loans past due and still accruing | | | | | | | | | | | | | | |
Past due 30 to 59 days | | $ | 5,236 | | | $ | 4,599 | | | 13.9 | % | | | | | | $ | 3,412 | | | 53.5 | % |
Past due 60 to 89 days | | 101 | | | 303 | | | (66.7) | % | | | | | | 1,103 | | | (90.8) | % |
Past due 90 days or more | | — | | | — | | | — | % | | | | | | — | | | — | % |
Total loans past due and still accruing | | $ | 5,337 | | | $ | 4,902 | | | 8.9 | % | | | | | | $ | 4,515 | | | 18.2 | % |
| Special mention loans | | $ | 5,010 | | | $ | 5,034 | | | (0.5) | % | | | | | | $ | 1,101 | | | 355.0 | % |
Classified assets | | | | | | | | | | | | | |
| Classified loans held-for-investment | | $ | 8,280 | | | $ | 6,930 | | | 19.5 | % | | | | | | $ | 7,771 | | | 6.5 | % |
| Classified loans held-for-sale | | — | | | — | | | — | % | | | | | | — | | | — | % |
OREO | | — | | | — | | | — | % | | | | | | — | | | — | % |
Classified assets | | $ | 8,280 | | | $ | 6,930 | | | 19.5 | % | | | | | | $ | 7,771 | | | 6.5 | % |
| NPLs to loans held-for-investment | | 0.23 | % | | 0.18 | % | | | | | | | | 0.21 | % | | |
NPAs to total assets | | 0.20 | % | | 0.15 | % | | | | | | | | 0.17 | % | | |
Classified assets to total assets | | 0.26 | % | | 0.23 | % | | | | | | | | 0.27 | % | | |
| | | | | | | | | | | | | | |
Allowance for Credit Losses
The following table presents activities in ACL for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | |
| ($ in thousands) | | 3/31/2025 | | 12/31/2024 | | % Change | | 3/31/2024 | | % Change | | | | | | |
| ACL on loans | | | | | | | | | | | | | | | | |
| Balance at beginning of period | | $ | 30,628 | | | $ | 28,930 | | | 5.9 | % | | $ | 27,533 | | | 11.2 | % | | | | | | |
| | | | | | | | | | | | | | | | |
| Charge-offs | | (353) | | | (395) | | | (10.6) | % | | (185) | | | 90.8 | % | | | | | | |
| Recoveries | | 76 | | | 49 | | | 55.1 | % | | 62 | | | 22.6 | % | | | | | | |
| Provision for credit losses on loans | | 1,591 | | | 2,044 | | | (22.2) | % | | 922 | | | 72.6 | % | | | | | | |
| Balance at end of period | | $ | 31,942 | | | $ | 30,628 | | | 4.3 | % | | $ | 28,332 | | | 12.7 | % | | | | | | |
| Percentage to loans held-for-investment at end of period | | 1.17 | % | | 1.16 | % | | | | 1.18 | % | | | | | | | | |
| ACL on off-balance sheet credit exposure | | | | | | | | | | | | | | | | |
| Balance at beginning of period | | $ | 1,190 | | | $ | 1,232 | | | (3.4) | % | | $ | 1,277 | | | (6.8) | % | | | | | | |
| | | | | | | | | | | | | | | | |
| Provision (reversal) for credit losses on off-balance sheet credit exposure | | 7 | | | (42) | | | (116.7) | % | | 168 | | | (95.8) | % | | | | | | |
| Balance at end of period | | $ | 1,197 | | | $ | 1,190 | | | 0.6 | % | | $ | 1,445 | | | (17.2) | % | | | | | | |
| | | | | | | | | | | | | | | | |
Investment Securities
Total investment securities were $148.2 million at March 31, 2025, an increase of $1.8 million, or 1.3%, from $146.3 million at December 31, 2024 and an increase of $10.0 million, or 7.3%, from $138.2 million at March 31, 2024. The increase for the current quarter was primarily due to purchases of $3.0 million and a fair value increase of $3.2 million, partially offset by principal pay-downs of $4.3 million and net premium amortization of $31 thousand.
Deposits
The following table presents the Company’s deposit mix as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3/31/2025 | | 12/31/2024 | | | | 3/31/2024 |
| ($ in thousands) | | Amount | | % to Total | | Amount | | % to Total | | | | | | Amount | | % to Total |
Noninterest-bearing demand deposits | | $ | 564,407 | | | 20.8 | % | | $ | 547,853 | | | 20.9 | % | | | | | | $ | 538,380 | | | 22.4 | % |
| Interest-bearing deposits | | | | | | | | | | | | | | | | |
Savings | | 5,185 | | | 0.2 | % | | 5,765 | | | 0.2 | % | | | | | | 6,153 | | | 0.3 | % |
NOW | | 15,219 | | | 0.6 | % | | 13,761 | | | 0.5 | % | | | | | | 16,232 | | | 0.7 | % |
Retail money market accounts | | 492,334 | | | 18.0 | % | | 447,360 | | | 17.1 | % | | | | | | 461,221 | | | 19.0 | % |
Brokered money market accounts | | 1 | | | 0.1 | % | | 1 | | | 0.1 | % | | | | | | 1 | | | 0.1 | % |
| Retail time deposits of | | | | | | | | | | | | | | | | |
$250,000 or less | | 532,512 | | | 19.6 | % | | 493,644 | | | 18.9 | % | | | | | | 471,528 | | | 19.6 | % |
More than $250,000 | | 652,458 | | | 24.0 | % | | 605,124 | | | 23.1 | % | | | | | | 549,550 | | | 22.9 | % |
| | | | | | | | | | | | | | | | |
State and brokered time deposits | | 452,283 | | | 16.7 | % | | 502,283 | | | 19.2 | % | | | | | | 359,775 | | | 15.0 | % |
Total interest-bearing deposits | | 2,149,992 | | | 79.2 | % | | 2,067,938 | | | 79.1 | % | | | | | | 1,864,460 | | | 77.6 | % |
Total deposits | | $ | 2,714,399 | | | 100.0 | % | | $ | 2,615,791 | | | 100.0 | % | | | | | | $ | 2,402,840 | | | 100.0 | % |
| | | | | | | | | | | | | | | | |
| Estimated total deposits not covered by deposit insurance | | $ | 1,125,068 | | | 41.4 | % | | $ | 1,036,451 | | | 39.6 | % | | | | | | $ | 1,017,696 | | | 42.4 | % |
| | | | | | | | | | | | | | | | |
Total retail deposits were $2.26 billion at March 31, 2025, an increase of $148.6 million, or 7.0%, from $2.11 billion at December 31, 2024 and an increase of $219.1 million, or 10.7%, from $2.04 billion at March 31, 2024.
The increase in retail time deposits for the current quarter was primarily due to new accounts of $162.2 million, renewals of the matured accounts of $339.0 million and balance increases of $15.9 million, partially offset by matured and closed accounts of $430.9 million.
Liquidity
The following table presents a summary of the Company’s liquidity position as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | |
| ($ in thousands) | | 3/31/2025 | | 12/31/2024 | | % Change |
Cash and cash equivalents | | $ | 214,348 | | | $ | 198,792 | | | 7.8 | % |
Cash and cash equivalents to total assets | | 6.7 | % | | 6.5 | % | | |
| | | | | | |
| Available borrowing capacity | | | | | | |
FHLB advances | | $ | 735,732 | | | $ | 722,439 | | | 1.8 | % |
Federal Reserve Discount Window | | 679,009 | | | 586,525 | | | 15.8 | % |
Overnight federal funds lines | | 65,000 | | | 50,000 | | | 30.0 | % |
Total | | $ | 1,479,741 | | | $ | 1,358,964 | | | 8.9 | % |
Total available borrowing capacity to total assets | | 46.5 | % | | 44.4 | % | | |
| | | | | | |
Shareholders’ Equity
Shareholders’ equity was $370.9 million at March 31, 2025, an increase of $7.1 million, or 1.9%, from $363.8 million at December 31, 2024 and an increase of $20.9 million, or 6.0%, from $350.0 million at March 31, 2024. The increase for the current quarter was primarily due to net income, a decrease in accumulated other comprehensive loss of $2.3 million and proceeds from stock option exercises of $684 thousand, partially offset by repurchase of common stock of $953 thousand, cash dividends declared on common stock of $2.9 million and preferred stock dividends of $40 thousand.
Stock Repurchases
During the current quarter, the Company repurchased and retired 50,676 shares of common stock at a weighted-average price of $18.80, totaling $953 thousand. In 2024, the Company repurchased and retired 14,947 shares of common stock at a weighted-average price of $14.88, totaling $222 thousand. As of March 31, 2025, the Company is authorized to purchase 527,101 additional shares under its current stock repurchase program, which expires on August 2, 2025.
Series C Preferred Stock
The Company began paying quarterly dividends on the Series C Preferred Stock in the second quarter of 2024. The Company paid dividends of $40 thousand and $346 thousand for the current and previous quarters, respectively.
Capital Ratios
The following table presents capital ratios for the Company and the Bank as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3/31/2025 | | 12/31/2024 | | | | 3/31/2024 | | Well Capitalized Minimum Requirements |
PCB Bancorp | | | | | | | | | | |
Common tier 1 capital (to risk-weighted assets) | | 11.25 | % | | 11.44 | % | | | | 11.88 | % | | N/A |
Total capital (to risk-weighted assets) | | 14.98 | % | | 15.24 | % | | | | 15.93 | % | | N/A |
Tier 1 capital (to risk-weighted assets) | | 13.77 | % | | 14.04 | % | | | | 14.71 | % | | N/A |
Tier 1 capital (to average assets) | | 12.14 | % | | 12.45 | % | | | | 12.73 | % | | N/A |
| PCB Bank | | | | | | | | | | |
Common tier 1 capital (to risk-weighted assets) | | 13.42 | % | | 13.72 | % | | | | 14.37 | % | | 6.5 | % |
Total capital (to risk-weighted assets) | | 14.63 | % | | 14.92 | % | | | | 15.59 | % | | 10.0 | % |
Tier 1 capital (to risk-weighted assets) | | 13.42 | % | | 13.72 | % | | | | 14.37 | % | | 8.0 | % |
Tier 1 capital (to average assets) | | 11.82 | % | | 12.16 | % | | | | 12.44 | % | | 5.0 | % |
| | | | | | | | | | |
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 on the Company and its customers resulting from any adverse developments in real estate markets and the level of inflation and interest rates; the impacts of sanctions, tariffs and other trade policies of the United States and its global trading partners and tensions related to the same; 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 liquidity, 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; litigation costs and outcomes; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, wildfires and other disasters, 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, 2024 and other filings the Company makes with the SEC, which are available without charge at the SEC’s website (http://www.sec.gov) and 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 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
PCB Bancorp and Subsidiary
Consolidated Balance Sheets (Unaudited)
($ in thousands, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3/31/2025 | | 12/31/2024 | | % Change | | | | | | 3/31/2024 | | % Change |
Assets | | | | | | | | | | | | | | |
Cash and due from banks | | $ | 28,852 | | | $ | 27,100 | | | 6.5 | % | | | | | | $ | 29,432 | | | (2.0) | % |
| Interest-bearing deposits in other financial institutions | | 185,496 | | | 171,692 | | | 8.0 | % | | | | | | 210,359 | | | (11.8) | % |
Total cash and cash equivalents | | 214,348 | | | 198,792 | | | 7.8 | % | | | | | | 239,791 | | | (10.6) | % |
Securities available-for-sale, at fair value | | 148,190 | | | 146,349 | | | 1.3 | % | | | | | | 138,170 | | | 7.3 | % |
Loans held-for-sale | | 12,101 | | | 6,292 | | | 92.3 | % | | | | | | 3,256 | | | 271.7 | % |
| Loans held-for-investment | | 2,727,610 | | | 2,629,387 | | | 3.7 | % | | | | | | 2,397,964 | | | 13.7 | % |
| Allowance for credit losses on loans | | (31,942) | | | (30,628) | | | 4.3 | % | | | | | | (28,332) | | | 12.7 | % |
Net loans held-for-investment | | 2,695,668 | | | 2,598,759 | | | 3.7 | % | | | | | | 2,369,632 | | | 13.8 | % |
Premises and equipment, net | | 8,420 | | | 8,280 | | | 1.7 | % | | | | | | 8,892 | | | (5.3) | % |
Federal Home Loan Bank and other bank stock | | 14,042 | | | 14,042 | | | — | % | | | | | | 12,716 | | | 10.4 | % |
| | | | | | | | | | | | | | |
| Bank-owned life insurance | | 32,013 | | | 31,766 | | | 0.8 | % | | | | | | 31,045 | | | 3.1 | % |
Deferred tax assets, net | | 6,736 | | | 7,249 | | | (7.1) | % | | | | | | — | | | NM |
Servicing assets | | 5,631 | | | 5,837 | | | (3.5) | % | | | | | | 6,544 | | | (14.0) | % |
Operating lease assets | | 17,779 | | | 17,254 | | | 3.0 | % | | | | | | 18,255 | | | (2.6) | % |
Accrued interest receivable | | 10,967 | | | 10,466 | | | 4.8 | % | | | | | | 10,394 | | | 5.5 | % |
Other assets | | 17,863 | | | 18,885 | | | (5.4) | % | | | | | | 15,597 | | | 14.5 | % |
Total assets | | $ | 3,183,758 | | | $ | 3,063,971 | | | 3.9 | % | | | | | | $ | 2,854,292 | | | 11.5 | % |
Liabilities | | | | | | | | | | | | | | |
| Deposits | | | | | | | | | | | | | | |
Noninterest-bearing demand | | $ | 564,407 | | | $ | 547,853 | | | 3.0 | % | | | | | | $ | 538,380 | | | 4.8 | % |
Savings, NOW and money market accounts | | 512,739 | | | 466,887 | | | 9.8 | % | | | | | | 483,607 | | | 6.0 | % |
Time deposits of $250,000 or less | | 924,795 | | | 935,927 | | | (1.2) | % | | | | | | 771,303 | | | 19.9 | % |
Time deposits of more than $250,000 | | 712,458 | | | 665,124 | | | 7.1 | % | | | | | | 609,550 | | | 16.9 | % |
Total deposits | | 2,714,399 | | | 2,615,791 | | | 3.8 | % | | | | | | 2,402,840 | | | 13.0 | % |
| Other short-term borrowings | | — | | | 15,000 | | | (100.0) | % | | | | | | — | | | — | % |
Federal Home Loan Bank advances | | 30,000 | | | — | | | NM | | | | | | 50,000 | | | (40.0) | % |
| Deferred tax liabilities, net | | — | | | — | | | — | % | | | | | | 266 | | | (100.0) | % |
Operating lease liabilities | | 19,465 | | | 18,671 | | | 4.3 | % | | | | | | 19,555 | | | (0.5) | % |
Accrued interest payable and other liabilities | | 49,030 | | | 50,695 | | | (3.3) | % | | | | | | 31,626 | | | 55.0 | % |
Total liabilities | | 2,812,894 | | | 2,700,157 | | | 4.2 | % | | | | | | 2,504,287 | | | 12.3 | % |
Commitments and contingent liabilities | | | | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | | | |
| Preferred stock | | 69,141 | | | 69,141 | | | — | % | | | | | | 69,141 | | | — | % |
| Common stock | | 143,156 | | | 143,195 | | | — | % | | | | | | 142,734 | | | 0.3 | % |
Retained earnings | | 165,611 | | | 160,797 | | | 3.0 | % | | | | | | 148,209 | | | 11.7 | % |
| Accumulated other comprehensive loss, net | | (7,044) | | | (9,319) | | | (24.4) | % | | | | | | (10,079) | | | (30.1) | % |
Total shareholders’ equity | | 370,864 | | | 363,814 | | | 1.9 | % | | | | | | 350,005 | | | 6.0 | % |
Total liabilities and shareholders’ equity | | $ | 3,183,758 | | | $ | 3,063,971 | | | 3.9 | % | | | | | | $ | 2,854,292 | | | 11.5 | % |
| | | | | | | | | | | | | | |
Outstanding common shares | | 14,387,176 | | | 14,380,651 | | | | | | | | | 14,263,791 | | | |
Book value per common share (1) | | $ | 25.78 | | | $ | 25.30 | | | | | | | | | $ | 24.54 | | | |
TCE per common share (2) | | $ | 20.97 | | | $ | 20.49 | | | | | | | | | $ | 19.69 | | | |
Total loan to total deposit ratio | | 100.93 | % | | 100.76 | % | | | | | | | | 99.93 | % | | |
Noninterest-bearing deposits to total deposits | | 20.79 | % | | 20.94 | % | | | | | | | | 22.41 | % | | |
| | | | | | | | | | | | | | |
(1)The ratios are calculated by dividing total shareholders’ equity by the number of outstanding common shares. The Company had no intangible equity components for the presented periods.
(2)Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.
PCB Bancorp and Subsidiary
Consolidated Statements of Income (Unaudited)
($ in thousands, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | |
| | 3/31/2025 | | 12/31/2024 | | % Change | | 3/31/2024 | | % Change | | | | | | |
| Interest and dividend income | | | | | | | | | | | | | | | | |
| Loans, including fees | | $ | 43,026 | | | $ | 42,309 | | | 1.7 | % | | $ | 39,251 | | | 9.6 | % | | | | | | |
| Investment securities | | 1,408 | | | 1,388 | | | 1.4 | % | | 1,246 | | | 13.0 | % | | | | | | |
| Other interest-earning assets | | 2,458 | | | 2,622 | | | (6.3) | % | | 3,058 | | | (19.6) | % | | | | | | |
| Total interest income | | 46,892 | | | 46,319 | | | 1.2 | % | | 43,555 | | | 7.7 | % | | | | | | |
| Interest expense | | | | | | | | | | | | | | | | |
| Deposits | | 22,564 | | | 22,927 | | | (1.6) | % | | 21,967 | | | 2.7 | % | | | | | | |
| Other borrowings | | 45 | | | 228 | | | (80.3) | % | | 589 | | | (92.4) | % | | | | | | |
Total interest expense | | 22,609 | | | 23,155 | | | (2.4) | % | | 22,556 | | | 0.2 | % | | | | | | |
Net interest income | | 24,283 | | | 23,164 | | | 4.8 | % | | 20,999 | | | 15.6 | % | | | | | | |
| Provision for credit losses | | 1,598 | | | 2,002 | | | (20.2) | % | | 1,090 | | | 46.6 | % | | | | | | |
| Net interest income after provision for credit losses | | 22,685 | | | 21,162 | | | 7.2 | % | | 19,909 | | | 13.9 | % | | | | | | |
| Noninterest income | | | | | | | | | | | | | | | | |
Gain on sale of loans | | 887 | | | 1,161 | | | (23.6) | % | | 1,078 | | | (17.7) | % | | | | | | |
| | | | | | | | | | | | | | | | |
Service charges and fees on deposits | | 372 | | | 404 | | | (7.9) | % | | 378 | | | (1.6) | % | | | | | | |
Loan servicing income | | 725 | | | 861 | | | (15.8) | % | | 919 | | | (21.1) | % | | | | | | |
| Bank-owned life insurance income | | 247 | | | 246 | | | 0.4 | % | | 228 | | | 8.3 | % | | | | | | |
Other income | | 349 | | | 371 | | | (5.9) | % | | 342 | | | 2.0 | % | | | | | | |
Total noninterest income | | 2,580 | | | 3,043 | | | (15.2) | % | | 2,945 | | | (12.4) | % | | | | | | |
| Noninterest expense | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | 9,075 | | | 8,417 | | | 7.8 | % | | 9,218 | | | (1.6) | % | | | | | | |
Occupancy and equipment | | 2,289 | | | 2,198 | | | 4.1 | % | | 2,358 | | | (2.9) | % | | | | | | |
Professional fees | | 628 | | | 752 | | | (16.5) | % | | 1,084 | | | (42.1) | % | | | | | | |
Marketing and business promotion | | 243 | | | 582 | | | (58.2) | % | | 319 | | | (23.8) | % | | | | | | |
Data processing | | 333 | | | 205 | | | 62.4 | % | | 402 | | | (17.2) | % | | | | | | |
Director fees and expenses | | 226 | | | 227 | | | (0.4) | % | | 232 | | | (2.6) | % | | | | | | |
Regulatory assessments | | 344 | | | 322 | | | 6.8 | % | | 298 | | | 15.4 | % | | | | | | |
| Other expense | | 1,336 | | | 1,191 | | | 12.2 | % | | 2,441 | | | (45.3) | % | | | | | | |
Total noninterest expense | | 14,474 | | | 13,894 | | | 4.2 | % | | 16,352 | | | (11.5) | % | | | | | | |
Income before income taxes | | 10,791 | | | 10,311 | | | 4.7 | % | | 6,502 | | | 66.0 | % | | | | | | |
Income tax expense | | 3,056 | | | 3,281 | | | (6.9) | % | | 1,817 | | | 68.2 | % | | | | | | |
Net income | | 7,735 | | | 7,030 | | | 10.0 | % | | 4,685 | | | 65.1 | % | | | | | | |
| Preferred stock dividends | | 40 | | | 346 | | | (88.4) | % | | — | | | NM | | | | | | |
| Net income available to common shareholders | | $ | 7,695 | | | $ | 6,684 | | | 15.1 | % | | $ | 4,685 | | | 64.2 | % | | | | | | |
| | | | | | | | | | | | | | | | |
Earnings per common share | | | | | | | | | | | | | | | | |
Basic | | $ | 0.53 | | | $ | 0.47 | | | | | $ | 0.33 | | | | | | | | | |
Diluted | | $ | 0.53 | | | $ | 0.46 | | | | | $ | 0.33 | | | | | | | | | |
Average common shares | | | | | | | | | | | | | | | | |
Basic | | 14,272,267 | | | 14,254,584 | | | | | 14,235,419 | | | | | | | | | |
Diluted | | 14,403,769 | | | 14,406,756 | | | | | 14,330,204 | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Dividend paid per common share | | $ | 0.20 | | | $ | 0.18 | | | | | $ | 0.18 | | | | | | | | | |
Return on average assets (1) | | 1.01 | % | | 0.94 | % | | | | 0.67 | % | | | | | | | | |
Return on average shareholders’ equity (1) | | 8.53 | % | | 7.69 | % | | | | 5.39 | % | | | | | | | | |
Return on average TCE (1), (2) | | 10.45 | % | | 9.02 | % | | | | 6.72 | % | | | | | | | | |
Efficiency ratio (3) | | 53.88 | % | | 53.02 | % | | | | 68.29 | % | | | | | | | | |
| | | | | | | | | | | | | | | | |
(1)Ratios are presented on an annualized basis.
(2)Non-GAAP. See “Non-GAAP Financial Measures” for a 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.
PCB Bancorp and Subsidiary
Average Balance, Average Yield, and Average Rate (Unaudited)
($ in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| | 3/31/2025 | | 12/31/2024 | | 3/31/2024 |
| | Average Balance | | Interest Income/ Expense | | Avg. Yield/Rate(6) | | Average Balance | | Interest Income/ Expense | | Avg. Yield/Rate(6) | | Average Balance | | Interest Income/ Expense | | Avg. Yield/Rate(6) |
Assets | | | | | | | | | | | | | | | | | | |
| Interest-earning assets | | | | | | | | | | | | | | | | | | |
Total loans (1) | | $ | 2,649,037 | | | $ | 43,026 | | | 6.59 | % | | $ | 2,538,310 | | | $ | 42,309 | | | 6.63 | % | | $ | 2,370,027 | | | $ | 39,251 | | | 6.66 | % |
Mortgage-backed securities | | 112,825 | | | 1,075 | | | 3.86 | % | | 113,231 | | | 1,030 | | | 3.62 | % | | 101,852 | | | 839 | | | 3.31 | % |
Collateralized mortgage obligation | | 21,028 | | | 210 | | | 4.05 | % | | 21,819 | | | 228 | | | 4.16 | % | | 23,763 | | | 254 | | | 4.30 | % |
SBA loan pool securities | | 5,927 | | | 54 | | | 3.69 | % | | 6,253 | | | 62 | | | 3.94 | % | | 7,317 | | | 78 | | | 4.29 | % |
Municipal bonds (2) | | 2,424 | | | 22 | | | 3.68 | % | | 2,440 | | | 21 | | | 3.42 | % | | 3,300 | | | 28 | | | 3.41 | % |
| Corporate bonds | | 4,336 | | | 47 | | | 4.40 | % | | 4,200 | | | 47 | | | 4.45 | % | | 4,227 | | | 47 | | | 4.47 | % |
Other interest-earning assets | | 209,375 | | | 2,458 | | | 4.76 | % | | 207,234 | | | 2,622 | | | 5.03 | % | | 217,002 | | | 3,058 | | | 5.67 | % |
Total interest-earning assets | | 3,004,952 | | | 46,892 | | | 6.33 | % | | 2,893,487 | | | 46,319 | | | 6.37 | % | | 2,727,488 | | | 43,555 | | | 6.42 | % |
| Noninterest-earning assets | | | | | | | | | | | | | | | | | | |
| Cash and due from banks | | 24,652 | | | | | | | 23,639 | | | | | | | 21,365 | | | | | |
| ACL on loans | | (30,676) | | | | | | | (28,833) | | | | | | | (27,577) | | | | | |
Other assets | | 98,588 | | | | | | | 92,348 | | | | | | | 88,532 | | | | | |
Total noninterest-earning assets | | 92,564 | | | | | | | 87,154 | | | | | | | 82,320 | | | | | |
Total assets | | $ | 3,097,516 | | | | | | | $ | 2,980,641 | | | | | | | $ | 2,809,808 | | | | | |
| Liabilities and Shareholders’ Equity | | | | | | | | | | | | | | | | | | |
| Interest-bearing liabilities | | | | | | | | | | | | | | | | | | |
| Deposits | | | | | | | | | | | | | | | | | | |
NOW and money market accounts | | $ | 483,927 | | | 4,297 | | | 3.60 | % | | $ | 479,238 | | | 4,479 | | | 3.72 | % | | $ | 453,801 | | | 4,665 | | | 4.13 | % |
Savings | | 5,612 | | | 3 | | | 0.22 | % | | 5,952 | | | 4 | | | 0.27 | % | | 6,196 | | | 4 | | | 0.26 | % |
Time deposits | | 1,650,662 | | | 18,264 | | | 4.49 | % | | 1,501,711 | | | 18,444 | | | 4.89 | % | | 1,367,212 | | | 17,298 | | | 5.09 | % |
Total interest-bearing deposits | | 2,140,201 | | | 22,564 | | | 4.28 | % | | 1,986,901 | | | 22,927 | | | 4.59 | % | | 1,827,209 | | | 21,967 | | | 4.84 | % |
| Other borrowings | | 3,933 | | | 45 | | | 4.64 | % | | 17,946 | | | 228 | | | 5.05 | % | | 42,187 | | | 589 | | | 5.62 | % |
Total interest-bearing liabilities | | 2,144,134 | | | 22,609 | | | 4.28 | % | | 2,004,847 | | | 23,155 | | | 4.59 | % | | 1,869,396 | | | 22,556 | | | 4.85 | % |
Noninterest-bearing liabilities | | | | | | | | | | | | | | | | | | |
Noninterest-bearing demand | | 516,630 | | | | | | | 543,971 | | | | | | | 542,811 | | | | | |
Other liabilities | | 69,042 | | | | | | | 67,995 | | | | | | | 47,957 | | | | | |
Total noninterest-bearing liabilities | | 585,672 | | | | | | | 611,966 | | | | | | | 590,768 | | | | | |
Total liabilities | | 2,729,806 | | | | | | | 2,616,813 | | | | | | | 2,460,164 | | | | | |
Total shareholders’ equity | | 367,710 | | | | | | | 363,828 | | | | | | | 349,644 | | | | | |
Total liabilities and shareholders’ equity | | $ | 3,097,516 | | | | | | | $ | 2,980,641 | | | | | | | $ | 2,809,808 | | | | | |
Net interest income | | | | $ | 24,283 | | | | | | | $ | 23,164 | | | | | | | $ | 20,999 | | | |
Net interest spread (3) | | | | | | 2.05 | % | | | | | | 1.78 | % | | | | | | 1.57 | % |
Net interest margin (4) | | | | | | 3.28 | % | | | | | | 3.18 | % | | | | | | 3.10 | % |
Total deposits | | $ | 2,656,831 | | | $ | 22,564 | | | 3.44 | % | | $ | 2,530,872 | | | $ | 22,927 | | | 3.60 | % | | $ | 2,370,020 | | | $ | 21,967 | | | 3.73 | % |
Total funding (5) | | $ | 2,660,764 | | | $ | 22,609 | | | 3.45 | % | | $ | 2,548,818 | | | $ | 23,155 | | | 3.61 | % | | $ | 2,412,207 | | | $ | 22,556 | | | 3.76 | % |
| | | | | | | | | | | | | | | | | | |
(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.
PCB Bancorp and Subsidiary
Non-GAAP Financial 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 had no 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 Generally Accepted Accounting Principles, or 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 | |
| | 3/31/2025 | | 12/31/2024 | | 3/31/2024 | | | | |
| Average total shareholders' equity | (a) | | $ | 367,710 | | | $ | 363,828 | | | $ | 349,644 | | | | | |
| Less: average preferred stock | (b) | | 69,141 | | | 69,141 | | | 69,141 | | | | | |
| Average TCE | (c)=(a)-(b) | | $ | 298,569 | | | $ | 294,687 | | | $ | 280,503 | | | | | |
| Net income | (d) | | $ | 7,735 | | | $ | 7,030 | | | $ | 4,685 | | | | | |
Return on average shareholder's equity (1) | (d)/(a) | | 8.53 | % | | 7.69 | % | | 5.39 | % | | | | |
| Net income available to common shareholders | (e) | | $ | 7,695 | | | $ | 6,684 | | | $ | 4,685 | | | | | |
Return on average TCE (1) | (e)/(c) | | 10.45 | % | | 9.02 | % | | 6.72 | % | | | | |
| | | | | | | | | | | |
(1) Annualized.
| | | | | | | | | | | | | | | | | | | | | | | | | |
| ($ in thousands, except per share data) | | | 3/31/2025 | | 12/31/2024 | | | | 3/31/2024 |
| Total shareholders' equity | (a) | | $ | 370,864 | | | $ | 363,814 | | | | | $ | 350,005 | |
| Less: preferred stock | (b) | | 69,141 | | | 69,141 | | | | | 69,141 | |
| TCE | (c)=(a)-(b) | | $ | 301,723 | | | $ | 294,673 | | | | | $ | 280,864 | |
Outstanding common shares | (d) | | 14,387,176 | | | 14,380,651 | | | | | 14,263,791 | |
| Book value per common share | (a)/(d) | | $ | 25.78 | | | $ | 25.30 | | | | | $ | 24.54 | |
| TCE per common share | (c)/(d) | | $ | 20.97 | | | $ | 20.49 | | | | | $ | 19.69 | |
| Total assets | (e) | | $ | 3,183,758 | | | $ | 3,063,971 | | | | | $ | 2,854,292 | |
| Total shareholders' equity to total assets | (a)/(e) | | 11.65 | % | | 11.87 | % | | | | 12.26 | % |
| TCE to total assets | (c)/(e) | | 9.48 | % | | 9.62 | % | | | | 9.84 | % |
| | | | | | | | | |
Earnings Results 1Q25 April 24, 2025
2 Forward-Looking Statements & Non-GAAP Cautionary Note Regarding Forward-Looking Statements 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 on the Company and its customers resulting from any adverse developments in real estate markets and the level of inflation and interest rates; the impacts of sanctions, tariffs and other trade policies of the United States and its global trading partners and tensions related to the same; 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; litigation costs and outcomes; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, wildfires and other disasters, 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 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 Generally Accepted Accounting Principles, or 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 4/22/25 Market Cap $271.3 million Stock Price Per Share $18.96 52-Week Range $14.50 - $22.20 Dividend Yield 4.22% Dividend Payout Ratio (2Q24 – 1Q25) 37.95% Outstanding Shares 14,306,583 Stock Information 1Q25 or 3/31/25 Diluted Earnings Per Share (“Diluted EPS”) $0.53 Cash Dividend Per Share $0.20 Book Value (“BV”) Per Share $25.78 Tangible Common Equity (“TCE”) Per Share (1) $20.97 Number of Repurchased Shares (2) 50,676 (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure (2) The Company is authorized to purchased additional shares of 527,101 shares under the 2023 stock repurchase program as of 03/31/25. PCB Footprint Corporate Profile 3
Historical Performance (1) At period end (2) Not presented in accordance with GAAP. See “Non-GAAP Financial Measures” for reconciliations of these measures to their most comparable GAAP measures 4
1Q25 Highlights Operating Results • Net income available to common shareholders of $7.7 million, or $0.53 per diluted share • Provision for credit losses of $1.6 million • Return on Average Assets (“ROAA”) of 1.01%, Return on Average TCE (“ROATCE”)(1) of 10.45%, net interest margin of 3.28%, and efficiency ratio of 53.9% Loans • Loans held-for-investment (“HFI loans”) increased $98.2 million, or 3.7%, to $2.73 billion from 12/31/24 • Average loan yield was 6.59% compared to 6.63% for 4Q24 • Total loans to deposits ratio was 100.9% • Quarterly loan production was $161.4 million compared to $211.5 million for 4Q24 Asset Quality • ACL on loans was $31.9 million, or 1.17% to HFI loans • Past due loans were $5.3 million, or 0.20% of HFI loans and NPLs were $6.2 million, or 0.23% of HFI loans Deposits • Total deposits increased $98.6 million, or 3.8%, to $2.71 billion from 12/31/24 • Core deposits(1) were $1.61 billion, or 59.3% of total deposits • Non-interest bearing deposits were $564.4 million, or 20.8% of total deposits • Uninsured deposits were $1.13 billion, or 41.4% of total deposits • Cost of average interest-bearing deposits and total deposits were 4.28% and 3.44%, respectively Capital & Liquidity • Declared and paid quarterly cash dividend of $0.20 per share • TCE(1) per share was $20.97 • Maintained available borrowing capacity of $1.48 billion, or 46.5% of total assets (1) Not presented in accordance with GAAP. See “Non-GAAP Financial Measures” for a reconciliation to most comparable GAAP measure 5
Selected Financial As of or For the Three Months Ended Compared to 12/31/24 Compared to 3/31/24 ($ in Thousands, Except Per Share Data) 3/31/25 12/31/24 3/31/24 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 46,892 $ 46,319 $ 43,555 $ 573 1.2% $ 3,337 7.7% Interest Expense 22,609 23,155 22,556 (546) -2.4% 53 0.2% Net Interest Income 24,283 23,164 20,999 1,119 4.8% 3,284 15.6% Noninterest Income 2,580 3,043 2,945 (463) -15.2% (365) -12.4% Noninterest Expense 14,474 13,894 16,352 580 4.2% (1,878) -11.5% Provision (Reversal) for Credit Losses 1,598 2,002 1,090 (404) -20.2% 508 46.6% Pretax Income 10,791 10,311 6,502 480 4.7% 4,289 66.0% Income Tax Expense 3,056 3,281 1,817 (225) -6.9% 1,239 68.2% Net Income 7,735 7,030 4,685 705 10.0% 3,050 65.1% Preferred Stock Dividends 40 346 0 (306) -88.4% 40 NM Net Income Available to Common Shareholders 7,695 6,684 4,685 1,011 15.1% 3,010 64.2% Diluted EPS $ 0.53 $ 0.46 $ 0.33 $ 0.07 15.2% $ 0.20 60.6% Selected Balance Sheet Items: HFI loans $ 2,727,610 $ 2,629,387 $ 2,397,964 $ 98,223 3.7% $ 329,646 13.7% HFS loans 12,101 6,292 3,256 5,809 92.3% 8,845 271.7% Total Deposits 2,714,399 2,615,791 2,402,840 98,608 3.8% 311,559 13.0% Total Assets 3,183,758 3,063,971 2,854,292 119,787 3.9% 329,466 11.5% Shareholders’ Equity 370,864 363,814 350,005 7,050 1.9% 20,859 6.0% TCE (2) 301,723 294,673 280,864 7,050 2.4% 20,859 7.4% Key Metrics: BV Per Share $ 25.78 $ 25.30 $ 24.54 $ 0.48 1.9% $ 1.24 5.1% TCE Per Share (1) $ 20.97 $ 20.49 $ 19.69 $ 0.48 2.3% $ 1.28 6.5% ROAA (2) 1.01% 0.94% 0.67% 0.07% 0.34% Return on Average Equity (“ROAE”) (2) 8.53% 7.69% 5.39% 0.84% 3.14% ROATCE (1), (2) 10.45% 9.02% 6.72% 1.43% 3.73% Net Interest Margin (2) 3.28% 3.18% 3.10% 0.10% 0.18% Efficiency Ratio (3) 53.88% 53.02% 68.29% 0.86% -14.41% (1) Not presented in accordance with GAAP. See “Non-GAAP Financial Measures” for reconciliations of these measures to their most comparable GAAP measures (2) Annualized (3) Calculated by dividing noninterest expense by the sum of net interest income and noninterest income 6
7 Loan Overview (1) Per regulatory definition in the Commercial Real Estate (“CRE”) Concentration Guidance 1Q25 Highlights • HFI loans increased $98.2 million, or 3.7%, to $2.73 billion from 12/31/24 • CRE loans increased $62.6 million (3.6%), C&I loans increased $21.9 million (4.6%) and consumer loans increased $13.7 million (3.4%)
8 Loan Production & Rate/Yield Analysis (1) Total commitment basis (2) Include both HFI and HFS loans (3) Annualized Repricing Schedule (3/31/25) HFI Loans HFS Loans Total Loans ($ in thousands) Carrying Value WA Rate Carrying Value WA Rate Carrying Value WA Rate Less Than 3 Months $ 1,056,137 7.61% $ 12,101 8.82% $ 1,068,238 7.63% 3 to 12 Months 328,685 5.71% 0 328,685 5.71% 1 to 3 Years 759,824 4.68% 0 759,824 4.68% 3 to 5 Years 530,646 6.55% 0 530,646 6.55% More than 5 Years 52,318 5.04% 0 52,318 5.04% Total $ 2,727,610 6.31% $ 12,101 8.82% $ 2,739,711 6.32% Loan Yield Analysis 1Q25 ($ in thousands) Amount(2) Yield(3) Average Carrying Value $ 2,649,037 Interest on Loans $ 41,888 6.41% Fee (Cost) 223 0.03% Prepayment Penalty & Late Charges 43 0.01% Discount (Premium) 872 0.13% Total Interest & Fees $ 43,026 6.59%
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%) $ 386,804 21.2% 318 48.4% 6.02% $ 77,141 $ 62,793 $ 134,570 $ 112,300 Industrial 281,822 15.5% 163 49.0% 5.76% 35,925 59,051 94,848 91,998 Apartments 189,098 10.4% 64 54.3% 5.74% 43,491 43,689 73,372 28,546 Mixed Use 186,828 10.3% 145 45.2% 5.90% 36,490 52,094 54,732 43,512 Motel & Hotel 142,329 7.8% 102 46.8% 7.15% 2,894 20,988 53,183 65,264 Office 132,106 7.3% 61 53.5% 6.21% 40,053 23,918 38,958 29,177 Gas Station 114,163 6.3% 124 54.6% 6.76% 623 22,350 35,485 55,705 Medical 56,148 3.1% 30 40.6% 7.21% 10,212 31,709 8,812 5,415 Auto (Sales, Repair, & etc.) 37,628 2.1% 30 53.2% 5.54% 9,572 38 23,249 4,769 Commercial Condominium 36,671 2.0% 40 52.2% 6.12% 5,350 8,780 14,268 8,273 Golf Course 35,411 2.0% 8 47.9% 5.05% 17,281 5,357 7,564 5,209 Spa, Sauna, & Oher Self-Care 32,583 1.8% 7 48.9% 6.17% 500 0 23,173 8,910 Car Wash 32,525 1.8% 26 47.3% 5.80% 12,676 7,870 5,820 6,159 Nursing Facility 26,513 1.5% 8 51.2% 6.82% 0 3,052 16,000 7,461 Construction 23,978 1.3% 5 55.0% 8.75% 23,978 0 0 0 Wholesale 22,826 1.3% 14 39.0% 5.58% 2,722 1,891 17,224 989 Others 77,714 4.3% 75 50.6% 6.34% 7,600 8,579 21,793 39,742 Total $ 1,815,147 100.0% 1,220 49.4% 6.15% $ 326,508 $ 352,159 $ 623,051 $ 513,429 Loan Concentration (1) Collateral value at origination Commercial Real Estate Loans by Property Type (3/31/25) ($ in thousands) Carrying Value WA LTV(1) WA FICO Residential Mortgage $ 406,774 59.0% 760 Residential Mortgage Loans (3/31/25) 9
Loan Concentration Carrying Value % to Total WA Rate WA Month to Maturity($ in thousands) Finance & Insurance $ 174,564 35.3% 6.84% 6 General Manufacturing & Wholesale Trade 104,705 21.2% 7.23% 16 Retail Trade 56,035 11.3% 7.64% 35 Food Services 37,732 7.6% 8.32% 53 Real Estate Related 36,788 7.4% 7.24% 17 Arts, Entertainment, & Recreation 26,476 5.4% 7.94% 14 Professional, Scientific, & Technical Services 16,738 3.4% 7.72% 20 Construction 11,162 2.3% 7.71% 2 Transportation & Warehousing 8,629 1.7% 8.27% 31 Health Care & Social Assistance 8,061 1.6% 7.98% 47 All Other 13,807 2.8% 7.92% 97 Total $ 494,697 100.0% 7.34% 20 Commercial & Industrial Loans by Industry Type (3/31/25) 10
Credit Quality & Peer(1) Comparison (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 11
Deposits (1) Not presented in accordance with GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure. Time Deposit Maturity Schedule (3/31/25) Retail Wholesale Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 304,591 4.69% $ 161,283 4.43% $ 465,874 4.60% 3 to 6 Months 235,874 4.56% 110,000 4.22% 345,874 4.45% 6 to 9 Months 286,635 4.25% 131,000 4.20% 417,635 4.23% 9 to 12 Months 353,598 4.29% 50,000 4.23% 403,598 4.28% More than 12 Months 4,272 3.89% 0 4,272 3.89% Total $ 1,184,970 4.44% $ 452,283 4.29% $ 1,637,253 4.40% 1Q25 Highlight • Total deposits increased $98.6 million (3.8%) from 12/31/24 • Retail deposits increased $148.6 million (7.0%) and wholesale deposits decreased $50.0 million (10%) from 12/31/24 • Uninsured deposits were $1.13 billion (41.4% of total deposits) compared to $1.04 billion (39.6% of total deposits) at 12/31/24 12
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 Financial measures” for reconciliations of these measures to their most comparable GAAP measures. 1Q25 Highlights • Net interest income increased $1.1 million, but noninterest income decreased $463 thousand and noninterest expense increased $580 thousand compared to 4Q24 13
Noninterest Income & Expense (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
Net Interest Margin (1) Annualized 1Q25 Highlights • Net interest income increased $1.1 million to $24.3 million from $23.2 million for 4Q24 • Net interest margin increased to 3.28% from 3.18% for 4Q24 mainly due to a decrease in cost of interest-bearing liabilities, partially offset by decreases in loan and earning-assets yield. 15
Capital (1) Not presented in accordance with GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure. 16
Non-GAAP Financial 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 $250,000 and brokered deposits. We track core deposits because we believe it is a useful measure to help assess the Company’s deposit base and, among other things, potential volatility therein. ROATCE, TCE Per Share and TCE to Total Assets ROATCE, TCE per share and TCE to total assets measures that we use to measure the Company’s performance. We calculated TCE as total shareholders’ equity excluding preferred stock. Management believes the non-GAAP measures provide useful supplemental information, and a clearer understanding of the Company’s performance. PTPP Income, and Adjusted ROAA, ROAE and Diluted EPS for PTPP PTPP income, and adjusted ROAA, ROAE and Diluted EPS are non-GAAP measures that we use to measure the Company’s performance and believe these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. We calculated PTPP income as net income excluding income tax provision and provision for loan losses. 17
Non-GAAP Financial Measures The following table reconciles core deposits to its most comparable GAAP measure: ($ in thousands) Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Total Deposits (d) $ 2,188,231 $ 2,192,129 $ 2,351,612 $ 2,402,840 $ 2,406,254 $ 2,459,682 $ 2,615,791 $ 2,714,399 Less: Time Deposits Greater Than $250K (511,590) (514,406) (575,702) (609,550) (619,832) (640,166) (665,124) (712,458) Less: Brokered Deposits (160,149) (201,258) (303,742) (299,776) (283,033) (295,080) (442,284) (392,284) Core Deposits (e) $ 1,516,492 $ 1,476,465 $ 1,472,168 $ 1,493,514 $ 1,503,389 $ 1,524,436 $ 1,508,383 $ 1,609,657 Core Deposits to Total Deposits (e)/(d) 69.3% 67.4% 62.6% 62.2% 62.5% 62.0% 57.7% 59.3% The following table reconciles ROATCE to its most comparable GAAP measure: ($ in thousands) 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Average Total Shareholders' Equity (a) $ 339,869 $ 343,144 $ 343,735 $ 349,644 $ 351,221 $ 357,376 $ 363,828 $ 367,710 Less: Average Preferred Stock 69,141 69,141 69,141 69,141 69,141 69,141 69,141 69,141 Average TCE (Non-GAAP) (b) $ 270,728 $ 274,003 $ 274,594 $ 280,503 $ 282,080 $ 288,235 $ 294,687 $ 298,569 Net Income (c) $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,281 $ 7,814 $ 7,030 $ 7,735 ROAE (1) (c)/(a) 8.82% 8.12% 6.82% 5.32% 7.19% 8.70% 7.69% 8.53% Net Income Available to Common Shareholders (d) $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,139 $ 7,468 $ 6,684 $ 7,695 ROATCE (Non-GAAP)(1) (d)/(b) 11.08% 10.17% 8.54% 6.63% 8.75% 10.31% 9.02% 10.45% The following table reconciles TCE per share and TCE to total assets to their most comparable GAAP measures: ($ in thousands, except per share data) Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Total Shareholders' Equity (a) $ 340,411 $ 341,852 $ 348,872 $ 350,005 $ 353,469 $ 362,300 $ 363,814 $ 370,864 Less: Preferred Stock 69,141 69,141 69,141 69,141 69,141 69,141 69,141 69,141 TCE (Non-GAAP) (b) $ 271,270 $ 272,711 $ 279,731 $ 280,864 $ 284,328 $ 293,159 $ 294,673 $ 301,723 Outstanding Shares (c) 14,318,890 14,319,014 14,260,440 14,263,791 14,254,024 14,266,725 14,380,651 14,387,176 Book Value Per Share (a)/(c) $ 23.77 $ 23.87 $ 24.46 $ 24.54 $ 24.80 $ 25.39 $ 25.30 $ 25.78 TCE Per Share (Non-GAAP) (b)/(c) $ 18.94 $ 19.05 $ 19.62 $ 19.69 $ 19.95 $ 20.55 $ 20.49 $ 20.97 Total Assets (d) $ 2,556,345 $ 2,567,974 $ 2,789,506 $ 2,854,292 $ 2,852,964 $ 2,889,833 $ 3,063,971 $ 3,183,758 Total Shareholders’ Equity to Total Assets (a)/(d) 13.32% 13.31% 12.51% 12.26% 12.39% 12.54% 11.87% 11.65% TCE to Total Assets (Non-GAAP) (b)/(d) 10.61% 10.62% 10.03% 9.84% 9.97% 10.14% 9.62% 9.48% (1) Annualized 18
Non-GAAP Financial Measures (1) Provision (reversal) for credit losses does not include provision (reversal) for off-balance sheet credit exposures for years ended December 31, 2020, 2021 and 2022. (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) 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Net Income (a) $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,281 $ 7,814 $ 7,030 $ 7,735 Add: Provision (Reversal) for Credit Losses 197 751 1,698 1,090 259 50 2,002 1,598 Add: Income Tax Provision 3,073 2,970 2,352 1,817 2,505 2,873 3,281 3,056 PTPP Income (Non-GAAP) (b) $ 10,747 $ 10,744 $ 9,958 $ 7,592 $ 9,045 $ 10,737 $ 12,313 $ 12,389 Average Total Assets (c) $ 2,520,752 $ 2,563,233 $ 2,642,175 $ 2,809,808 $ 2,853,152 $ 2,866,707 $ 2,980,641 $ 3,097,516 ROAA (2) (a)/(c) 1.19% 1.09% 0.89% 0.67% 0.89% 1.08% 0.94% 1.01% Adjusted ROAA (Non-GAAP)(2) (b)/(c) 1.71% 1.66% 1.50% 1.09% 1.28% 1.49% 1.64% 1.62% Average Total Shareholders' Equity (d) $ 339,869 $ 343,144 $ 343,735 $ 349,644 $ 351,221 $ 357,376 $ 363,828 $ 367,710 ROAE (2) (a)/(d) 8.82% 8.12% 6.82% 5.39% 7.19% 8.70% 7.69% 8.53% Adjusted ROAE (Non-GAAP)(2) (b)/(d) 12.68% 12.42% 11.49% 8.73% 10.36% 11.95% 13.46% 13.66% Net Income available to common shareholders $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,139 $ 7,468 $ 6,684 $ 7,695 Less: Income Allocated to Participating Securities (24) (21) (17) (9) (11) (11) (16) (61) Net Income Allocated to Common Stock (e) 7,453 7,002 5,891 4,676 6,128 7,457 6,668 7,634 Add: Provision for Loan Losses 197 751 1,698 1,090 259 50 2,002 1,598 Add: Income Tax Provision 3,073 2,970 2,352 1,817 2,505 2,873 3,281 3,056 PTPP Income Allocated to Common Stock (f) $ 10,723 $ 10,723 $ 9,941 $ 7,583 $ 8,892 $ 10,380 $ 11,951 $ 12,288 WA common shares outstanding, diluted (g) 14,356,776 14,396,216 14,316,581 14,330,204 14,312,949 14,356,384 14,406,756 14,403,769 Diluted EPS (e)/(g) $ 0.52 $ 0.49 $ 0.41 $ 0.33 $ 0.43 $ 0.52 $ 0.46 $ 0.53 Adjusted Diluted EPS (Non-GAAP) (f)/(g) $ 0.75 $ 0.74 $ 0.69 $ 0.53 $ 0.62 $ 0.72 $ 0.83 $ 0.85 ($ in thousands) 2020 2021 2022 2023 2024 Net Income $ 16,175 $ 40,103 $ 34,987 $ 30,705 $ 25,810 Add: Provision (Reversal) for Credit Losses(1) 13,219 (4,596) 3,602 (132) 3,401 Add: Income Tax Provision 6,836 16,856 14,416 12,557 10,476 PTPP Income (Non-GAAP) $ 36,230 $ 52,363 $ 53,005 $ 43,130 $ 39,687 19
PCB Bancorp Declares Quarterly Cash Dividend of $0.20 Per Common Share
Los Angeles, California - April 24, 2025 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank, announced that on April 23, 2025, its Board of Directors declared a quarterly cash dividend of $0.20 per common share. The dividend will be paid on or about May 16, 2025, to shareholders of record as of the close of business on May 9, 2025.
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
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PCB Bancorp (NASDAQ:PCB)
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부터 3월(3) 2025 으로 4월(4) 2025
PCB Bancorp (NASDAQ:PCB)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 4월(4) 2025
