PCBバンコープの適時開示・決算・その他

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 25, 2024

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 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 25, 2024, PCB Bancorp, a California corporation (the “Company”), issued a press release concerning its unaudited results for the first quarter of 2024. 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 April 25, 2024, the Company issued a press release announcing that on April 25, 2024, its Board of Directors declared a quarterly cash dividend of $0.18 per common share. The dividend will be paid on or about May 17, 2024, to shareholders of record as of the close of business on May 10, 2024. 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.

99.1 Press release of PCB Bancorp, issued April 25, 2024, concerning the results of operations and financial condition for the f irst quarter of 202 4

99.2 Investor presentation of PCB Bancorp concerning the unaudited results for the f irst quarter of 202 4

99.3 Press release of PCB Bancorp, issued April 25, 2024, announcing the declaration of a quarterly cash dividend

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.


		PCB Bancorp

Date:	April 25, 2024	/s/ Timothy Chang
		Timothy Chang
		Executive Vice President and Chief Financial Officer

EX-99.1 2 pcbpr20240425earnings.htm EX-99.1 Document

Exhibit 99.1

PCB Bancorp Reports Earnings of $4.7 million for Q1 2024

Los Angeles, California - April 25, 2024 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income of $4.7 million, or $0.33 per diluted common share, for the first quarter of 2024, compared with $5.9 million, or $0.41 per diluted common share, for the previous quarter and $10.3 million, or $0.70 per diluted common share, for the year-ago quarter.

Q1 2024 Highlights

•Net income totaled $4.7 million, or $0.33 per diluted common share;

•Recorded a provision (reversal) for credit losses of $1.1 million for the current quarter compared with $1.7 million for the previous quarter and $(2.8) million for the year-ago quarter;

•Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment ratio was 1.18% at March 31, 2024 compared with 1.19% at December 31, 2023 and 1.18% at March 31, 2023;

•Net interest income was $21.0 million for the current quarter compared with $21.9 million for the previous quarter and $22.4 million for the year-ago quarter. Net interest margin was 3.10% for the current quarter compared with 3.40% for the previous quarter and 3.79% for the year-ago quarter;

•Gain on sale of loans was $1.1 million for the current quarter compared with $803 thousand for the previous quarter and $1.3 million for the year-ago quarter;

•Total assets were $2.85 billion at March 31, 2024, an increase of $64.8 million, or 2.3%, from $2.79 billion at December 31, 2023, and an increase of $353.8 million, or 14.1%, from $2.50 billion at March 31, 2023;

•Loans held-for-investment were $2.40 billion at March 31, 2024, an increase of $74.5 million, or 3.2%, from $2.32 billion at December 31, 2023, and an increase of $305.5 million, or 14.6%, from $2.09 billion at March 31, 2023; and

•Total deposits were $2.40 billion at March 31, 2024, an increase of $51.2 million, or 2.2%, from $2.35 billion at December 31, 2023, and an increase of $261.2 million, or 12.2%, from $2.14 billion at March 31, 2023.

“PCB continued to deliver strong first quarter results with momentum in loan and deposit growth stemming from our ongoing focus on relationship banking and strategic expansions, while maintaining very strong credit metrics,” said Henry Kim, President and Chief Executive Officer. “Currently, we are successfully undergoing our core system conversion that will enhance operational efficiency, functionality, and customer experience.”

“Our first quarter net income of $4.7 million included a total of $1.8 million in non-recurring expenses consisting of core conversion charges of $1.0 million and a SBA recovery demand of $815 thousand. During the quarter loan balance increased 3.1% to $2.4 billion, deposit balance increased 2.2% to $2.4 billion, and we continued to maintain robust ACL to loans ratio of 1.18%, and non-performing assets and classified assets to total assets ratios of 0.17% and 0.27%, respectively. The persistently higher interest rate environment and its effect on our funding costs resulted in further compression in our net interest margin during the quarter. However, we feel that our funding costs have peaked in the first quarter and our net interest margin is at near the bottom.”

Mr. Kim added, “As we look ahead for the rest of the year, PCB continues to be well positioned to deliver solid financial results with strong balance sheet growth and maintain sound asset quality with robust capital levels that are above our peers to operate in uncertain economic circumstances.”

Financial Highlights (Unaudited)


($ in thousands, except per share data)	Three Months Ended
	3/31/2024			12/31/2023			% Change		3/31/2023			% Change
Net income	$	4,685		$	5,908		(20.7)	%	$	10,297		(54.5)	%
Diluted earnings per common share	$	0.33		$	0.41		(19.5)	%	$	0.70		(52.9)	%

Net interest income	$	20,999		$	21,924		(4.2)	%	$	22,414		(6.3)	%
Provision (reversal) for credit losses	1,090			1,698			(35.8)	%	(2,778)			NM
Noninterest income	2,945			2,503			17.7	%	3,021			(2.5)	%
Noninterest expense	16,352			14,469			13.0	%	13,754			18.9	%

Return on average assets (1)	0.67		%	0.89		%			1.69		%
Return on average shareholders’ equity (1)	5.39		%	6.82		%			12.46		%
Return on average tangible common equity (“TCE”) (1),(2)	6.72		%	8.54		%			15.70		%
Net interest margin (1)	3.10		%	3.40		%			3.79		%
Efficiency ratio (3)	68.29		%	59.23		%			54.08		%


($ in thousands, except per share data)	3/31/2024			12/31/2023			% Change		3/31/2023			% Change
Total assets	$	2,854,292		$	2,789,506		2.3	%	$	2,500,524		14.1	%
Net loans held-for-investment	2,369,632			2,295,919			3.2	%	2,067,748			14.6	%
Total deposits	2,402,840			2,351,612			2.2	%	2,141,689			12.2	%
Book value per common share (4)	$	24.54		$	24.46				$	23.56
TCE per common share (2)	$	19.69		$	19.62				$	18.72
Tier 1 leverage ratio (consolidated)	12.73		%	13.43		%			13.90		%
Total shareholders’ equity to total assets	12.26		%	12.51		%			13.47		%
TCE to total assets (2), (5)	9.84		%	10.03		%			10.71		%

(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)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:


	Three Months Ended
($ in thousands)	3/31/2024			12/31/2023			% Change		3/31/2023			% Change
Interest income/expense on
Loans	$	39,251		$	37,189		5.5	%	$	31,229		25.7	%
Investment securities	1,246			1,271			(2.0)	%	1,102			13.1	%
Other interest-earning assets	3,058			2,491			22.8	%	2,205			38.7	%
Total interest-earning assets	43,555			40,951			6.4	%	34,536			26.1	%
Interest-bearing deposits	21,967			18,728			17.3	%	11,913			84.4	%
Borrowings	589			299			97.0	%	209			181.8	%
Total interest-bearing liabilities	22,556			19,027			18.5	%	12,122			86.1	%
Net interest income	$	20,999		$	21,924		(4.2)	%	$	22,414		(6.3)	%
Average balance of
Loans	$	2,370,027		$	2,242,457		5.7	%	$	2,072,415		14.4	%
Investment securities	140,459			139,227			0.9	%	142,079			(1.1)	%
Other interest-earning assets	217,002			175,336			23.8	%	186,809			16.2	%
Total interest-earning assets	$	2,727,488		$	2,557,020		6.7	%	$	2,401,303		13.6	%
Interest-bearing deposits	$	1,827,209		$	1,650,132		10.7	%	$	1,410,812		29.5	%
Borrowings	42,187			21,000			100.9	%	15,811			166.8	%
Total interest-bearing liabilities	$	1,869,396		$	1,671,132		11.9	%	$	1,426,623		31.0	%
Total funding (1)	$	2,412,207		$	2,249,026		7.3	%	$	2,114,198		14.1	%
Annualized average yield/cost of
Loans	6.66		%	6.58		%			6.11		%
Investment securities	3.57		%	3.62		%			3.15		%
Other interest-earning assets	5.67		%	5.64		%			4.79		%
Total interest-earning assets	6.42		%	6.35		%			5.83		%
Interest-bearing deposits	4.84		%	4.50		%			3.42		%
Borrowings	5.62		%	5.65		%			5.36		%
Total interest-bearing liabilities	4.85		%	4.52		%			3.45		%
Net interest margin	3.10		%	3.40		%			3.79		%
Cost of total funding (1)	3.76		%	3.36		%			2.33		%
Supplementary information
Net accretion of discount on loans	$	573		$	806		(28.9)	%	$	671		(14.6)	%
Net amortization of deferred loan fees	$	334		$	449		(25.6)	%	$	175		90.9	%

(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 increase in average yield for the current quarter was primarily due to increases in overall interest rates on loans, partially offset by decreases in accretion of discount on loans and prepayment fees.

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:


	3/31/2024				12/31/2023				3/31/2023
	% to Total Loans		Weighted-Average Contractual Rate		% to Total Loans		Weighted-Average Contractual Rate			% to Total Loans		Weighted-Average Contractual Rate
Fixed rate loans	20.0	%	4.92	%	21.2	%	4.86	%		23.4	%	4.64	%
Hybrid rate loans	38.6	%	5.01	%	39.0	%	4.93	%		39.0	%	4.51	%
Variable rate loans	41.4	%	8.46	%	39.8	%	8.51	%		37.6	%	8.26	%

Investment Securities. The decrease in average yield for the current quarter compared with the previous quarter was primarily due to a decrease in average balance of net unrealized losses on investment securities. The increase for the current quarter compared with the year-ago quarter was primarily due to higher yield on newly purchased investment securities.

Other Interest-Earning Assets. The increase in average yield for the current quarter was primarily due to increases in interest rate on cash held at the Federal Reserve Bank and dividends received on Federal Home Loan Bank stock.

Interest-Bearing Deposits. The increase in average cost for the current quarter was primarily due to an increase in market rates.

Provision (Reversal) for Credit Losses

The following table presents a composition of provision (reversal) for credit losses for the periods indicated:


	Three Months Ended
($ in thousands)	3/31/2024		12/31/2023		% Change		3/31/2023		% Change
Provision (reversal) for credit losses on loans	$	922	$	1,935	(52.4)	%	$	(2,417)	(138.1)	%
Provision (reversal) for credit losses on off-balance sheet credit exposure	168		(237)		(170.9)	%	(361)		NM
Total provision (reversal) for credit losses	$	1,090	$	1,698	(35.8)	%	$	(2,778)	(139.2)	%

The provision for credit losses on loans for the current quarter was primarily due to an increase in loan held-for-investment.

Noninterest Income

The following table presents the components of noninterest income for the periods indicated:


	Three Months Ended
($ in thousands)	3/31/2024		12/31/2023		% Change		3/31/2023		% Change
Gain on sale of loans	$	1,078	$	803	34.2	%	$	1,309	(17.6)	%

Service charges and fees on deposits	378		391		(3.3)	%	344		9.9	%
Loan servicing income	919		751		22.4	%	860		6.9	%
Bank-owned life insurance income	228		202		12.9	%	180		26.7	%
Other income	342		356		(3.9)	%	328		4.3	%
Total noninterest income	$	2,945	$	2,503	17.7	%	$	3,021	(2.5)	%

Gain on Sale of Loans. The following table presents information on gain on sale of loans for the periods indicated:


	Three Months Ended
($ in thousands)	3/31/2024		12/31/2023		% Change		3/31/2023		% Change
Gain on sale of SBA loans
Sold loan balance	$	19,414	$	20,751	(6.4)	%	$	27,133	(28.4)	%
Premium received	1,596		1,250		27.7	%	2,041		(21.8)	%
Gain recognized	1,078		803		34.2	%	1,309		(17.6)	%

Loan Servicing Income. The following table presents information on loan servicing income for the periods indicated:


	Three Months Ended
($ in thousands)	3/31/2024		12/31/2023		% Change		3/31/2023		% Change
Loan servicing income
Servicing income received	$	1,293	$	1,290	0.2	%	$	1,284	0.7	%
Servicing assets amortization	(374)		(539)		(30.6)	%	(424)		(11.8)	%
Loan servicing income	$	919	$	751	22.4	%	$	860	6.9	%
Underlying loans at end of period	$	540,039	$	532,231	1.5	%	$	540,502	(0.1)	%

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:


	Three Months Ended
($ in thousands)	3/31/2024		12/31/2023		% Change		3/31/2023		% Change
Salaries and employee benefits	$	9,218	$	8,397	9.8	%	$	8,928	3.2	%
Occupancy and equipment	2,358		2,145		9.9	%	1,896		24.4	%
Professional fees	1,084		898		20.7	%	732		48.1	%
Marketing and business promotion	319		772		(58.7)	%	372		(14.2)	%
Data processing	402		393		2.3	%	412		(2.4)	%
Director fees and expenses	232		207		12.1	%	180		28.9	%
Regulatory assessments	298		285		4.6	%	155		92.3	%
Other expense	2,441		1,372		77.9	%	1,079		126.2	%
Total noninterest expense	$	16,352	$	14,469	13.0	%	$	13,754	18.9	%

Salaries and Employee Benefits. The increase for the current quarter compared with the previous quarter was primarily due to increases in vacation accrual and other employee benefits. The increase for the current quarter compared with the year-ago quarter was primarily due to increases in salaries and incentives tied to sales of SBA loans originated at loan production offices, partially offset by decreases in bonus and vacation accruals. The number of full-time equivalent employees was 272, 270 and 276 as of March 31, 2024, December 31, 2023 and March 31, 2023, respectively.

Occupancy and Equipment. The increase for the current quarter was primarily due to an expansion of headquarters location in the second half of 2023 and the preparation of a relocation of a regional office and two branches into one location in Orange County, California.

Professional Fees. The increase for the current quarter was primarily due to increases in professional fees 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 quarter was primarily due to the Company’s 20th anniversary celebration during the previous quarter.

Other Expense. The increase for the current 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. The Company retained the legal services of a law firm specializing on matters equivalent to our recovery demand for SBA to reconsider all the evidences in order for us to recoup it ranging from partial to full amount.

Balance Sheet (Unaudited)

Total assets were $2.85 billion at March 31, 2024, an increase of $64.8 million, or 2.3%, from $2.79 billion at December 31, 2023, and an increase of $353.8 million, or 14.1%, from $2.50 billion at March 31, 2023. The increase for the current quarter was primarily due to increases in loans held-for-investment.

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)	3/31/2024		12/31/2023		% Change		3/31/2023		% Change
Commercial real estate:
Commercial property	$	874,300	$	855,270	2.2	%	$	780,282	12.0	%
Business property	578,903		558,772		3.6	%	521,965		10.9	%
Multifamily	131,742		132,500		(0.6)	%	127,012		3.7	%
Construction	29,212		24,843		17.6	%	15,930		83.4	%
Total commercial real estate	1,614,157		1,571,385		2.7	%	1,445,189		11.7	%
Commercial and industrial	371,934		342,002		8.8	%	267,674		39.0	%
Consumer:
Residential mortgage	389,888		389,420		0.1	%	356,967		9.2	%
Other consumer	21,985		20,645		6.5	%	22,612		(2.8)	%
Total consumer	411,873		410,065		0.4	%	379,579		8.5	%
Loans held-for-investment	2,397,964		2,323,452		3.2	%	2,092,442		14.6	%
Loans held-for-sale	3,256		5,155		(36.8)	%	14,352		(77.3)	%
Total loans	$	2,401,220	$	2,328,607	3.1	%	$	2,106,794	14.0	%

SBA loans included in:
Loans held-for-investment	$	148,316	$	145,603	1.9	%	$	144,106	2.9	%
Loans held-for-sale	$	3,256	$	5,155	(36.8)	%	$	14,352	(77.3)	%

The increase in loans held-for-investment for the current quarter was primarily due to new funding and advances on lines of credit of $468.6 million, partially offset by pay-downs and pay-offs of $393.9 million. The decrease in loans held-for-sale for the current quarter was primarily due to sales of $19.4 million, and pay-downs and pay-offs of $1.6 million, partially offset by new funding of $19.1 million.

The following table presents a composition of off-balance sheet credit exposure as of the dates indicated:


($ in thousands)	3/31/2024		12/31/2023		% Change		3/31/2023		% Change
Commercial property	$	8,687	$	11,634	(25.3)	%	$	6,811	27.5	%
Business property	10,196		9,899		3.0	%	12,307		(17.2)	%
Multifamily	1,800		1,800		—	%	4,500		(60.0)	%
Construction	22,895		23,739		(3.6)	%	16,563		38.2	%
Commercial and industrial	384,034		351,025		9.4	%	279,543		37.4	%
Other consumer	992		3,421		(71.0)	%	399		148.6	%
Total commitments to extend credit	428,604		401,518		6.7	%	320,123		33.9	%
Letters of credit	6,558		6,583		(0.4)	%	5,400		21.4	%
Total off-balance sheet credit exposure	$	435,162	$	408,101	6.6	%	$	325,523	33.7	%

Credit Quality

The following table presents a summary of non-performing loans and assets, and classified assets as of the dates indicated:


($ in thousands)	3/31/2024			12/31/2023			% Change		3/31/2023			% Change
Nonaccrual loans
Commercial real estate:
Commercial property	$	932		$	958		(2.7)	%	$	—		NM
Business property	3,455			2,865			20.6	%	2,904			19.0	%


Total commercial real estate	4,387			3,823			14.8	%	2,904			51.1	%
Commercial and industrial	111			68			63.2	%	11			909.1	%
Consumer:
Residential mortgage	436			—			NM		—			NM
Other consumer	6			25			(76.0)	%	45			(86.7)	%
Total consumer	442			25			1,668.0	%	45			882.2	%
Total nonaccrual loans held-for-investment	4,940			3,916			26.1	%	2,960			66.9	%
Loans past due 90 days or more and still accruing	—			—			—	%	—			—	%
Non-performing loans (“NPLs”)	4,940			3,916			26.1	%	2,960			66.9	%


Other real estate owned (“OREO”)	—			2,558			(100.0)	%	—			—	%
Non-performing assets (“NPAs”)	$	4,940		$	6,474		(23.7)	%	$	2,960		66.9	%
Loans past due and still accruing
Past due 30 to 59 days	$	3,412		$	1,394		144.8	%	$	779		338.0	%
Past due 60 to 89 days	1,103			34			3,144.1	%	13			8,384.6	%
Past due 90 days or more	—			—			—	%	—			—	%
Total loans past due and still accruing	$	4,515		$	1,428		216.2	%	$	792		470.1	%
Special mention loans	$	1,101		$	5,156		(78.6)	%	$	5,527		(80.1)	%
Classified assets
Classified loans held-for-investment	$	7,771		$	7,000		11.0	%	$	6,060		28.2	%

OREO	—			2,558			(100.0)	%	—			—	%
Classified assets	$	7,771		$	9,558		(18.7)	%	$	6,060		28.2	%
NPLs to loans held-for-investment	0.21		%	0.17		%			0.14		%
NPAs to total assets	0.17		%	0.23		%			0.12		%
Classified assets to total assets	0.27		%	0.34		%			0.24		%

During the previous quarter, the Company recognized an OREO of $2.6 million by transferring a SBA 7(a) loan, of which its guaranteed portion was previously sold. The Company’s exposure was 25% of the OREO and the SBA was entitled to 75% of the sale price upon the sale of property. The Company sold the property and recognized a gain of $13 thousand during the current quarter.

Allowance for Credit Losses

The following table presents activities in ACL for the periods indicated:


	Three Months Ended
($ in thousands)	3/31/2024			12/31/2023			% Change		3/31/2023			% Change
ACL on loans
Balance at beginning of period	$	27,533		$	25,599		7.6	%	$	24,942		10.4	%
Impact of ASC 326 adoption	—			—			NM		1,067			NM
Charge-offs	(185)			(13)			1,323.1	%	—			NM
Recoveries	62			12			416.7	%	1,102			(94.4)	%
Provision (reversal) for credit losses on loans	922			1,935			(52.4)	%	(2,417)			NM
Balance at end of period	$	28,332		$	27,533		2.9	%	$	24,694		14.7	%
Percentage to loans held-for-investment at end of period	1.18		%	1.19		%			1.18		%
ACL on off-balance sheet credit exposure
Balance at beginning of period	$	1,277		$	1,514		(15.7)	%	$	299		327.1	%
Impact of ASC 326 adoption	—			—			NM		1,607			NM
Provision (reversal) for credit losses on off-balance sheet credit exposure	168			(237)			NM		(361)			NM
Balance at end of period	$	1,445		$	1,277		13.2	%	$	1,545		(6.5)	%

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 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.

Investment Securities

Total investment securities were $138.2 million at March 31, 2024, a decrease of $5.2 million, or 3.6%, from $143.3 million at December 31, 2023, and a decrease of $6.5 million, or 4.5%, from $144.7 million at March 31, 2023. The decrease for the current quarter was primarily due to a fair value decrease of $1.6 million, principal pay-downs of $3.5 million and net premium amortization of $41 thousand.

Deposits

The following table presents the Company’s deposit mix as of the dates indicated:


	3/31/2024				12/31/2023				3/31/2023
($ in thousands)	Amount		% to Total		Amount		% to Total			Amount		% to Total
Noninterest-bearing demand deposits	$	538,380	22.4	%	$	594,673	25.3	%		$	653,970	30.5	%
Interest-bearing deposits
Savings	6,153		0.3	%	6,846		0.3	%		7,584		0.4	%
NOW	16,232		0.7	%	16,825		0.7	%		15,696		0.7	%
Retail money market accounts	461,221		19.0	%	397,531		16.8	%		436,906		20.3	%
Brokered money market accounts	1		0.1	%	1		0.1	%		1		0.1	%
Retail time deposits of
$250,000 or less	471,528		19.6	%	456,293		19.4	%		356,049		16.6	%
More than $250,000	549,550		22.9	%	515,702		21.9	%		454,464		21.3	%

State and brokered time deposits	359,775		15.0	%	363,741		15.5	%		217,019		10.1	%
Total interest-bearing deposits	1,864,460		77.6	%	1,756,939		74.7	%		1,487,719		69.5	%
Total deposits	$	2,402,840	100.0	%	$	2,351,612	100.0	%		$	2,141,689	100.0	%

Estimated total deposits not covered by deposit insurance	$	1,017,696	42.4	%	$	947,294	40.3	%		$	1,019,689	47.6	%

Total retail deposits were $2.04 billion at March 31, 2024, an increase of $55.2 million, or 2.8%, from $1.99 billion at December 31, 2023, and an increase of $118.4 million, or 6.2%, from $1.92 billion at March 31, 2023.

The decrease in noninterest-bearing demand deposits was primarily due to strong deposit market competition and the migration to interest-bearing deposits. 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 $123.2 million, renewals of the matured accounts of $259.1 million and balance increases of $8.7 million, partially offset by matured and closed accounts of $341.9 million.

Liquidity

The following table presents a summary of the Company’s liquidity position as of March 31, 2024:


($ in thousands)	3/31/2024			12/31/2023			% Change
Cash and cash equivalents	$	239,791		$	242,342		(1.1)	%
Cash and cash equivalents to total assets	8.4		%	8.7		%

Available borrowing capacity
FHLB advances	$	642,726		$	602,976		6.6	%
Federal Reserve Discount Window	574,245			528,893			8.6	%
Overnight federal funds lines	65,000			65,000			—	%
Total	$	1,281,971		$	1,196,869		7.1	%
Total available borrowing capacity to total assets	44.9		%	42.9		%

Shareholders’ Equity

Shareholders’ equity was $350.0 million at March 31, 2024, an increase of $1.1 million, or 0.3%, from $348.9 million at December 31, 2023, and an increase of $13.2 million, or 3.9%, from $336.8 million at March 31, 2023. The increase for the current quarter was primarily due to net income, partially offset by an increase in other comprehensive loss of $1.2 million and cash dividends declared on common stock of $2.6 million.

Stock Repurchases

In 2023, the Company repurchased and retired 512,657 shares of common stock at a weighted-average price of $17.22, totaling $8.8 million. The Company did not repurchase any shares of common stock during the current quarter. As of March 31, 2024, the Company is authorized to purchase 592,724 additional shares under the 2023 stock repurchase program, which expires on August 2, 2024.

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 of up to 2%. After the tenth anniversary of the investment date, the dividend rate will be fixed based on the average annual amount of lending in years 2 through 10.

The Company expects to pay the initial quarterly dividend at an annualized dividend rate of 2% beginning in the second quarter of 2024.

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:


	3/31/2024		12/31/2023		3/31/2023		Well Capitalized Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)	11.88	%	12.23	%	13.09	%	N/A
Total capital (to risk-weighted assets)	15.93	%	16.39	%	17.61	%	N/A
Tier 1 capital (to risk-weighted assets)	14.71	%	15.16	%	16.37	%	N/A
Tier 1 capital (to average assets)	12.73	%	13.43	%	13.90	%	N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets)	14.37	%	14.85	%	16.03	%	6.5	%
Total capital (to risk-weighted assets)	15.59	%	16.07	%	17.27	%	10.0	%
Tier 1 capital (to risk-weighted assets)	14.37	%	14.85	%	16.03	%	8.0	%
Tier 1 capital (to average assets)	12.44	%	13.16	%	13.62	%	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 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 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; 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, 2023 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

PCB Bancorp and Subsidiary

Consolidated Balance Sheets (Unaudited)

($ in thousands, except share and per share data)


	3/31/2024			12/31/2023			% Change		3/31/2023			% Change
Assets
Cash and due from banks	$	29,432		$	26,518		11.0	%	$	25,801		14.1	%
Interest-bearing deposits in other financial institutions	210,359			215,824			(2.5)	%	164,718			27.7	%
Total cash and cash equivalents	239,791			242,342			(1.1)	%	190,519			25.9	%
Securities available-for-sale, at fair value	138,170			143,323			(3.6)	%	144,665			(4.5)	%
Loans held-for-sale	3,256			5,155			(36.8)	%	14,352			(77.3)	%
Loans held-for-investment	2,397,964			2,323,452			3.2	%	2,092,442			14.6	%
Allowance for credit losses on loans	(28,332)			(27,533)			2.9	%	(24,694)			14.7	%
Net loans held-for-investment	2,369,632			2,295,919			3.2	%	2,067,748			14.6	%
Premises and equipment, net	8,892			5,999			48.2	%	6,473			37.4	%
Federal Home Loan Bank and other bank stock	12,716			12,716			—	%	10,183			24.9	%
Other real estate owned, net	—			2,558			(100.0)	%	—			—	%
Bank-owned life insurance	31,045			30,817			0.7	%	30,244			2.6	%
Deferred tax assets, net	—			—			—	%	3,753			(100.0)	%
Servicing assets	6,544			6,666			(1.8)	%	7,345			(10.9)	%
Operating lease assets	18,255			18,913			(3.5)	%	5,854			211.8	%
Accrued interest receivable	10,394			9,468			9.8	%	7,998			30.0	%
Other assets	15,597			15,630			(0.2)	%	11,390			36.9	%
Total assets	$	2,854,292		$	2,789,506		2.3	%	$	2,500,524		14.1	%
Liabilities
Deposits
Noninterest-bearing demand	$	538,380		$	594,673		(9.5)	%	$	653,970		(17.7)	%
Savings, NOW and money market accounts	483,607			421,203			14.8	%	460,187			5.1	%
Time deposits of $250,000 or less	771,303			760,034			1.5	%	513,068			50.3	%
Time deposits of more than $250,000	609,550			575,702			5.9	%	514,464			18.5	%
Total deposits	2,402,840			2,351,612			2.2	%	2,141,689			12.2	%
Federal Home Loan Bank advances	50,000			39,000			28.2	%	—			NM
Deferred tax liabilities, net	266			876			(69.6)	%	—			NM
Operating lease liabilities	19,555			20,137			(2.9)	%	6,238			213.5	%
Accrued interest payable and other liabilities	31,626			29,009			9.0	%	15,767			100.6	%
Total liabilities	2,504,287			2,440,634			2.6	%	2,163,694			15.7	%
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock	69,141			69,141			—	%	69,141			—	%
Common stock	142,734			142,563			0.1	%	143,356			(0.4)	%
Retained earnings	148,209			146,092			1.4	%	133,415			11.1	%
Accumulated other comprehensive loss, net	(10,079)			(8,924)			12.9	%	(9,082)			11.0	%
Total shareholders’ equity	350,005			348,872			0.3	%	336,830			3.9	%
Total liabilities and shareholders’ equity	$	2,854,292		$	2,789,506		2.3	%	$	2,500,524		14.1	%

Outstanding common shares	14,263,791			14,260,440					14,297,870
Book value per common share (1)	$	24.54		$	24.46				$	23.56
TCE per common share (2)	$	19.69		$	19.62				$	18.72
Total loan to total deposit ratio	99.93		%	99.02		%			98.37		%
Noninterest-bearing deposits to total deposits	22.41		%	25.29		%			30.54		%

(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.

PCB Bancorp and Subsidiary

Consolidated Statements of Income (Unaudited)

($ in thousands, except share and per share data)


	Three Months Ended
	3/31/2024			12/31/2023			% Change		3/31/2023			% Change
Interest and dividend income
Loans, including fees	$	39,251		$	37,189		5.5	%	$	31,229		25.7	%
Investment securities	1,246			1,271			(2.0)	%	1,102			13.1	%
Other interest-earning assets	3,058			2,491			22.8	%	2,205			38.7	%
Total interest income	43,555			40,951			6.4	%	34,536			26.1	%
Interest expense
Deposits	21,967			18,728			17.3	%	11,913			84.4	%
Other borrowings	589			299			97.0	%	209			181.8	%
Total interest expense	22,556			19,027			18.5	%	12,122			86.1	%
Net interest income	20,999			21,924			(4.2)	%	22,414			(6.3)	%
Provision (reversal) for credit losses	1,090			1,698			(35.8)	%	(2,778)			NM
Net interest income after provision (reversal) for credit losses	19,909			20,226			(1.6)	%	25,192			(21.0)	%
Noninterest income
Gain on sale of loans	1,078			803			34.2	%	1,309			(17.6)	%

Service charges and fees on deposits	378			391			(3.3)	%	344			9.9	%
Loan servicing income	919			751			22.4	%	860			6.9	%
Bank-owned life insurance income	228			202			12.9	%	180			26.7	%
Other income	342			356			(3.9)	%	328			4.3	%
Total noninterest income	2,945			2,503			17.7	%	3,021			(2.5)	%
Noninterest expense
Salaries and employee benefits	9,218			8,397			9.8	%	8,928			3.2	%
Occupancy and equipment	2,358			2,145			9.9	%	1,896			24.4	%
Professional fees	1,084			898			20.7	%	732			48.1	%
Marketing and business promotion	319			772			(58.7)	%	372			(14.2)	%
Data processing	402			393			2.3	%	412			(2.4)	%
Director fees and expenses	232			207			12.1	%	180			28.9	%
Regulatory assessments	298			285			4.6	%	155			92.3	%
Other expense	2,441			1,372			77.9	%	1,079			126.2	%
Total noninterest expense	16,352			14,469			13.0	%	13,754			18.9	%
Income before income taxes	6,502			8,260			(21.3)	%	14,459			(55.0)	%
Income tax expense	1,817			2,352			(22.7)	%	4,162			(56.3)	%
Net income	$	4,685		$	5,908		(20.7)	%	$	10,297		(54.5)	%

Earnings per common share
Basic	$	0.33		$	0.41				$	0.71
Diluted	$	0.33		$	0.41				$	0.70
Average common shares
Basic	14,235,419			14,223,831					14,419,155
Diluted	14,330,204			14,316,581					14,574,929

Dividend paid per common share	$	0.18		$	0.18				$	0.15
Return on average assets (1)	0.67		%	0.89		%			1.69		%
Return on average shareholders’ equity (1)	5.39		%	6.82		%			12.46		%
Return on average TCE (1), (2)	6.72		%	8.54		%			15.70		%
Efficiency ratio (3)	68.29		%	59.23		%			54.08		%

(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.

PCB Bancorp and Subsidiary

Average Balance, Average Yield, and Average Rate (Unaudited)

($ in thousands)


	Three Months Ended
	3/31/2024						12/31/2023						3/31/2023
	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)	$	2,370,027	$	39,251	6.66	%	$	2,242,457	$	37,189	6.58	%	$	2,072,415	$	31,229	6.11	%
Mortgage-backed securities	101,852		839		3.31	%	100,500		855		3.38	%	97,578		683		2.84	%
Collateralized mortgage obligation	23,763		254		4.30	%	23,970		259		4.29	%	26,743		256		3.88	%
SBA loan pool securities	7,317		78		4.29	%	7,453		81		4.31	%	9,027		82		3.68	%
Municipal bonds (2)	3,300		28		3.41	%	3,110		29		3.70	%	4,221		34		3.27	%
Corporate bonds	4,227		47		4.47	%	4,194		47		4.45	%	4,510		47		4.23	%
Other interest-earning assets	217,002		3,058		5.67	%	175,336		2,491		5.64	%	186,809		2,205		4.79	%
Total interest-earning assets	2,727,488		43,555		6.42	%	2,557,020		40,951		6.35	%	2,401,303		34,536		5.83	%
Noninterest-earning assets
Cash and due from banks	21,365						23,034						21,155
ACL on loans	(27,577)						(25,663)						(26,757)
Other assets	88,532						87,759						75,175
Total noninterest-earning assets	82,320						85,130						69,573
Total assets	$	2,809,808					$	2,642,150					$	2,470,876
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	453,801	4,665		4.13	%	$	450,408	4,418		3.89	%	$	485,962	3,445		2.87	%
Savings	6,196		4		0.26	%	6,947		4		0.23	%	8,099		5		0.25	%
Time deposits	1,367,212		17,298		5.09	%	1,192,777		14,306		4.76	%	916,751		8,463		3.74	%
Total interest-bearing deposits	1,827,209		21,967		4.84	%	1,650,132		18,728		4.50	%	1,410,812		11,913		3.42	%
Other borrowings	42,187		589		5.62	%	21,000		299		5.65	%	15,811		209		5.36	%
Total interest-bearing liabilities	1,869,396		22,556		4.85	%	1,671,132		19,027		4.52	%	1,426,623		12,122		3.45	%
Noninterest-bearing liabilities
Noninterest-bearing demand	542,811						577,894						687,575
Other liabilities	47,957						49,389						21,509
Total noninterest-bearing liabilities	590,768						627,283						709,084
Total liabilities	2,460,164						2,298,415						2,135,707
Total shareholders’ equity	349,644						343,735						335,169
Total liabilities and shareholders’ equity	$	2,809,808					$	2,642,150					$	2,470,876
Net interest income			$	20,999					$	21,924					$	22,414
Net interest spread (3)					1.57	%					1.83	%					2.38	%
Net interest margin (4)					3.10	%					3.40	%					3.79	%
Total deposits	$	2,370,020	$	21,967	3.73	%	$	2,228,026	$	18,728	3.33	%	$	2,098,387	$	11,913	2.30	%
Total funding (5)	$	2,412,207	$	22,556	3.76	%	$	2,249,026	$	19,027	3.36	%	$	2,114,198	$	12,122	2.33	%

(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 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
		3/31/2024			12/31/2023			3/31/2023
Average total shareholders' equity	(a)	$	349,644		$	343,735		$	335,169
Less: average preferred stock	(b)	69,141			69,141			69,141
Average TCE	(c)=(a)-(b)	$	280,503		$	274,594		$	266,028
Net income	(d)	$	4,685		$	5,908		$	10,297
Return on average shareholder's equity (1)	(d)/(a)	5.39		%	6.82		%	12.46		%
Return on average TCE (1)	(d)/(c)	6.72		%	8.54		%	15.70		%

(1) Annualized.


($ in thousands, except per share data)		3/31/2024			12/31/2023			3/31/2023
Total shareholders' equity	(a)	$	350,005		$	348,872		$	336,830
Less: preferred stock	(b)	69,141			69,141			69,141
TCE	(c)=(a)-(b)	$	280,864		$	279,731		$	267,689
Outstanding common shares	(d)	14,263,791			14,260,440			14,297,870
Book value per common share	(a)/(d)	$	24.54		$	24.46		$	23.56
TCE per common share	(c)/(d)	$	19.69		$	19.62		$	18.72
Total assets	(e)	$	2,854,292		$	2,789,506		$	2,500,524
Total shareholders' equity to total assets	(a)/(e)	12.26		%	12.51		%	13.47		%
TCE to total assets	(c)/(e)	9.84		%	10.03		%	10.71		%

EX-99.2 3 pcbinvestordeck1q24.htm EX-99.2 pcbinvestordeck1q24

Earnings Results 1Q24 April 25, 2024 PCB BANCORP

2 Forward-Looking Statement & 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 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 4/23/24 Market Cap $223.2 million Stock Price Per Share $15.65 52-Week Range $12.86 - $19.04 Dividend Yield 4.60% Dividend Payout Ratio (1Q23 – 4Q23) 41.14% Outstanding Shares 14,263,791 Stock Information 1Q24 or 3/31/24 Diluted Earnings Per Share (“Diluted EPS”) $0.33 Cash Dividend Per Share $0.18 Book Value (“BV”) Per Share $24.54 Tangible Common Equity (“TCE”) Per Share (1) $19.69 Number of Repurchased Shares (2) 0 (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 592,724 shares under the 2023 stock repurchase program 3 PCB Footprint Corporate Profile

4 Historical Performance $1.45 $1.58 $1.73 $2.05 $2.32 $2.40 0.000 0.500 1.000 1.500 2.000 2.500 3.000 2019 2020 2021 2022 2023 Mar-24 Held-For-Investment Loans ($bn) $1.48 $1.59 $1.87 $2.05 $2.35 $2.40 0.000 0.500 1.000 1.500 2.000 2.500 3.000 2019 2020 2021 2022 2023 Mar-24 Deposits ($bn) $24.1 $16.2 $40.1 $35.0 $30.7 $4.7 $38.6 $36.2 $52.4 $53.0 $43.1 $7.6 0.000 10.000 20.000 30.000 40.000 50.000 60.000 2019 2020 2021 2022 2023 1Q24 Net Income/PTPP Income ($mm) Net Income PTPP Income CAGR +12.5% CAGR +12.3% $0.25 $0.40 $0.44 $0.60 $0.69 $0.18 $1.49 $1.05 $2.62 $2.31 $2.12 $0.33 $14.44 $15.19 $17.24 $22.94 $24.46 $24.54 $18.21 $19.62 $19.69 -$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 2019 2020 2021 2022 2023 1Q24 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 (1), (2)(1) (2) Annualized +13.0% Annualized +8.7%

5 1Q24 Highlights Operating Results • Net income of $4.7 million, or $0.33 per diluted share • Provision for credit losses of $1.1 million • Return on Average Assets (“ROAA”) of 0.67%, Return on Average TCE (“ROATCE”) (1) of 6.63%, net interest margin of 3.10%, and efficiency ratio of 68.3% Loans • Loans held-for-investment (“HFI loans”) increased $74.5 million, or 3.2%, to $2.40 billion • Average loan yield was 6.66% compared to 6.58% for 4Q23 • Total loans to deposits ratio was 99.9% • Quarterly loan production was $153.6 million compared to $289.9 million for 4Q23 Asset Quality • ACL on loans was $28.3 million, or 1.18% to HFI loans • Past due loans were $4.5 million, or 0.19% of HFI loans and NPLs were $4.9 million, or 0.21% of HFI loans Deposits • Total deposits increased $51.2 million, or 2.2%, to $2.40 billion • Core deposits(1) were $1.49 billion, or 62.2% of total deposits • Non-interest bearing deposits were $538.4 million, or 22.4% of total deposits • Uninsured deposits were $1.02 billion, or 42.4% of total deposits • Cost of average interest-bearing deposits and total deposits were 4.84% and 3.73%, respectively Capital & Liquidity • Declared and paid quarterly cash dividend of $0.18 per share • TBV per share increased to $19.69 • Maintained available borrowing capacity of $1.28 billion, or 44.9% of total assets (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation to most comparable GAAP measure

6 Selected Financial As of or For the Three Months Ended Compared to 12/31/23 Compared to 3/31/23 ($ in Thousands, Except Per Share Data) 3/31/24 12/31/23 3/31/23 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 43,555 $ 40,951 $ 34,536 $ 2,604 6.4% $ 9,019 26.1% Interest Expense 22,556 19,027 12,122 3,529 18.5% 10,434 86.1% Net Interest Income 20,999 21,924 22,414 (925) -4.2% (1,415) -6.3% Noninterest Income 2,945 2,503 3,021 442 17.7% (76) -2.5% Noninterest Expense 16,352 14,469 13,754 1,883 13.0% 2,598 18.9% Provision (Reversal) for Credit Losses 1,090 1,698 (2,778) (608) -35.8% 3,868 -139.2% Pretax Income 6,502 8,260 14,459 (1,758) -21.3% (7,957) -55.0% Income Tax Expense 1,817 2,352 4,162 (535) -22.7% (2,345) -56.3% Net Income 4,685 5,908 10,297 (1,223) -20.7% (5,612) -54.5% Diluted EPS $ 0.33 $ 0.41 $ 0.70 $ (0.08) -19.5% $ (0.37) -52.9% Selected Balance Sheet Items: HFI loans $ 2,397,964 $ 2,323,452 $ 2,092,442 $ 74,512 3.2% $ 305,522 14.6% HFS loans 3,256 5,155 14,352 (1,899) -36.8% (11,096) -77.3% Total Deposits 2,402,840 2,351,612 2,141,689 51,228 2.2% 261,151 12.2% Total Assets 2,854,292 2,789,506 2,500,524 64,786 2.3% 353,768 14.1% Shareholders’ Equity 350,005 348,872 336,830 1,133 0.3% 13,175 3.9% TCE (2) 280,864 279,731 267,689 1,133 0.4% 13,175 4.9% Key Metrics: BV Per Share $ 24.54 $ 24.46 $ 23.56 $ $ TCE Per Share (1) $ 19.69 $ 19.62 $ 18.72 $ 0.08 0.3% $ 0.98 4.2% ROAA (2) 0.67% 0.89% 1.69% 0.07 0.97 Return on Average Equity (“ROAE”) (2) 5.39% 6.82% 12.46% -0.22% -1.02% ROATCE (1), (2) 6.63% 8.54% 15.70% -1.43% -7.07% Net Interest Margin (2) 3.10% 3.40% 3.79% -1.91% -9.07% Efficiency Ratio (3) 68.29% 59.23% 54.08% -0.30% -0.69% (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation 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

$1,348 $1,422 $1,440 $1,445 $1,469 $1,504 $1,571 $1,614 $205 $216 $249 $268 $272 $280 $342 $372 $280 $321 $357 $379 $382 $384 $410 $412 $1,833 $1,959 $2,046 $2,092 $2,122 $2,168 $2,323 $2,398 - 500 1,000 1,500 2,000 2,500 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 HFI Loan Trend ($mm) Commercial Real Estate Commercial & Industrial Consumer 7 Loan Overview YoY +14.6% (1) Per regulatory definition in the Commercial Real Estate (“CRE”) Concentration Guidance $819 $898 $925 $943 $941 $961 $1,063 $1,103 230% 249% 254% 259% 255% 257% 281% 289% 0% 50% 100% 150% 200% 250% 300% 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0 1,100.0 1,200.0 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Commercial Real Estate(1) Loan Trend ($mm) CRE Loans % to the Bank's Total Risk-Based Capital Commercial Property 36% Business Property 24% Multifamily 6% Construction 1% Commercial & Industrial 16% Consumer 17% HFI Loan Composition March 31, 2024 $2.40B 1Q24 Highlights • HFI loans Increased $74.5 million, or 3.2%, to $2.40 billion • CRE loans increased $42.8 million (2.7%), C&I loans increased $29.9 million (8.8%) & consumer loans increased $1.8 million (0.4%)

8 Loan Production & Rate/Yield Analysis (1) Total commitment basis (2) Include both HFI and HFS loans (3) Annualized $23 $29 $15 $14 $4 $17 $19 $11 $126 $68 $64 $27 $37 $27 $77 $24 $129 $169 $110 $71 $83 $114 $194 $119 $278 $266 $190 $112 $123 $158 $290 $154 5.23% 5.92% 7.17% 8.04% 8.18% 7.95% 7.90% 8.40% -8% -6% -4% -2% 0% 2% 4% 6% 8% 0 50 100 150 200 250 300 350 400 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 New Production(1) by Rate Type ($mm) Fixed Hybrid Variable WA Rate Fixed (WA Rate: 4.92%) 20% Variable (WA Rate: 8.46%) 41% Hybrid (WA Rate: 5.01%) 39% HFI Loans Interest Rate Mix 24% 24% 23% 23% 23% 22% 21% 20% 37% 38% 39% 39% 39% 39% 39% 39% 39% 38% 38% 38% 38% 39% 40% 41% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 HFI Loans Interest Rate Mix Trend Fixed Hybrid Variable March 31, 2024 HFI Loans WA Rate 6.42% Repricing Schedule (03/31/24) HFI Loans HFS Loans Total Loans ($ in thousands) Carrying Value WA Rate Carrying Value WA Rate Carrying Value WA Rate Less Than 3 Months $ 917,575 8.61% $ 3,256 10.12% $ 920,831 8.61% 3 to 12 Months 169,983 5.48% 0 169,983 5.48% 1 to 3 Years 595,143 4.25% 0 595,143 4.25% 3 to 5 Years 625,081 5.78% 0 625,081 5.78% More than 5 Years 90,182 4.79% 0 90,182 4.79% Total $ 2,397,964 6.42% $ 3,256 10.12% $ 2,401,220 6.43% Loan Yield Analysis 1Q24 ($ in thousands) Amount(2) Yield(3) Average Carrying Value $ 2,370,027 Interest on Loans $ 38,344 6.51% Fee (Cost) 291 0.05% Prepayment Penalty & Late Charges 43 0.01% Discount (Premium) 573 0.10% Total Interest & Fees $ 39,251 6.66%

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%) $ 365,545 22.6% 311 48.4% 6.27% $ 29,637 $ 106,040 $ 91,222 $ 138,646 Industrial 272,424 16.9% 162 49.3% 5.92% 53,127 53,609 80,479 85,209 Mixed Use 160,208 9.9% 146 44.7% 5.79% 24,939 40,779 61,883 32,607 Hotel & Motel 136,479 8.5% 109 48.9% 7.35% 2,217 7,597 49,716 76,949 Apartments 112,602 7.0% 55 53.5% 4.92% 6,023 17,304 56,322 32,953 Gas Station 102,716 6.4% 121 53.2% 6.59% 3,712 14,522 19,046 65,436 Office 99,736 6.2% 54 54.0% 6.08% 4,544 19,643 35,840 39,709 Medical 60,075 3.7% 30 41.5% 7.65% 10,679 8,337 28,925 12,134 Auto (Sales, Repair & etc.) 38,336 2.4% 33 53.6% 5.51% 3,754 6,897 21,960 5,725 Golf Course 36,313 2.2% 8 48.9% 5.05% - 19,216 9,324 7,773 Car Wash 35,457 2.2% 30 50.1% 5.94% 4,262 13,846 2,964 14,385 Spa, Sauna, & Other Self-care 31,006 1.9% 7 50.0% 5.15% 13,166 0 8,783 9,057 Commercial Condominium 30,553 1.9% 39 49.0% 5.80% 2,682 7,106 6,602 14,163 Construction 29,212 1.8% 9 50.1% 9.56% 29,212 0 0 0 Wholesale 19,720 1.2% 14 42.2% 5.42% 2,337 4,070 3,869 9,444 Church 12,577 0.8% 17 35.7% 5.64% 861 3,062 3,426 5,228 Others 71,198 4.4% 74 54.8% 6.69% 10,915 7,212 30,293 22,778 Total $ 1,614,157 100.0% 1,219 49.3% 6.20% $ 202,067 $ 329,240 $ 510,654 $ 572,196 9 Loan Concentration (1) Collateral value at origination Los Angeles County 63% Orange County 8% San Bernardino County… Riverside County 3% Other Califronia Counties 2% NY/NJ 7% Texas 6% Washington 3% Nevada 1% Other States 3% Commercial Real Estate Loans Geographic Concentration (3/31/24) $1.61B CA: $1.28B (80%) Commercial Real Estate Loans by Property Type (3/31/24) ($ in thousands) Carrying Value WA LTV(1) WA FICO Residential Mortgage $ 389,888 59.3% 759 Residential Mortgage Loans (3/31/24)

10 Loan Concentration Carrying Value % to Total WA Rate WA Month to Maturity($ in thousands) Finance & Insurance $ 89,893 24.1% 7.62% 6 Real Estate Related 64,356 17.3% 8.36% 16 General Manufacturing & Wholesale Trade 73,444 19.7% 8.38% 15 Retail Trade 38,379 10.3% 9.04% 47 Food Services 32,195 8.7% 9.29% 65 Entertainment & Recreation 24,683 6.6% 8.69% 27 Professional, Scientific, & Technical Services 15,511 4.2% 8.60% 21 Health Care & Social Assistance 8,004 2.2% 8.93% 43 Other Services 6,677 1.8% 8.97% 50 Transportation & Warehousing 3,559 1.0% 8.93% 14 All Other 15,233 4.1% 8.37% 21 Total $ 371,934 100.0% 8.40% 23 Los Angeles County 50% Northern CA Counties 12% Orange County 10% San Bernardino County 2% Other Socal Counties 4% NY/NJ 7% Georgia 7% Texas 3% Maryland 1% Other States 4% Commercial & Industrial Loans Geographic Concentration (3/31/24) Commercial & Industrial Loans by Industry Type (3/31/24) $372MM CA: $292MM (79%)

11 Credit Quality & Peer(1) Comparison $2.0 $7.4 $7.4 $3.0 $3.8 $3.7 $6.5 $4.5 0 1 2 3 4 5 6 7 8 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Non-Performing Assets (“NPAs”) ($mm) 0.09% 0.32% 0.30% 0.12% 0.15% 0.15% 0.23% 0.17% 0% 0% 0% 0% 0% 0% 0% 0% Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 NPAs to Total Assets 1.15% 1.21% 1.22% 1.18% 1.17% 1.18% 1.19% 1.18% 1% 1% 1% 1% 1% 1% 1% 1% Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 ACL on Loans to HFI Loans 1723% 321% 742% 834% 647% 686% 703% 574% 0 2 4 6 8 10 12 14 16 18 20 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 ACL on Loans to Non-Performing HFI Loans 0.59% 0.56% 0.45% 0.43% 0.29% 0.25% 0.21% 0.10% 0.09% 0% 0% 0% 0% 0% 1% 1% 1% Shinhan Open Peer Hope Woori Hanmi PCB USM CBB NPAs / (Total Loans + OREO)(2) March 31, 2024 Peer Information: December 31, 2023 0.75% 0.63% 0.56% 0.42% 0.27% 0% 0% 0% 0% 0% 1% 1% 1% 1% Hope CBB Open Hanmi PCB Classified Assets to Total Assets(4) March 31, 2024 Peer Information: December 31, 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. $989 $810 $735 $654 $635 $611 $595 $538 $492 $553 $515 $460 $489 $459 $421 $484 $422 $476 $649 $811 $844 $861 $972 $1,021 $95 $139 $147 $217 $220 $261 $364 $360 $1,998 $1,978 $2,046 $2,142 $2,188 $2,192 $2,352 $2,403 0 500 1,000 1,500 2,000 2,500 3,000 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Deposit Trend ($mm) Noninterest DDA Retail Other Interest-Bearing Retail Time Deposits Wholesale Deposits Noninterest DDA 22% Retail Other Interest-Bearing 20% Retail Time Deposits 43% Whoelsae Deposits 15% Deposit Composition $2.40B $1,717 $1,600 $1,545 $1,470 $1,516 $1,476 $1,472 $1,494 86% 81% 76% 69% 69% 67% 63% 62% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $500 $700 $900 $1,100 $1,300 $1,500 $1,700 $1,900 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Core Deposits(1) ($mm) Core Deposits % to Total Deposits Time Deposit Maturity Schedule (3/31/24) Retail Wholesale Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 217,695 4.85% $ 196,821 5.32% $ 414,516 5.07% 3 to 6 Months 127,389 4.81% 137,954 5.28% 265,343 5.05% 6 to 9 Months 342,001 5.27% 25,000 5.50% 367,001 5.28% 9 to 12 Months 330,862 5.02% 0 330,862 5.02% More than 12 Months 3,130 3.73% 0 3,130 3.73% Total $ 1,021,077 5.03% $ 359,775 5.32% $ 1,380,852 5.11% YoY +12.2% 1Q24 Highlight • Total deposits increased $51.2 million (2.2%) • Retail deposits increased $55.2 million (2.8%), but wholesale deposits decreased $4.0 (1.1%) • Uninsured deposits were $1.02 billion (42.4% of total deposits) compared to $947.3 million (40.3% of total deposits) at 12/31/23 March 31, 2024

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. $9.1 $7.0 $8.7 $10.3 $7.5 $7.0 $5.9 $4.7 $12.8 $13.5 $13.5 $11.7 $10.7 $10.7 $10.0 $7.6 -1 1 3 5 7 9 11 13 15 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Net Income PTPP Net Income & PTPP(1) Income ($mm) $0.60 $0.46 $0.58 $0.70 $0.52 $0.49 $0.41 $0.33 $0.84 $0.89 $0.91 $0.80 $0.75 $0.74 $0.69 $0.53 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Diluted EPS Adjusted Diluted EPS Diluted EPS & Adjusted Diluted EPS(1) 1.65% 1.19% 1.44% 1.69% 1.19% 1.09% 0.89% 0.67% 2.32% 2.31% 2.24% 1.92% 1.71% 1.66% 1.50% 1.09% 0% 1% 1% 2% 2% 3% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 ROAA Adjusted ROAA ROAA & Adjusted ROAA(1) 12.48% 8.16% 10.31% 12.46% 8.82% 8.12% 6.82% 5.39% 17.51% 15.84% 16.04% 14.13% 12.68% 12.42% 11.49% 8.73% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 ROAE Adjusted ROAE ROAE & Adjusted ROAE(1) 1Q24 Highlights • Noninterest expense increased $1.9 million, but net interest income decreased $925 thousand.

14 Noninterest Income & Expense $38.4 $27.3 $17.4 $27.1 $16.8 $17.7 $20.8 $19.4 $42.7 $46.1 $22.3 $22.5 $19.2 $16.2 $25.1 $20.6 6.8% 7.5% 6.3% 7.5% 7.2% 6.3% 6.0% 8.2% 5.3% 5.2% 4.4% 4.8% 4.6% 3.9% 3.9% 5.6% -8% -3% 2% 7% 12% 0 20 40 60 80 100 120 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 SBA 7(A) Loans ($mm) Sold Production Premium % Gain % $8.1 $8.5 $7.9 $8.9 $8.7 $8.6 $8.4 $9.2 $4.1 $5.2 $5.2 $4.8 $4.9 $5.6 $6.1 $7.2 2.22% 2.36% 2.19% 2.23% 2.16% 2.22% 2.19% 2.33% 0% 1% 1% 2% 2% 3% 0 2 4 6 8 10 12 14 16 18 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Noninterest Expense Trend ($mm) Compensation All Other Expenses % to Average Total Assets 49.0% 50.4% 49.2% 54.1% 55.9% 56.9% 59.2% 68.3% 60.5% 59.2% 62.1% 61.0% 61.6% 62.1% 62.8% 0% 10% 20% 30% 40% 50% 60% 70% 80% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Efficiency Ratio (2) PCB Peer Average 271 274 272 276 272 272 270 272 267 268 269 270 271 272 273 274 275 276 277 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 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) $1.6 $1.8 $1.6 $1.7 $1.9 $1.8 $1.7 $1.1 $2.0 $1.4 $0.8 $1.3 $0.8 $0.7 $0.8 $1.8 56% 45% 32% 43% 29% 28% 32% 37% -40% -20% 0% 20% 40% 60% 80% 0 1 1 2 2 3 3 4 4 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Noninterest Income Trend ($mm) All Other Income Gain on Sale of Loans % of Gain on Sale of Loans

15 Net Interest Margin (1) Annualized 4.72% 5.17% 5.70% 6.11% 6.30% 6.43% 6.58% 6.66% 4.01% 4.25% 4.15% 3.79% 3.55% 3.57% 3.40% 3.10% 0.43% 0.98% 2.28% 3.45% 3.97% 4.17% 4.52% 4.85% 0.23% 0.57% 1.42% 2.33% 2.81% 2.97% 3.36% 3.76% 0.77% 2.19% 3.65% 4.52% 4.99% 5.26% 5.33% 5.33% -1% 0% 1% 2% 3% 4% 5% 6% 7% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Yield & Cost(1) Loan Yield Net Interest Margin Cost of Interest-Bearing Liabilities Cost of Funds Average Fed Funds Rate 3.40% 3.10% +0.12% +0.03% -0.47% +0.02% 2.50% 2.70% 2.90% 3.10% 3.30% 3.50% 3.70% 4Q23 Loan Yield Other Earning Assets Yield Int-Bearing Liabilities Cost Balance Sheet Mix 1Q24 Quarter-over-Quarter Impact to Net Interest Margin(1) 1Q24 Highlights • Net interest income decreased $925 thousand to $21.0 million from $21.9 million for 4Q23. • Net interest margin decreased to 3.10% from 3.40% for 4Q23 mainly due to an increase in cost of average interest-bearing liabilities, partially offset by an increase in yield on average interest- earning assets.

16 Capital 12.44% 14.37% 15.59% 14.37% 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 $22.36 $22.40 $22.94 $23.56 $23.77 $23.87 $24.46 $24.54 $17.73 $17.75 $18.21 $18.72 $18.94 $19.05 $19.62 $19.69 $12 $14 $16 $18 $20 $22 $24 $26 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Book Value/TCE(1) Per Share BV Per Share TCE Per Share March 31, 2024 14.26% 14.30% 13.86% 13.47% 13.32% 13.31% 12.51% 12.26% 11.31% 11.33% 11.00% 10.71% 10.61% 10.62% 10.03% 9.84% 8% 9% 10% 11% 12% 13% 14% 15% Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 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) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Total Deposits (d) $ 1,997,607 $ 1,978,098 $ 2,045,983 $ 2,141,689 $ 2,188,231 $ 2,192,1291 $ 2,351,612 $ 2,402,840 Less: Time Deposits Greater Than $250K (246,024) (299,271) (413,876) (514,464) (511,590) (514,406) (575,702) (609,550) Less: Brokered Deposits (35,001) (79,131) (87,031) (157,020) (160,149) (201,258) (303,742) (299,776) Core Deposits (e) $ 1,716,582 $ 1,599,696 $ 1,545,076 $ 1,470,205 $ 1,516,492 $ 1,476,465 $ 1,472,168 $ 1,493,514 Core Deposits to Total Deposits (e)/(d) 85.9% 80.9% 75.5% 68.6% 69.3% 67.4% 62.6% 62.2% The following table reconciles ROATCE to its most comparable GAAP measure: ($ in thousands) 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Average Total Shareholders' Equity (a) $ 292,135 $ 338,248 $ 334,832 $ 335,169 $ 339,869 $ 343,144 $ 343,735 $ 349,644 Less: Average Preferred Stock 28,872 69,141 69,141 69,141 69,141 69,141 69,141 69,141 Average TCE (Non-GAAP) (b) $ 263,263 $ 269,107 $ 265,691 $ 266,028 $ 270,728 $ 274,003 $ 274,594 $ 280,503 Net Income (c) $ 9,092 $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 ROAE (1) (c)/(a) 12.48% 8.16% 10.31% 12.46% 8.82% 8.12% 6.82% 5.32% ROATCE (Non-GAAP)(1) (c)/(b) 13.85% 10.25% 12.99% 15.70% 11.08% 10.17% 8.54% 6.63% 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-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Total Shareholders' Equity (a) $ 334,375 $ 332,719 $ 335,442 $ 336,830 $ 340,411 $ 341,852 $ 348,872 $ 350,005 Less: Preferred Stock 69,141 69,141 69,141 69,141 69,141 69,141 69,141 69,141 TCE (Non-GAAP) (b) $ 265,234 $ 263,578 $ 266,301 $ 267,689 $ 271,270 $ 272,711 $ 279,731 $ 280,864 Outstanding Shares (c) 14,956,760 14,853,140 14,625,474 14,297,870 14,318,890 14,319,014 14,260,440 14,263,791 Book Value Per Share (a)/(c) $ 22.36 $ 22.40 $ 22.94 $ 23.56 $ 23.77 $ 23.87 $ 24.46 $ 24.54 TCE Per Share (Non-GAAP) (b)/(c) $ 17.73 $ 17.75 $ 18.21 $ 18.72 $ 18.94 $ 19.05 $ 19.62 $ 19.69 Total Assets (d) $ 2,344,560 $ 2,327,051 $ 2,420,036 $ 2,500,524 $ 2,556,345 $ 2,567,974 $ 2,789,506 $ 2,854,292 Total Shareholders’ Equity to Total Assets (a)/(d) 14.26% 14.30% 13.86% 13.47% 13.32% 13.31% 12.51% 12.26% TCE to Total Assets (Non-GAAP) (b)/(d) 11.31% 11.33% 11.00% 10.71% 10.61% 10.62% 10.03% 9.84% (1) Annualized

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) 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Net Income (a) $ 9,092 $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 Add: Provision (Reversal) for Credit Losses(1) (109) 3,753 1,149 (2,778) 197 751 1,698 1,090 Add: Income Tax Provision 3,771 2,798 3,688 4,162 3,073 2,970 2,352 1,817 PTPP Income (Non-GAAP) (b) $ 12,754 $ 13,504 $ 13,539 $ 11,681 $ 10,747 $ 10,744 $ 9,958 $ 7,592 Average Total Assets (c) $ 2,208,059 $ 2,319,439 $ 2,395,712 $ 2,470,876 $ 2,520,752 $ 2,563,233 $ 2,642,175 $ 2,809,808 ROAA (2) (a)/(c) 1.65% 1.19% 1.44% 1.69% 1.19% 1.09% 0.89% 0.67% Adjusted ROAA (Non-GAAP)(2) (b)/(c) 2.32% 2.31% 2.24% 1.92% 1.71% 1.66% 1.50% 1.09% Average Total Shareholders' Equity (d) $ 292,135 $ 338,248 $ 334,832 $ 335,169 $ 339,869 $ 343,144 $ 343,735 $ 349,644 ROAE (2) (a)/(d) 12.48% 8.16% 10.31% 12.46% 8.82% 8.12% 6.82% 5.39% Adjusted ROAE (Non-GAAP)(2) (b)/(d) 17.51% 15.84% 16.04% 14.13% 12.68% 12.42% 11.49% 8.73% Net Income $ 9,092 $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 Less: Income Allocated to Participating Securities (42) (30) (37) (33) (24) (21) (17) (9) Net Income Allocated to Common Stock (e) 9,050 6,923 8,665 10,264 7,453 7,002 5,891 4,676 Add: Provision for Loan Losses (109) 3,753 1,149 (2,778) 197 751 1,698 1,090 Add: Income Tax Provision 3,771 2,798 3,688 4,162 3,073 2,970 2,352 1,817 PTPP Income Allocated to Common Stock (f) $ 12,712 $ 13,474 $ 13,502 $ 11,648 $ 10,723 $ 10,723 $ 9,941 $ 7,583 WA common shares outstanding, diluted (g) 15,122,452 15,088,089 14,904,106 14,574,929 14,356,776 14,396,216 14,316,581 14,330,204 Diluted EPS (e)/(g) $ 0.60 $ 0.46 $ 0.58 $ 0.70 $ 0.52 $ 0.49 $ 0.41 $ 0.33 Adjusted Diluted EPS (Non-GAAP) (f)/(g) $ 0.84 $ 0.89 $ 0.91 $ 0.80 $ 0.75 $ 0.74 $ 0.69 $ 0.53 ($ in thousands) 2019 2020 2021 2022 2023 Net Income $ 24,108 $ 16,175 $ 40,103 $ 34,987 $ 30,705 Add: Provision (Reversal) for Credit Losses(1) 4,237 13,219 (4,596) 3,602 (132) Add: Income Tax Provision 10,243 6,836 16,856 14,416 12,557 PTPP Income (Non-GAAP) $ 38,588 $ 36,230 $ 52,363 $ 53,005 $ 43,130

EX-99.3 4 pcbpr20240425dividends.htm EX-99.3 Document

Exhibit 99.3

PCB Bancorp Declares Quarterly Cash Dividend of $0.18 Per Common Share

Los Angeles, California - April 25, 2024 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank, announced that on April 25, 2024, its Board of Directors declared a quarterly cash dividend of $0.18 per common share. The dividend will be paid on or about May 17, 2024, to shareholders of record as of the close of business on May 10, 2024.

About PCB Bancorp

Contact:

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000