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): January 30, 2025

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 January 30, 2025, PCB Bancorp, a California corporation (the “Company”), issued a press release concerning its unaudited results for the fourth 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.

Common Stock Dividend

On January 30, 2025, the Company issued a press release announcing that on January 29, 2025, its Board of Directors declared a quarterly cash dividend of $0.20 per common share. The dividend will be paid on or about February 21, 2025, to shareholders of record as of the close of business on February 14, 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.

99.1 Press release of PCB Bancorp, issued January 30, 2025 , concerning the results of operations and financial condition for the fourth quarter of 2024

99.2 Investor presentation of PCB Bancorp concerning the unaudited results for the fourth quarter of 2024

99.3 Press release of PCB Bancorp, issued January 30, 2025 , 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:	January 30, 2025	/s/ Timothy Chang
		Timothy Chang
		Executive Vice President and Chief Financial Officer

EX-99.1 2 pcbpr20250130earnings.htm EX-99.1 Document

Exhibit 99.1

PCB Bancorp Reports Earnings for Q4 2024 and Full Year 2024

Los Angeles, California - January 30, 2025 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income available to common shareholders of $6.7 million, or $0.46 per diluted common share, for the fourth quarter of 2024, compared with $7.5 million, or $0.52 per diluted common share, for the previous quarter and $5.9 million, or $0.41 per diluted common share, for the year-ago quarter. For 2024, net income available to common shareholders was $25.0 million, or $1.74 per diluted common share, compared with $30.7 million, or $2.12 per diluted common share, for the previous year.

Q4 2024 and Full Year Highlights

•Net income available to common shareholders totaled $6.7 million, or $0.46 per diluted common share, for the current quarter and $25.0 million, or $1.74 per diluted common share, for the current year;

•Provision for credit losses was $2.0 million for the current quarter compared with $50 thousand for the previous quarter and $1.7 million for the year-ago quarter. For the current year, provision (reversal) for credit losses was $3.4 million compared with $(132) thousand for the previous year;

•Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment ratio was 1.16% at December 31, 2024 compared with 1.17% at September 30, 2024 and 1.19% at December 31, 2023;

•Net interest income was $23.2 million for the current quarter compared with $22.7 million for the previous quarter and $21.9 million for the year-ago quarter. Net interest margin was 3.18% for the current quarter compared with 3.25% for the previous quarter and 3.40% for the year-ago quarter. For the current year, net interest income and net interest margin were $88.6 million and 3.17%, respectively, compared with $88.5 million and 3.57%, respectively, for the previous year;

•Gain on sale of loans was $1.2 million for the current quarter compared with $750 thousand for the previous quarter and $803 thousand for the year-ago quarter. For the current year, gain on sale of loans was $3.8 million compared with $3.6 million for the previous year;

•Total assets were $3.06 billion at December 31, 2024, an increase of $174.1 million, or 6.0%, from $2.89 billion at September 30, 2024 and an increase of $274.5 million, or 9.8%, from $2.79 billion at December 31, 2023;

•Loans held-for-investment were $2.63 billion at December 31, 2024, an increase of $163.2 million, or 6.6%, from $2.47 billion at September 30, 2024 and an increase of $305.9 million, or 13.2%, from $2.32 billion at December 31, 2023; and

•Total deposits were $2.62 billion at December 31, 2024, an increase of $156.1 million, or 6.3%, from $2.46 billion at September 30, 2024 and an increase of $264.2 million, or 11.2%, from $2.35 billion at December 31, 2023.

Henry Kim, President and CEO, commented, “Over the past few weeks, we are saddened by the unspeakable devastation caused by the wildfires in Southern California. We are currently in the process of determining the overall impact on our customers. Fortunately, our assessment of the current situation does not indicate any significant losses to any of our customers at this time.”

Mr. Kim continued, “Our strong fourth quarter results reflect strong loan growth combined with another solid credit metrics. Additionally, we successfully maintained an efficiency ratio of 53% for the quarter that was primarily driven by our bank-wide cost saving measures and ongoing branch network optimizations.”

“During the past couple of years, we made significant steps in strengthening our balance sheet and core earnings capacity. As we look ahead in 2025 and beyond, we believe we are well positioned to generate further growth in balance sheet, continue to operate efficiently while expanding our branch network, and expand profitability to create ongoing value for our shareholders.”

Financial Highlights (Unaudited)


($ in thousands, except per share data)	Three Months Ended													Year Ended
	12/31/2024			9/30/2024			% Change		12/31/2023			% Change		12/31/2024			12/31/2023			% Change
Net income	$	7,030		$	7,814		(10.0)	%	$	5,908		19.0	%	$	25,810		$	30,705		(15.9)	%
Net income available to common shareholders	$	6,684		$	7,468		(10.5)	%	$	5,908		13.1	%	$	24,976		$	30,705		(18.7)	%
Diluted earnings per common share	$	0.46		$	0.52		(11.5)	%	$	0.41		12.2	%	$	1.74		$	2.12		(17.9)	%

Net interest income	$	23,164		$	22,719		2.0	%	$	21,924		5.7	%	$	88,617		$	88,504		0.1	%
Provision (reversal) for credit losses	2,002			50			3,904.0	%	1,698			17.9	%	3,401			(132)			NM
Noninterest income	3,043			2,620			16.1	%	2,503			21.6	%	11,093			10,683			3.8	%
Noninterest expense	13,894			14,602			(4.8)	%	14,469			(4.0)	%	60,023			56,057			7.1	%

Return on average assets (1)	0.94		%	1.08		%			0.89		%			0.90		%	1.20		%
Return on average shareholders’ equity (1)	7.69		%	8.70		%			6.82		%			7.26		%	9.02		%
Return on average tangible common equity (“TCE”) (1),(2)	9.02		%	10.31		%			8.54		%			8.72		%	11.31		%
Net interest margin (1)	3.18		%	3.25		%			3.40		%			3.17		%	3.57		%
Efficiency ratio (3)	53.02		%	57.63		%			59.23		%			60.20		%	56.52		%


($ in thousands, except per share data)	12/31/2024			9/30/2024			% Change		12/31/2023			% Change
Total assets	$	3,063,971		$	2,889,833		6.0	%	$	2,789,506		9.8	%
Net loans held-for-investment	2,598,759			2,437,244			6.6	%	2,295,919			13.2	%
Total deposits	2,615,791			2,459,682			6.3	%	2,351,612			11.2	%
Book value per common share (4)	$	25.30		$	25.39				$	24.46
TCE per common share (2)	$	20.49		$	20.55				$	19.62
Tier 1 leverage ratio (consolidated)	12.45		%	12.79		%			13.43		%
Total shareholders’ equity to total assets	11.87		%	12.54		%			12.51		%
TCE to total assets (2), (5)	9.62		%	10.14		%			10.03		%

(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													Year Ended
($ in thousands)	12/31/2024			9/30/2024			% Change		12/31/2023			% Change		12/31/2024			12/31/2023			% Change
Interest income/expense on
Loans	$	42,309		$	42,115		0.5	%	$	37,189		13.8	%	$	164,301		$	136,029		20.8	%
Investment securities	1,388			1,384			0.3	%	1,271			9.2	%	5,328			4,679			13.9	%
Other interest-earning assets	2,622			2,499			4.9	%	2,491			5.3	%	11,188			10,469			6.9	%
Total interest-earning assets	46,319			45,998			0.7	%	40,951			13.1	%	180,817			151,177			19.6	%
Interest-bearing deposits	22,927			23,057			(0.6)	%	18,728			22.4	%	90,487			62,165			45.6	%
Borrowings	228			222			2.7	%	299			(23.7)	%	1,713			508			237.2	%
Total interest-bearing liabilities	23,155			23,279			(0.5)	%	19,027			21.7	%	92,200			62,673			47.1	%
Net interest income	$	23,164		$	22,719		2.0	%	$	21,924		5.7	%	$	88,617		$	88,504		0.1	%
Average balance of
Loans	$	2,538,310		$	2,456,015		3.4	%	$	2,242,457		13.2	%	$	2,445,080		$	2,137,851		14.4	%
Investment securities	147,943			147,528			0.3	%	139,227			6.3	%	144,455			140,596			2.7	%
Other interest-earning assets	207,234			175,711			17.9	%	175,336			18.2	%	203,279			198,809			2.2	%
Total interest-earning assets	$	2,893,487		$	2,779,254		4.1	%	$	2,557,020		13.2	%	$	2,792,814		$	2,477,256		12.7	%
Interest-bearing deposits	$	1,986,901		$	1,893,006		5.0	%	$	1,650,132		20.4	%	$	1,892,944		$	1,538,234		23.1	%
Borrowings	17,946			15,848			13.2	%	21,000			(14.5)	%	31,033			9,192			237.6	%
Total interest-bearing liabilities	$	2,004,847		$	1,908,854		5.0	%	$	1,671,132		20.0	%	$	1,923,977		$	1,547,426		24.3	%
Total funding (1)	$	2,548,818		$	2,443,615		4.3	%	$	2,249,026		13.3	%	$	2,463,240		$	2,177,200		13.1	%
Annualized average yield/cost of
Loans	6.63		%	6.82		%			6.58		%			6.72		%	6.36		%
Investment securities	3.73		%	3.73		%			3.62		%			3.69		%	3.33		%
Other interest-earning assets	5.03		%	5.66		%			5.64		%			5.50		%	5.27		%
Total interest-earning assets	6.37		%	6.58		%			6.35		%			6.47		%	6.10		%
Interest-bearing deposits	4.59		%	4.85		%			4.50		%			4.78		%	4.04		%
Borrowings	5.05		%	5.57		%			5.65		%			5.52		%	5.53		%
Total interest-bearing liabilities	4.59		%	4.85		%			4.52		%			4.79		%	4.05		%
Net interest margin	3.18		%	3.25		%			3.40		%			3.17		%	3.57		%
Cost of total funding (1)	3.61		%	3.79		%			3.36		%			3.74		%	2.88		%
Supplementary information
Net accretion of discount on loans	$	645		$	773		(16.6)	%	$	806		(20.0)	%	$	2,782		$	3,003		(7.4)	%
Net amortization of deferred loan fees	$	295		$	246		19.9	%	$	449		(34.3)	%	$	1,214		$	1,097		10.7	%

(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 decrease in average yield for the current quarter compared with the previous quarter was primarily due to a decrease in market rates. The Federal Open Market Committee decreased the Fed Funds rate by 50 bps, 25bps, and 25bps on September 18, November 7, and December 18, 2024, respectively. The increase for the current year was primarily due to increases in average interest rates on loans and net amortization of deferred loan fees, partially offset by the decrease in market interest rates during the second half of 2024.

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:


	12/31/2024				9/30/2024				12/31/2023
	% to Total Loans		Weighted-Average Contractual Rate		% to Total Loans		Weighted-Average Contractual Rate			% to Total Loans		Weighted-Average Contractual Rate
Fixed rate loans	17.4	%	5.23	%	18.3	%	5.06	%		21.2	%	4.86	%
Hybrid rate loans	37.3	%	5.27	%	37.6	%	5.14	%		39.0	%	4.93	%
Variable rate loans	45.3	%	7.63	%	44.1	%	8.10	%		39.8	%	8.51	%

Investment Securities. The increases in average yield for the current quarter and year compared with the same periods of 2023 were primarily due to higher yields on newly purchased investment securities and a decrease in net amortization of premium.

Other Interest-Earning Assets. The decrease in average yield for the current quarter compared with the previous and year-ago quarters was 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. The increase for the current year was primarily due to increases in average interest rate on cash held at the FRB and dividends received on FHLB stock.

Interest-Bearing Deposits. The decrease in average cost for the current quarter compared with the previous was primarily due to a decrease in market rates. The increases in average cost for the current quarter and year compared with the same periods of 2023 were primarily due to increases in market rates throughout 2024.

Provision (Reversal) for Credit Losses

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


	Three Months Ended										Year Ended
($ in thousands)	12/31/2024		9/30/2024		% Change		12/31/2023		% Change		12/31/2024		12/31/2023		% Change
Provision for credit losses on loans	$	2,044	$	193	959.1	%	$	1,935	5.6	%	$	3,488	$	497	601.8	%
Reversal for credit losses on off-balance sheet credit exposure	(42)		(143)		(70.6)	%	(237)		(82.3)	%	(87)		(629)		(86.2)	%
Total provision (reversal) for credit losses	$	2,002	$	50	3,904.0	%	$	1,698	17.9	%	$	3,401	$	(132)	NM

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:


	Three Months Ended										Year Ended
($ in thousands)	12/31/2024		9/30/2024		% Change		12/31/2023		% Change		12/31/2024		12/31/2023		% Change
Gain on sale of loans	$	1,161	$	750	54.8	%	$	803	44.6	%	$	3,752	$	3,570	5.1	%

Service charges and fees on deposits	404		399		1.3	%	391		3.3	%	1,545		1,475		4.7	%
Loan servicing income	861		786		9.5	%	751		14.6	%	3,365		3,330		1.1	%
Bank-owned life insurance income	246		239		2.9	%	202		21.8	%	949		753		26.0	%
Other income	371		446		(16.8)	%	356		4.2	%	1,482		1,555		(4.7)	%
Total noninterest income	$	3,043	$	2,620	16.1	%	$	2,503	21.6	%	$	11,093	$	10,683	3.8	%

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


	Three Months Ended										Year Ended
($ in thousands)	12/31/2024		9/30/2024		% Change		12/31/2023		% Change		12/31/2024		12/31/2023		% Change
Gain on sale of SBA loans
Sold loan balance	$	24,518	$	13,506	81.5	%	$	20,751	18.2	%	$	71,057	$	82,343	(13.7)	%
Premium received	1,910		1,185		61.2	%	1,250		52.8	%	5,747		5,612		2.4	%
Gain recognized	1,161		750		54.8	%	803		44.6	%	3,752		3,570		5.1	%
Gain on sale of residential mortgage loans
Sold loan balance	$	—	$	676	(100.0)	%	$	—	—	%	$	676	$	—	NM
Gain recognized	—		—		—	%	—		—	%	—		—		—	%

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


	Three Months Ended										Year Ended
($ in thousands)	12/31/2024		9/30/2024		% Change		12/31/2023		% Change		12/31/2024		12/31/2023		% Change
Loan servicing income
Servicing income received	$	1,255	$	1,264	(0.7)	%	$	1,290	(2.7)	%	$	5,130	$	5,212	(1.6)	%
Servicing assets amortization	(394)		(478)		(17.6)	%	(539)		(26.9)	%	(1,765)		(1,882)		(6.2)	%
Loan servicing income	$	861	$	786	9.5	%	$	751	14.6	%	$	3,365	$	3,330	1.1	%
Underlying loans at end of period	$	523,797	$	527,062	(0.6)	%	$	532,231	(1.6)	%	$	523,797	$	532,231	(1.6)	%

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										Year Ended
($ in thousands)	12/31/2024		9/30/2024		% Change		12/31/2023		% Change		12/31/2024		12/31/2023		% Change
Salaries and employee benefits	$	8,417	$	8,801	(4.4)	%	$	8,397	0.2	%	$	35,661	$	34,572	3.1	%
Occupancy and equipment	2,198		2,261		(2.8)	%	2,145		2.5	%	9,117		7,924		15.1	%
Professional fees	752		599		25.5	%	898		(16.3)	%	3,408		3,087		10.4	%
Marketing and business promotion	582		667		(12.7)	%	772		(24.6)	%	1,886		2,327		(19.0)	%
Data processing	205		397		(48.4)	%	393		(47.8)	%	1,499		1,552		(3.4)	%
Director fees and expenses	227		226		0.4	%	207		9.7	%	906		756		19.8	%
Regulatory assessments	322		309		4.2	%	285		13.0	%	1,256		1,103		13.9	%
Other expense	1,191		1,342		(11.3)	%	1,372		(13.2)	%	6,290		4,736		32.8	%
Total noninterest expense	$	13,894	$	14,602	(4.8)	%	$	14,469	(4.0)	%	$	60,023	$	56,057	7.1	%

Salaries and Employee Benefits. The decrease for the current quarter compared with the previous quarter was primarily due to decreases in salaries and vacation accruals and an increase in direct loan origination cost, which offsets and defers the recognition of salaries and benefits expense. The increase for the current year was primarily due to increases in salaries, bonus accrual, and incentives tied to sales of SBA loans originated at loan production offices, partially offset by a decrease in vacation accrual. The number of full-time equivalent employees was 262, 264 and 270 as of December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

Occupancy and Equipment. The increases for the current quarter and year compared with the same periods of 2023 were primarily due to an expansion of headquarters location in the second half of 2023 and a relocation of a regional office and two branches into one location in Orange County, California in 2024.

Professional Fees. During the first half of 2024, the Company incurred additional professional fees related to a core system conversion, which was completed in April 2024.

Marketing and Business Promotion. The decrease for the current quarter compared with the previous and year-ago quarters were primarily due to a decrease in advertisements. The decrease for the current year compared to 2023 was primarily due to a higher, nonrecurring volume of advertisements in 2023 related to the Company’s 20th anniversary celebration.

Data processing. The decrease for the current quarter and year compared with the same periods of 2023 were primarily due to one-time new relationship credit from the core system conversion completed in April 2024.

Other Expense. The increase for the year 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 second quarter of 2024. The Company has retained a law firm specializing in SBA recovery and intends to seek that SBA reconsider its decision so that the Company may recoup all or part of the reimbursement.

Balance Sheet (Unaudited)

Total assets were $3.06 billion at December 31, 2024, an increase of $174.1 million, or 6.0%, from $2.89 billion at September 30, 2024 and an increase of $274.5 million, or 9.8%, from $2.79 billion at December 31, 2023. The increases for the current quarter and year were primarily due to increases in loans held-for-investment and deferred tax assets.

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)	12/31/2024		9/30/2024		% Change		12/31/2023		% Change
Commercial real estate:
Commercial property	$	940,931	$	874,824	7.6	%	$	855,270	10.0	%
Business property	595,547		579,461		2.8	%	558,772		6.6	%
Multifamily	194,220		185,485		4.7	%	132,500		46.6	%
Construction	21,854		21,150		3.3	%	24,843		(12.0)	%
Total commercial real estate	1,752,552		1,660,920		5.5	%	1,571,385		11.5	%
Commercial and industrial	472,763		407,024		16.2	%	342,002		38.2	%
Consumer:
Residential mortgage	392,456		383,377		2.4	%	389,420		0.8	%
Other consumer	11,616		14,853		(21.8)	%	20,645		(43.7)	%
Total consumer	404,072		398,230		1.5	%	410,065		(1.5)	%
Loans held-for-investment	2,629,387		2,466,174		6.6	%	2,323,452		13.2	%
Loans held-for-sale	6,292		5,170		21.7	%	5,155		22.1	%
Total loans	$	2,635,679	$	2,471,344	6.6	%	$	2,328,607	13.2	%

SBA loans included in:
Loans held-for-investment	$	146,940	$	142,819	2.9	%	$	145,603	0.9	%
Loans held-for-sale	$	6,292	$	5,170	21.7	%	$	5,155	22.1	%

The increase in loans held-for-investment for the current quarter was primarily due to new funding of term loans of $189.9 million and net increase of lines of credit of $57.6 million, partially offset by pay-downs and pay-offs of term loans of $83.8 million and charge-offs of $395 thousand. The increase for the current year was primarily due to new funding of term loans of $411.6 million and net increase of lines of credit of $163.6 million, partially offset by pay-downs and pay-offs of term loans of $267.8 million, charge-offs of $691 thousand, a loan transferred to loans held-for-sale of $676 thousand, and a loan transferred to OREO of $94 thousand.

The increase in loans held-for-sale for the current quarter was primarily due to new funding of $25.6 million, partially offset by sales of $24.5 million and pay-downs of $7 thousand. The increase for the current year was primarily due to new funding of $74.0 million and a loan transferred from loan held-for-investment of $676 thousand, partially offset by sales of $71.7 million and pay-downs of $1.8 million.

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


($ in thousands)	12/31/2024		9/30/2024		% Change		12/31/2023		% Change
Commercial property	$	8,888	$	3,291	170.1	%	$	11,634	(23.6)	%
Business property	11,058		12,441		(11.1)	%	9,899		11.7	%
Multifamily	—		—		—	%	1,800		(100.0)	%
Construction	14,423		17,810		(19.0)	%	23,739		(39.2)	%
Commercial and industrial	364,731		394,428		(7.5)	%	351,025		3.9	%
Other consumer	1,475		5,590		(73.6)	%	3,421		(56.9)	%
Total commitments to extend credit	400,575		433,560		(7.6)	%	401,518		(0.2)	%
Letters of credit	6,795		6,673		1.8	%	6,583		3.2	%
Total off-balance sheet credit exposure	$	407,370	$	440,233	(7.5)	%	$	408,101	(0.2)	%

Credit Quality

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


($ in thousands)	12/31/2024			9/30/2024			% Change		12/31/2023			% Change
Nonaccrual loans
Commercial real estate:
Commercial property	$	1,851		$	1,633		13.3	%	$	958		93.2	%
Business property	2,336			2,367			(1.3)	%	2,865			(18.5)	%
Multifamily	—			2,038			(100.0)	%	—			—	%

Total commercial real estate	4,187			6,038			(30.7)	%	3,823			9.5	%
Commercial and industrial	79			124			(36.3)	%	68			16.2	%
Consumer:
Residential mortgage	403			414			(2.7)	%	—			NM
Other consumer	24			38			(36.8)	%	25			(4.0)	%
Total consumer	427			452			(5.5)	%	25			1,608.0	%
Total nonaccrual loans held-for-investment	4,693			6,614			(29.0)	%	3,916			19.8	%
Loans past due 90 days or more and still accruing	—			—			—	%	—			—	%
Non-performing loans (“NPLs”)	4,693			6,614			(29.0)	%	3,916			19.8	%
NPLs held-for-sale	—			—			—	%	—			—	%
Total NPLs	4,693			6,614			(29.0)	%	3,916			19.8	%
Other real estate owned (“OREO”)	—			466			(100.0)	%	2,558			(100.0)	%
Non-performing assets (“NPAs”)	$	4,693		$	7,080		(33.7)	%	$	6,474		(27.5)	%
Loans past due and still accruing
Past due 30 to 59 days	$	4,599		$	2,973		54.7	%	$	1,394		229.9	%
Past due 60 to 89 days	303			21			1,342.9	%	34			791.2	%
Past due 90 days or more	—			—			—	%	—			—	%
Total loans past due and still accruing	$	4,902		$	2,994		63.7	%	$	1,428		243.3	%
Special mention loans	$	5,034		$	5,057		(0.5)	%	$	5,156		(2.4)	%
Classified assets
Classified loans held-for-investment	$	6,930		$	8,860		(21.8)	%	$	7,000		(1.0)	%
Classified loans held-for-sale	—			—			—	%	—			—	%
OREO	—			466			(100.0)	%	2,558			(100.0)	%
Classified assets	$	6,930		$	9,326		(25.7)	%	$	9,558		(27.5)	%
NPLs to loans held-for-investment	0.18		%	0.27		%			0.17		%
NPAs to total assets	0.15		%	0.24		%			0.23		%
Classified assets to total assets	0.23		%	0.32		%			0.34		%

Allowance for Credit Losses

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


	Three Months Ended													Year Ended
($ in thousands)	12/31/2024			9/30/2024			% Change		12/31/2023			% Change		12/31/2024			12/31/2023			% Change
ACL on loans
Balance at beginning of period	$	28,930		$	28,747		0.6	%	$	25,599		13.0	%	$	27,533		$	24,942		10.4	%
Impact of ASC 326 adoption	—			—			NM		—			NM		—			1,067			NM
Charge-offs	(395)			(111)			255.9	%	(13)			2,938.5	%	(691)			(132)			423.5	%
Recoveries	49			101			(51.5)	%	12			308.3	%	298			1,159			(74.3)	%
Provision for credit losses on loans	2,044			193			959.1	%	1,935			5.6	%	3,488			497			601.8	%
Balance at end of period	$	30,628		$	28,930		5.9	%	$	27,533		11.2	%	$	30,628		$	27,533		11.2	%
Percentage to loans held-for-investment at end of period	1.16		%	1.17		%			1.19		%			1.16		%	1.19		%
ACL on off-balance sheet credit exposure
Balance at beginning of period	$	1,232		$	1,375		(10.4)	%	$	1,514		(18.6)	%	$	1,277		$	299		327.1	%
Impact of ASC 326 adoption	—			—			NM		—			NM		—			1,607			NM
Reversal for credit losses on off-balance sheet credit exposure	(42)			(143)			(70.6)	%	(237)			(82.3)	%	(87)			(629)			(86.2)	%
Balance at end of period	$	1,190		$	1,232		(3.4)	%	$	1,277		(6.8)	%	$	1,190		$	1,277		(6.8)	%

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 reflected 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 $146.3 million at December 31, 2024, a decrease of $1.3 million, or 0.9%, from $147.6 million at September 30, 2024, but an increase of $3.0 million, or 2.1%, from $143.3 million at December 31, 2023. The decrease for the current quarter was primarily due to principal pay-downs of $5.9 million, net premium amortization of $36 thousand, and a fair value decrease of $4.1 million, partially offset by purchases of $8.7 million. The increase for the current year was primarily due to purchases of $23.5 million, partially offset by principal pay-downs of $19.8 million, net premium amortization of $159 thousand and a fair value decrease of $541 thousand.

Deposits

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


	12/31/2024				9/30/2024				12/31/2023
($ in thousands)	Amount		% to Total		Amount		% to Total			Amount		% to Total
Noninterest-bearing demand deposits	$	547,853	20.9	%	$	540,068	22.0	%		$	594,673	25.3	%
Interest-bearing deposits
Savings	5,765		0.2	%	5,718		0.2	%		6,846		0.3	%
NOW	13,761		0.5	%	15,873		0.6	%		16,825		0.7	%
Retail money market accounts	447,360		17.1	%	470,347		19.1	%		397,531		16.8	%
Brokered money market accounts	1		0.1	%	1		0.1	%		1		0.1	%
Retail time deposits of
$250,000 or less	493,644		18.9	%	492,430		20.0	%		456,293		19.4	%
More than $250,000	605,124		23.1	%	580,166		23.6	%		515,702		21.9	%

State and brokered time deposits	502,283		19.2	%	355,079		14.4	%		363,741		15.5	%
Total interest-bearing deposits	2,067,938		79.1	%	1,919,614		78.0	%		1,756,939		74.7	%
Total deposits	$	2,615,791	100.0	%	$	2,459,682	100.0	%		$	2,351,612	100.0	%

Estimated total deposits not covered by deposit insurance	$	1,036,451	39.6	%	$	1,042,366	42.4	%		$	954,591	40.6	%

Total retail deposits were $2.11 billion at December 31, 2024, an increase of $8.9 million, or 0.4%, from $2.10 billion at September 30, 2024 and an increase of $125.6 million, or 6.3%, from $1.99 billion at December 31, 2023.

The increase in retail time deposits for the current quarter was primarily due to new accounts of $94.7 million, renewals of the matured accounts of $338.2 million and balance increases of $15.7 million, partially offset by matured and closed accounts of $422.5 million. The increase for the current year was primarily due to new accounts of $367.4 million, renewals of the matured accounts of $898.6 million and balance increases of $44.1 million, partially offset by matured and closed accounts of $1.18 billion.

Liquidity

The following table presents a summary of the Company’s liquidity position as of the dates indicated:


($ in thousands)	12/31/2024			12/31/2023			% Change
Cash and cash equivalents	$	198,792		$	242,342		(18.0)	%
Cash and cash equivalents to total assets	6.5		%	8.7		%

Available borrowing capacity
FHLB advances	$	722,439		$	602,976		19.8	%
Federal Reserve Discount Window	586,525			528,893			10.9	%
Overnight federal funds lines	50,000			65,000			(23.1)	%
Total	$	1,358,964		$	1,196,869		13.5	%
Total available borrowing capacity to total assets	44.4		%	42.9		%

Shareholders’ Equity

Shareholders’ equity was $363.8 million at December 31, 2024, an increase of $1.5 million, or 0.4%, from $362.3 million at September 30, 2024 and an increase of $14.9 million, or 4.3%, from $348.9 million at December 31, 2023. The increase for the current quarter was primarily due to net income and proceeds from stock option exercises of $143 thousand, partially offset by an increase in accumulated other comprehensive loss of $2.9 million, cash dividends declared on common stock of $2.6 million and preferred stock dividends of $346 thousand. The increase for the current year was primarily due to net income and proceeds from stock option exercises of $353 thousand, partially offset by an increase in accumulated other comprehensive loss of $395 thousand, cash dividends declared on common stock of $10.3 million, preferred stock dividends of $834 thousand, and repurchase of common stock of $222 thousand.

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. 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 December 31, 2024, the Company is authorized to purchase 577,777 additional shares under its current stock repurchase program, which expires on August 2, 2025.

Series C Preferred Stock

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 bore no dividend for the first 24 months following the investment date. Thereafter, the dividend rate is determined quarterly 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 began paying quarterly dividends on the Series C Preferred Stock at an annualized dividend rate of 2% in the second quarter of 2024. The dividends totaled $346 thousand and $834 thousand for the current quarter and year, respectively.

Capital Ratios

Historically, the Company has operated under the Federal Reserve’s Small Bank Holding Company Policy Statement, which exempts bank holding companies with total consolidated assets of less than $3.0 billion from the Federal Reserve’s risk-based- and leverage consolidated capital requirements. Because the Company’s total consolidated assets exceeded $3.0 billion as December 31, 2024, the Company is now subject to the Federal Reserve’s consolidated capital requirements. A bank holding company that crosses the $3.0 billion total consolidated assets threshold as of June 30 of a particular year is no longer permitted to file Federal Reserve reports as a small holding company beginning the following March. If the Company’s total assets exceed $3.0 billion as of June 30, 2025, the Company will not be eligible to file financial reports with the Federal Reserve as a small bank holding company beginning in March 2026. The following table presents capital ratios for the Company and the Bank as of the dates indicated:


	12/31/2024		9/30/2024		12/31/2023		Well Capitalized Minimum Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)	11.44	%	11.92	%	12.23	%	N/A
Total capital (to risk-weighted assets)	15.24	%	15.88	%	16.39	%	N/A
Tier 1 capital (to risk-weighted assets)	14.04	%	14.68	%	15.16	%	N/A
Tier 1 capital (to average assets)	12.45	%	12.79	%	13.43	%	N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets)	13.72	%	14.33	%	14.85	%	6.5	%
Total capital (to risk-weighted assets)	14.92	%	15.54	%	16.07	%	10.0	%
Tier 1 capital (to risk-weighted assets)	13.72	%	14.33	%	14.85	%	8.0	%
Tier 1 capital (to average assets)	12.16	%	12.49	%	13.16	%	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 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, 2023 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)


	12/31/2024			9/30/2024			% Change		12/31/2023			% Change
Assets
Cash and due from banks	$	27,100		$	29,981		(9.6)	%	$	26,518		2.2	%
Interest-bearing deposits in other financial institutions	171,692			163,083			5.3	%	215,824			(20.4)	%
Total cash and cash equivalents	198,792			193,064			3.0	%	242,342			(18.0)	%
Securities available-for-sale, at fair value	146,349			147,635			(0.9)	%	143,323			2.1	%
Loans held-for-sale	6,292			5,170			21.7	%	5,155			22.1	%
Loans held-for-investment	2,629,387			2,466,174			6.6	%	2,323,452			13.2	%
Allowance for credit losses on loans	(30,628)			(28,930)			5.9	%	(27,533)			11.2	%
Net loans held-for-investment	2,598,759			2,437,244			6.6	%	2,295,919			13.2	%
Premises and equipment, net	8,280			8,414			(1.6)	%	5,999			38.0	%
Federal Home Loan Bank and other bank stock	14,042			14,042			—	%	12,716			10.4	%
Other real estate owned, net	—			466			(100.0)	%	2,558			(100.0)	%
Bank-owned life insurance	31,766			31,520			0.8	%	30,817			3.1	%
Deferred tax assets, net	7,249			—			NM		—			NM
Servicing assets	5,837			5,902			(1.1)	%	6,666			(12.4)	%
Operating lease assets	17,254			17,932			(3.8)	%	18,913			(8.8)	%
Accrued interest receivable	10,466			9,896			5.8	%	9,468			10.5	%
Other assets	18,885			18,548			1.8	%	15,630			20.8	%
Total assets	$	3,063,971		$	2,889,833		6.0	%	$	2,789,506		9.8	%
Liabilities
Deposits
Noninterest-bearing demand	$	547,853		$	540,068		1.4	%	$	594,673		(7.9)	%
Savings, NOW and money market accounts	466,887			491,939			(5.1)	%	421,203			10.8	%
Time deposits of $250,000 or less	935,927			787,509			18.8	%	760,034			23.1	%
Time deposits of more than $250,000	665,124			640,166			3.9	%	575,702			15.5	%
Total deposits	2,615,791			2,459,682			6.3	%	2,351,612			11.2	%
Other short-term borrowings	15,000			—			NM		—			NM
Federal Home Loan Bank advances	—			—			—	%	39,000			(100.0)	%
Deferred tax liabilities, net	—			1,168			(100.0)	%	876			(100.0)	%
Operating lease liabilities	18,671			19,301			(3.3)	%	20,137			(7.3)	%
Accrued interest payable and other liabilities	50,695			47,382			7.0	%	29,009			74.8	%
Total liabilities	2,700,157			2,527,533			6.8	%	2,440,634			10.6	%
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock	69,141			69,141			—	%	69,141			—	%
Common stock	143,195			142,926			0.2	%	142,563			0.4	%
Retained earnings	160,797			156,680			2.6	%	146,092			10.1	%
Accumulated other comprehensive loss, net	(9,319)			(6,447)			44.5	%	(8,924)			4.4	%
Total shareholders’ equity	363,814			362,300			0.4	%	348,872			4.3	%
Total liabilities and shareholders’ equity	$	3,063,971		$	2,889,833		6.0	%	$	2,789,506		9.8	%

Outstanding common shares	14,380,651			14,266,725					14,260,440
Book value per common share (1)	$	25.30		$	25.39				$	24.46
TCE per common share (2)	$	20.49		$	20.55				$	19.62
Total loan to total deposit ratio	100.76		%	100.47		%			99.02		%
Noninterest-bearing deposits to total deposits	20.94		%	21.96		%			25.29		%

(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													Year Ended
	12/31/2024			9/30/2024			% Change		12/31/2023			% Change		12/31/2024			12/31/2023			% Change
Interest and dividend income
Loans, including fees	$	42,309		$	42,115		0.5	%	$	37,189		13.8	%	$	164,301		$	136,029		20.8	%
Investment securities	1,388			1,384			0.3	%	1,271			9.2	%	5,328			4,679			13.9	%
Other interest-earning assets	2,622			2,499			4.9	%	2,491			5.3	%	11,188			10,469			6.9	%
Total interest income	46,319			45,998			0.7	%	40,951			13.1	%	180,817			151,177			19.6	%
Interest expense
Deposits	22,927			23,057			(0.6)	%	18,728			22.4	%	90,487			62,165			45.6	%
Other borrowings	228			222			2.7	%	299			(23.7)	%	1,713			508			237.2	%
Total interest expense	23,155			23,279			(0.5)	%	19,027			21.7	%	92,200			62,673			47.1	%
Net interest income	23,164			22,719			2.0	%	21,924			5.7	%	88,617			88,504			0.1	%
Provision (reversal) for credit losses	2,002			50			3,904.0	%	1,698			17.9	%	3,401			(132)			NM
Net interest income after provision (reversal) for credit losses	21,162			22,669			(6.6)	%	20,226			4.6	%	85,216			88,636			(3.9)	%
Noninterest income
Gain on sale of loans	1,161			750			54.8	%	803			44.6	%	3,752			3,570			5.1	%

Service charges and fees on deposits	404			399			1.3	%	391			3.3	%	1,545			1,475			4.7	%
Loan servicing income	861			786			9.5	%	751			14.6	%	3,365			3,330			1.1	%
Bank-owned life insurance income	246			239			2.9	%	202			21.8	%	949			753			26.0	%
Other income	371			446			(16.8)	%	356			4.2	%	1,482			1,555			(4.7)	%
Total noninterest income	3,043			2,620			16.1	%	2,503			21.6	%	11,093			10,683			3.8	%
Noninterest expense
Salaries and employee benefits	8,417			8,801			(4.4)	%	8,397			0.2	%	35,661			34,572			3.1	%
Occupancy and equipment	2,198			2,261			(2.8)	%	2,145			2.5	%	9,117			7,924			15.1	%
Professional fees	752			599			25.5	%	898			(16.3)	%	3,408			3,087			10.4	%
Marketing and business promotion	582			667			(12.7)	%	772			(24.6)	%	1,886			2,327			(19.0)	%
Data processing	205			397			(48.4)	%	393			(47.8)	%	1,499			1,552			(3.4)	%
Director fees and expenses	227			226			0.4	%	207			9.7	%	906			756			19.8	%
Regulatory assessments	322			309			4.2	%	285			13.0	%	1,256			1,103			13.9	%
Other expense	1,191			1,342			(11.3)	%	1,372			(13.2)	%	6,290			4,736			32.8	%
Total noninterest expense	13,894			14,602			(4.8)	%	14,469			(4.0)	%	60,023			56,057			7.1	%
Income before income taxes	10,311			10,687			(3.5)	%	8,260			24.8	%	36,286			43,262			(16.1)	%
Income tax expense	3,281			2,873			14.2	%	2,352			39.5	%	10,476			12,557			(16.6)	%
Net income	7,030			7,814			(10.0)	%	5,908			19.0	%	25,810			30,705			(15.9)	%
Preferred stock dividends	346			346			—	%	—			NM		834			—			NM
Net income available to common shareholders	$	6,684		$	7,468		(10.5)	%	$	5,908		13.1	%	$	24,976		$	30,705		(18.7)	%

Earnings per common share
Basic	$	0.47		$	0.52				$	0.41				$	1.75		$	2.14
Diluted	$	0.46		$	0.52				$	0.41				$	1.74		$	2.12
Average common shares
Basic	14,254,584			14,241,014					14,223,831					14,242,057			14,301,691
Diluted	14,406,756			14,356,384					14,316,581					14,342,361			14,417,938

Dividend paid per common share	$	0.18		$	0.18				$	0.18				$	0.72		$	0.69
Return on average assets (1)	0.94		%	1.08		%			0.89		%			0.90		%	1.20		%
Return on average shareholders’ equity (1)	7.69		%	8.70		%			6.82		%			7.26		%	9.02		%
Return on average TCE (1), (2)	9.02		%	10.31		%			8.54		%			8.72		%	11.31		%
Efficiency ratio (3)	53.02		%	57.63		%			59.23		%			60.20		%	56.52		%

(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
	12/31/2024						9/30/2024						12/31/2023
	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)	$	2,538,310	$	42,309	6.63	%	$	2,456,015	$	42,115	6.82	%	$	2,242,457	$	37,189	6.58	%
Mortgage-backed securities	113,231		1,030		3.62	%	111,350		1,000		3.57	%	100,500		855		3.38	%
Collateralized mortgage obligation	21,819		228		4.16	%	22,661		244		4.28	%	23,970		259		4.29	%
SBA loan pool securities	6,253		62		3.94	%	6,571		69		4.18	%	7,453		81		4.31	%
Municipal bonds (2)	2,440		21		3.42	%	2,698		24		3.54	%	3,110		29		3.70	%
Corporate bonds	4,200		47		4.45	%	4,248		47		4.40	%	4,194		47		4.45	%
Other interest-earning assets	207,234		2,622		5.03	%	175,711		2,499		5.66	%	175,336		2,491		5.64	%
Total interest-earning assets	2,893,487		46,319		6.37	%	2,779,254		45,998		6.58	%	2,557,020		40,951		6.35	%
Noninterest-earning assets
Cash and due from banks	23,639						24,098						23,034
ACL on loans	(28,833)						(28,797)						(25,663)
Other assets	92,348						92,152						87,759
Total noninterest-earning assets	87,154						87,453						85,130
Total assets	$	2,980,641					$	2,866,707					$	2,642,150
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	479,238	4,479		3.72	%	$	496,158	5,129		4.11	%	$	450,408	4,418		3.89	%
Savings	5,952		4		0.27	%	6,204		4		0.26	%	6,947		4		0.23	%
Time deposits	1,501,711		18,444		4.89	%	1,390,644		17,924		5.13	%	1,192,777		14,306		4.76	%
Total interest-bearing deposits	1,986,901		22,927		4.59	%	1,893,006		23,057		4.85	%	1,650,132		18,728		4.50	%
Other borrowings	17,946		228		5.05	%	15,848		222		5.57	%	21,000		299		5.65	%
Total interest-bearing liabilities	2,004,847		23,155		4.59	%	1,908,854		23,279		4.85	%	1,671,132		19,027		4.52	%
Noninterest-bearing liabilities
Noninterest-bearing demand	543,971						534,761						577,894
Other liabilities	67,995						65,716						49,389
Total noninterest-bearing liabilities	611,966						600,477						627,283
Total liabilities	2,616,813						2,509,331						2,298,415
Total shareholders’ equity	363,828						357,376						343,735
Total liabilities and shareholders’ equity	$	2,980,641					$	2,866,707					$	2,642,150
Net interest income			$	23,164					$	22,719					$	21,924
Net interest spread (3)					1.78	%					1.73	%					1.83	%
Net interest margin (4)					3.18	%					3.25	%					3.40	%
Total deposits	$	2,530,872	$	22,927	3.60	%	$	2,427,767	$	23,057	3.78	%	$	2,228,026	$	18,728	3.33	%
Total funding (5)	$	2,548,818	$	23,155	3.61	%	$	2,443,615	$	23,279	3.79	%	$	2,249,026	$	19,027	3.36	%

(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

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

($ in thousands)


	Year Ended
	12/31/2024						12/31/2023
	Average Balance		Interest Income/ Expense		Avg. Yield/Rate		Average Balance		Interest Income/ Expense		Avg. Yield/Rate
Assets
Interest-earning assets
Total loans (1)	$	2,445,080	$	164,301	6.72	%	$	2,137,851	$	136,029	6.36	%
Mortgage-backed securities	107,768		3,780		3.51	%	98,903		3,001		3.03	%
Collateralized mortgage obligation	22,806		975		4.28	%	25,466		1,039		4.08	%
SBA loan pool securities	6,756		283		4.19	%	8,166		325		3.98	%
Municipal bonds (2)	2,917		102		3.50	%	3,788		126		3.33	%
Corporate bonds	4,208		188		4.47	%	4,273		188		4.40	%
Other interest-earning assets	203,279		11,188		5.50	%	198,809		10,469		5.27	%
Total interest-earning assets	2,792,814		180,817		6.47	%	2,477,256		151,177		6.10	%
Noninterest-earning assets
Cash and due from banks	23,044						21,565
ACL on loans	(28,397)						(25,495)
Other assets	90,425						76,433
Total noninterest-earning assets	85,072						72,503
Total assets	$	2,877,886					$	2,549,759
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	475,754	19,149		4.02	%	$	470,750	16,190		3.44	%
Savings	6,312		16		0.25	%	7,499		18		0.24	%
Time deposits	1,410,878		71,322		5.06	%	1,059,985		45,957		4.34	%
Total interest-bearing deposits	1,892,944		90,487		4.78	%	1,538,234		62,165		4.04	%
Other borrowings	31,033		1,713		5.52	%	9,192		508		5.53	%
Total interest-bearing liabilities	1,923,977		92,200		4.79	%	1,547,426		62,673		4.05	%
Noninterest-bearing liabilities
Noninterest-bearing demand	539,263						629,774
Other liabilities	59,026						32,051
Total noninterest-bearing liabilities	598,289						661,825
Total liabilities	2,522,266						2,209,251
Total shareholders’ equity	355,620						340,508
Total liabilities and shareholders’ equity	$	2,877,886					$	2,549,759
Net interest income			$	88,617					$	88,504
Net interest spread (3)					1.68	%					2.05	%
Net interest margin (4)					3.17	%					3.57	%
Total deposits	$	2,432,207	$	90,487	3.72	%	$	2,168,008	$	62,165	2.87	%
Total funding (5)	$	2,463,240	$	92,200	3.74	%	$	2,177,200	$	62,673	2.88	%

(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.

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									Year Ended
		12/31/2024			9/30/2024			12/31/2023			12/31/2024			12/31/2023
Average total shareholders' equity	(a)	$	363,828		$	357,376		$	343,735		$	355,620		$	340,508
Less: average preferred stock	(b)	69,141			69,141			69,141			69,141			69,141
Average TCE	(c)=(a)-(b)	$	294,687		$	288,235		$	274,594		$	286,479		$	271,367
Net income	(d)	$	7,030		$	7,814		$	5,908		$	25,810		$	30,705
Return on average shareholder's equity (1)	(d)/(a)	7.69		%	8.70		%	6.82		%	7.26		%	9.02		%
Net income available to common shareholders	(e)	$	6,684		$	7,468		$	5,908		$	24,976		$	30,705
Return on average TCE (1)	(e)/(c)	9.02		%	10.31		%	8.54		%	8.72		%	11.31		%

(1) Annualized.


($ in thousands, except per share data)		12/31/2024			9/30/2024			12/31/2023
Total shareholders' equity	(a)	$	363,814		$	362,300		$	348,872
Less: preferred stock	(b)	69,141			69,141			69,141
TCE	(c)=(a)-(b)	$	294,673		$	293,159		$	279,731
Outstanding common shares	(d)	14,380,651			14,266,725			14,260,440
Book value per common share	(a)/(d)	$	25.30		$	25.39		$	24.46
TCE per common share	(c)/(d)	$	20.49		$	20.55		$	19.62
Total assets	(e)	$	3,063,971		$	2,889,833		$	2,789,506
Total shareholders' equity to total assets	(a)/(e)	11.87		%	12.54		%	12.51		%
TCE to total assets	(c)/(e)	9.62		%	10.14		%	10.03		%

EX-99.2 3 pcbinvestordeck4q24.htm EX-99.2 pcbinvestordeck4q24

Earnings Results 4Q24 January 30, 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 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 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 1/28/25 Market Cap $273.2 million Stock Price Per Share $19.00 52-Week Range $14.50 - $22.20 Dividend Yield 3.79% Dividend Payout Ratio (1Q23 – 4Q24) 41.14% Outstanding Shares 14,380,651 Stock Information 4Q24 or 12/31/24 Diluted Earnings Per Share (“Diluted EPS”) $0.46 Cash Dividend Per Share $0.18 Book Value (“BV”) Per Share $25.30 Tangible Common Equity (“TCE”) Per Share (1) $20.49 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 577,777 shares under the 2023 stock repurchase program as of 12/31/24. PCB Footprint Corporate Profile 3

Historical Performance (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 4

4Q24 Highlights Operating Results • Net income available to common shareholders of $6.7 million, or $0.46 per diluted share • Provision for credit losses of $2.0 million • Return on Average Assets (“ROAA”) of 0.94%, Return on Average TCE (“ROATCE”)(1) of 9.02%, net interest margin of 3.18%, and efficiency ratio of 53.0% Loans • Loans held-for-investment (“HFI loans”) increased $163.2 million, or 6.6%, to $2.63 billion from 9/30/24 • Average loan yield was 6.63% compared to 6.82% for 3Q24 • Total loans to deposits ratio was 100.8% • Quarterly loan production was $211.5 million compared to $186.6 million for 3Q24 Asset Quality • ACL on loans was $30.6 million, or 1.16% to HFI loans • Past due loans were $4.9 million, or 0.19% of HFI loans and NPLs were $4.7 million, or 0.18% of HFI loans Deposits • Total deposits increased $156.1 million, or 6.3%, to $2.62 billion from 9/30/24 • Core deposits(1) were $1.51 billion, or 57.7% of total deposits • Non-interest bearing deposits were $547.9 million, or 20.9% of total deposits • Uninsured deposits were $1.04 billion, or 39.6% of total deposits • Cost of average interest-bearing deposits and total deposits were 4.59% and 3.60%, respectively Capital & Liquidity • Declared and paid quarterly cash dividend of $0.18 per share • TCE(1) per share was $20.49 • Maintained available borrowing capacity of $1.36 billion, or 44.4% of total assets (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation to most comparable GAAP measure 5

Selected Financial As of or For the Three Months Ended Compared to 9/30/24 Compared to 12/31/23 ($ in Thousands, Except Per Share Data) 12/31/24 9/30/24 12/31/23 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 46,319 $ 45,998 $ 40,951 $ 321 0.7% $ 5,368 13.1% Interest Expense 23,155 23,279 19,027 (124) -0.5% 4,128 21.7% Net Interest Income 23,164 22,719 21,924 445 2.0% 1,240 5.7% Noninterest Income 3,043 2,620 2,503 423 16.1% 540 21.6% Noninterest Expense 13,894 14,602 14,469 (708) -4.8% (575) -4.0% Provision (Reversal) for Credit Losses 2,002 50 1,698 1,952 3904.0% 304 17.9% Pretax Income 10,311 10,687 8,260 (376) -3.5% 2,051 24.8% Income Tax Expense 3,281 2,873 2,352 408 14.2% 929 39.5% Net Income 7,030 7,814 5,908 (784) -10.0% 1,122 19.0% Preferred Stock Dividends 346 346 0 0 0.0% 346 NM Net Income Available to Common Shareholders 6,684 7,468 5,908 (784) -10.5% 776 13.1% Diluted EPS $ 0.46 $ 0.52 $ 0.41 $ (0.06) -11.5% $ 0.05 12.2% Selected Balance Sheet Items: HFI loans $ 2,629,387 $ 2,466,174 $ 2,323,452 $ 163,213 6.6% $ 305,935 13.2% HFS loans 6,292 5,170 5,155 1,122 21.7% 1,137 22.1% Total Deposits 2,615,791 2,459,682 2,351,612 156,109 6.3% 264,179 11.2% Total Assets 3,063,971 2,889,833 2,789,506 174,138 6.0% 274,465 9.8% Shareholders’ Equity 363,814 362,300 348,872 1,514 0.4% 14,942 4.3% TCE (2) 294,673 293,159 279,731 1,514 0.5% 14,942 5.3% Key Metrics: BV Per Share $ 25.30 $ 25.39 $ 24.46 $ (0.09) -0.4% $ 0.84 3.4% TCE Per Share (1) $ 20.49 $ 20.55 $ 19.62 $ (0.06) -0.3% $ 0.87 4.4% ROAA (2) 0.94% 1.08% 0.89% -0.14% 0.05% Return on Average Equity (“ROAE”) (2) 7.69% 8.70% 6.82% -1.01% 0.87% ROATCE (1), (2) 9.02% 10.31% 8.54% -1.28% 0.49% Net Interest Margin (2) 3.18% 3.25% 3.40% -0.07% -0.22% Efficiency Ratio (3) 53.02% 57.63% 59.23% -4.61% -6.21% (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 6

7 Loan Overview (1) Per regulatory definition in the Commercial Real Estate (“CRE”) Concentration Guidance 4Q24 Highlights • HFI loans increased $163.2 million, or 6.6%, to $2.63 billion from 9/30/24 • CRE loans increased $91.6 million (5.5%), C&I loans increased $65.7 million (16.2%) and consumer loans increased $5.8 million (1.5%)

8 Loan Production & Rate/Yield Analysis (1) Total commitment basis (2) Include both HFI and HFS loans (3) Annualized Repricing Schedule (12/31/24) HFI Loans HFS Loans Total Loans ($ in thousands) Carrying Value WA Rate Carrying Value WA Rate Carrying Value WA Rate Less Than 3 Months $ 1,052,515 7.76% $ 6,292 9.16% $ 1,058,807 7.77% 3 to 12 Months 297,824 5.88% 0 297,824 5.88% 1 to 3 Years 794,397 4.55% 0 794,397 4.55% 3 to 5 Years 427,161 6.62% 0 427,161 6.62% More than 5 Years 57,490 5.00% 0 57,490 5.00% Total $ 2,629,387 6.33% $ 6,292 9.16% $ 2,635,679 6.34% Loan Yield Analysis 4Q24 2024 ($ in thousands) Amount(2) Yield(3) Amount(2) Yield(3) Average Carrying Value $ 2,538,310 $ 2,445,080 Interest on Loans $ 41,369 6.48% $ 160,305 6.56% Fee (Cost) 199 0.03% 891 0.04% Prepayment Penalty & Late Charges 96 0.02% 323 0.01% Discount (Premium) 645 0.10% 2,782 0.11% Total Interest & Fees $ 42,309 6.63% $ 164,301 6.72%

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%) $ 383,184 22.0% 312 47.9% 6.08% $ 79,037 $ 79,082 $ 115,281 $ 109,784 Industrial 276,010 15.8% 162 49.5% 5.74% 33,492 61,433 89,211 91,874 Mixed Use 181,157 10.3% 140 44.2% 5.86% 38,717 50,391 52,304 39,745 Apartments 176,093 10.0% 60 54.6% 5.72% 44,660 40,894 72,696 17,843 Motel & Hotel 144,628 8.3% 106 46.3% 7.23% 9,326 21,134 37,504 76,664 Office 121,192 6.9% 57 52.7% 6.20% 40,113 23,258 33,283 24,538 Gas Station 107,955 6.2% 118 53.7% 6.79% 1,149 20,890 36,849 49,067 Medical 56,377 3.2% 30 40.7% 7.24% 10,063 31,996 8,868 5,450 Auto (Sales, Repair, & etc.) 36,838 2.1% 30 53.1% 5.54% 10,210 38 22,033 4,557 Golf Course 35,606 2.0% 8 48.3% 5.05% 0 22,764 7,612 5,230 Commercial Condominium 33,994 1.9% 39 51.1% 5.89% 6,063 5,823 13,484 8,624 Car Wash 33,731 1.9% 27 48.3% 5.96% 10,730 7,480 8,315 7,206 Spa, Sauna, & Oher Self-Care 30,540 1.7% 7 48.5% 6.24% 13,238 0 8,352 8,950 Nursing Facility 26,670 1.5% 8 51.4% 6.82% 0 3,065 16,110 7,495 Wholesale 24,449 1.4% 15 40.4% 5.69% 4,217 1,906 17,331 995 Construction 21,854 1.2% 5 55.3% 8.74% 21,854 0 0 0 Others 62,274 3.6% 75 48.2% 6.31% 9,149 12,050 20,852 20,223 Total $ 1,752,552 100.0% 1,199 49.0% 6.16% $ 332,018 $ 382,204 $ 560,085 $ 478,245 Loan Concentration (1) Collateral value at origination Commercial Real Estate Loans by Property Type (12/31/24) ($ in thousands) Carrying Value WA LTV(1) WA FICO Residential Mortgage $ 392,456 59.2% 759 Residential Mortgage Loans (12/31/24) 9

Loan Concentration Carrying Value % to Total WA Rate WA Month to Maturity($ in thousands) Finance & Insurance $ 163,575 34.5% 7.00% 8 General Manufacturing & Wholesale Trade 104,138 22.0% 7.25% 19 Retail Trade 48,342 10.2% 7.93% 42 Food Services 42,007 8.9% 8.45% 50 Real Estate Related 30,643 6.5% 7.19% 14 Arts, Entertainment, & Recreation 24,792 5.2% 7.93% 18 Professional, Scientific, & Technical Services 16,834 3.6% 7.74% 22 Construction 11,260 2.4% 7.70% 3 Transportation & Warehousing 10,188 2.2% 8.24% 33 Other Services 7,857 1.7% 8.07% 39 All Other 13,127 2.8% 7.75% 57 Total $ 472,763 100.0% 7.45% 21 Commercial & Industrial Loans by Industry Type (12/31/24) 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 Measures” for reconciliation of this measure to its most comparable GAAP measure. Time Deposit Maturity Schedule (12/31/24) Retail Wholesale Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 396,639 5.05% $ 210,000 4.59% $ 606,639 4.89% 3 to 6 Months 263,685 4.78% 161,283 4.43% 424,968 4.65% 6 to 9 Months 145,598 4.64% 0 145,598 4.64% 9 to 12 Months 288,564 4.21% 131,000 4.20% 419,564 4.21% More than 12 Months 4,282 3.47% 0 4,282 3.47% Total $ 1,098,768 4.70% $ 502,283 4.44% $ 1,601,051 4.62% 4Q24 Highlight • Total deposits increased $156.1 million (6.3%) from 9/30/24 • Retail deposits increased $8.9 million (0.4%) and wholesale deposits increased $147.2 million (41.5%) from 9/30/24 • Uninsured deposits were $1.04 billion (39.6% of total deposits) compared to $1.04 billion (42.4% of total deposits) at 9/30/24 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 measure” for reconciliations of these measures to their most comparable GAAP measures. 4Q24 Highlights • Net interest income increased $445 thousand and noninterest income increased $423 thousand, and noninterest expense decreased $708 thousand compared to 3Q24 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 4Q24 Highlights • Net interest income increased $445 thousand to $23.2 million from $22.7 million for 3Q24 • Net interest margin decreased to 3.18% from 3.25% for 3Q24 mainly due to decreases in loan and earning-assets yield, partially offset by a decrease in cost of interest-bearing liabilities 15

Capital (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure. 16

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. 17

Non-GAAP Measures The following table reconciles core deposits to its most comparable GAAP measure: ($ in thousands) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Total Deposits (d) $ 2,141,689 $ 2,188,231 $ 2,192,129 $ 2,351,612 $ 2,402,840 $ 2,406,254 $ 2,459,682 $ 2,615,791 Less: Time Deposits Greater Than $250K (514,464) (511,590) (514,406) (575,702) (609,550) (619,832) (640,166) (665,124) Less: Brokered Deposits (157,020) (160,149) (201,258) (303,742) (299,776) (283,033) (295,080) (442,284) Core Deposits (e) $ 1,470,205 $ 1,516,492 $ 1,476,465 $ 1,472,168 $ 1,493,514 $ 1,503,389 $ 1,524,436 $ 1,508,383 Core Deposits to Total Deposits (e)/(d) 68.6% 69.3% 67.4% 62.6% 62.2% 62.5% 62.0% 57.7% The following table reconciles ROATCE to its most comparable GAAP measure: ($ in thousands) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Dec-24 Average Total Shareholders' Equity (a) $ 335,169 $ 339,869 $ 343,144 $ 343,735 $ 349,644 $ 351,221 $ 357,376 $ 363,828 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) $ 266,028 $ 270,728 $ 274,003 $ 274,594 $ 280,503 $ 282,080 $ 288,235 $ 294,687 Net Income (c) $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,281 $ 7,814 $ 7,030 ROAE (1) (c)/(a) 12.46% 8.82% 8.12% 6.82% 5.32% 7.19% 8.70% 7.69% Net Income Available to Common Shareholders (d) $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,139 $ 7,468 $ 6,684 ROATCE (Non-GAAP)(1) (d)/(b) 15.70% 11.08% 10.17% 8.54% 6.63% 8.75% 10.31% 9.02% The following table reconciles TCE per share and TCE to total assets to their most comparable GAAP measures: ($ in thousands, except per share data) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Total Shareholders' Equity (a) $ 336,830 $ 340,411 $ 341,852 $ 348,872 $ 350,005 $ 353,469 $ 362,300 $ 363,814 Less: Preferred Stock 69,141 69,141 69,141 69,141 69,141 69,141 69,141 69,141 TCE (Non-GAAP) (b) $ 267,689 $ 271,270 $ 272,711 $ 279,731 $ 280,864 $ 284,328 $ 293,159 $ 294,673 Outstanding Shares (c) 14,297,870 14,318,890 14,319,014 14,260,440 14,263,791 14,254,024 14,266,725 14,380,651 Book Value Per Share (a)/(c) $ 23.56 $ 23.77 $ 23.87 $ 24.46 $ 24.54 $ 24.80 $ 25.39 $ 25.30 TCE Per Share (Non-GAAP) (b)/(c) $ 18.72 $ 18.94 $ 19.05 $ 19.62 $ 19.69 $ 19.95 $ 20.55 $ 20.49 Total Assets (d) $ 2,500,524 $ 2,556,345 $ 2,567,974 $ 2,789,506 $ 2,854,292 $ 2,852,964 $ 2,889,833 $ 3,063,971 Total Shareholders’ Equity to Total Assets (a)/(d) 13.47% 13.32% 13.31% 12.51% 12.26% 12.39% 12.54% 11.87% TCE to Total Assets (Non-GAAP) (b)/(d) 10.71% 10.61% 10.62% 10.03% 9.84% 9.97% 10.14% 9.62% (1) Annualized 18

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) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Net Income (a) $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,281 $ 7,814 $ 7,030 Add: Provision (Reversal) for Credit Losses(1) (2,778) 197 751 1,698 1,090 259 50 2,002 Add: Income Tax Provision 4,162 3,073 2,970 2,352 1,817 2,505 2,873 3,281 PTPP Income (Non-GAAP) (b) $ 11,681 $ 10,747 $ 10,744 $ 9,958 $ 7,592 $ 9,045 $ 10,737 $ 12,313 Average Total Assets (c) $ 2,470,876 $ 2,520,752 $ 2,563,233 $ 2,642,175 $ 2,809,808 $ 2,853,152 $ 2,866,707 $ 2,980,641 ROAA (2) (a)/(c) 1.69% 1.19% 1.09% 0.89% 0.67% 0.89% 1.08% 0.94% Adjusted ROAA (Non-GAAP)(2) (b)/(c) 1.92% 1.71% 1.66% 1.50% 1.09% 1.28% 1.49% 1.64% Average Total Shareholders' Equity (d) $ 335,169 $ 339,869 $ 343,144 $ 343,735 $ 349,644 $ 351,221 $ 357,376 $ 363,828 ROAE (2) (a)/(d) 12.46% 8.82% 8.12% 6.82% 5.39% 7.19% 8.70% 7.69% Adjusted ROAE (Non-GAAP)(2) (b)/(d) 14.13% 12.68% 12.42% 11.49% 8.73% 10.36% 11.95% 13.46% Net Income available to common shareholders $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,139 $ 7,468 $ 6,684 Less: Income Allocated to Participating Securities (33) (24) (21) (17) (9) (11) (11) (16) Net Income Allocated to Common Stock (e) 10,264 7,453 7,002 5,891 4,676 6,128 7,457 6,668 Add: Provision for Loan Losses (2,778) 197 751 1,698 1,090 259 50 2,002 Add: Income Tax Provision 4,162 3,073 2,970 2,352 1,817 2,505 2,873 3,281 PTPP Income Allocated to Common Stock (f) $ 11,648 $ 10,723 $ 10,723 $ 9,941 $ 7,583 $ 8,892 $ 10,380 $ 11,951 WA common shares outstanding, diluted (g) 14,574,929 14,356,776 14,396,216 14,316,581 14,330,204 14,312,949 14,356,384 14,406,756 Diluted EPS (e)/(g) $ 0.70 $ 0.52 $ 0.49 $ 0.41 $ 0.33 $ 0.43 $ 0.52 $ 0.46 Adjusted Diluted EPS (Non-GAAP) (f)/(g) $ 0.80 $ 0.75 $ 0.74 $ 0.69 $ 0.53 $ 0.62 $ 0.72 $ 0.83 ($ in thousands) 2019 2020 2021 2022 2023 2024 Net Income $ 24,108 $ 16,175 $ 40,103 $ 34,987 $ 30,705 $ 25,810 Add: Provision (Reversal) for Credit Losses(1) 4,237 13,219 (4,596) 3,602 (132) 3,401 Add: Income Tax Provision 10,243 6,836 16,856 14,416 12,557 10,476 PTPP Income (Non-GAAP) $ 38,588 $ 36,230 $ 52,363 $ 53,005 $ 43,130 $ 39,687 19

EX-99.3 4 pcbpr20250130dividends.htm EX-99.3 Document

Exhibit 99.3

PCB Bancorp Declares Increased Quarterly Cash Dividend of $0.20 Per Common Share

Los Angeles, California - January 30, 2025 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank, announced that on January 29, 2025, its Board of Directors declared a quarterly cash dividend of $0.20 per common share. The dividend will be paid on or about February 21, 2025, to shareholders of record as of the close of business on February 14, 2025.

“I am pleased to announce another increase in our quarterly cash dividend to $0.20 per common share from $0.18 per common share for the first quarter of 2025,” said Henry Kim, President and Chief Executive Officer. “We are committed to making corporate decisions that directly benefit our shareholders.”

About PCB Bancorp

Cautionary Note Regarding Forward-Looking Statements

Contact:

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000