Los Angeles, California - October 23, 2025 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income available to common shareholders of $11.3 million, or $0.78 per diluted common share, for the third quarter of 2025, compared with $9.0 million, or $0.62 per diluted common share, for the previous quarter and $7.5 million, or $0.52 per diluted common share, for the year-ago quarter.

•Net income available to common shareholders totaled $11.3 million, or $0.78 per diluted common share, for the current quarter;

•Provision (reversal) for credit losses was $(381) thousand for the current quarter compared with $1.8 million for the previous quarter and $50 thousand for the year-ago quarter;

•Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment ratio was 1.20% at September 30, 2025 compared with 1.20% at June 30, 2025, 1.16% at December 31, 2024 and 1.17% at September 30, 2024;

•Net interest income was $27.0 million for the current quarter compared with $26.0 million for the previous quarter and $22.7 million for the year-ago quarter. Net interest margin was 3.28% for the current quarter compared with 3.33% for the previous quarter and 3.25% for the year-ago quarter;

•Gain on sale of loans was $1.6 million for the current quarter compared with $1.5 million for the previous quarter and $750 thousand for the year-ago quarter;

•Total assets were $3.36 billion at September 30, 2025, an increase of $57.9 million, or 1.8%, from $3.31 billion at June 30, 2025, an increase of $299.5 million, or 9.8%, from $3.06 billion at December 31, 2024, and an increase of $473.7 million, or 16.4%, from $2.89 billion at September 30, 2024;

•Loans held-for-investment were $2.75 billion at September 30, 2025, a decrease of $42.8 million, or 1.5%, from $2.80 billion at June 30, 2025, but an increase of $123.1 million, or 4.7%, from $2.63 billion at December 31, 2024 and an increase of $286.3 million, or 11.6%, from $2.47 billion at September 30, 2024; and

•Total deposits were $2.91 billion at September 30, 2025, an increase of $90.6 million, or 3.2%, from $2.82 billion at June 30, 2025, an increase of $297.7 million, or 11.4%, from $2.62 billion at December 31, 2024, and an increase of $453.8 million, or 18.5%, from $2.46 billion at September 30, 2024.

“We are pleased to report another great quarter with record earnings that is highlighted by solid credit quality and strong deposit growth. Our record earnings for the quarter is primarily from increases in our net interest income and gain on sale of SBA loans combined with well-controlled noninterest expenses and a reversal for credit losses,” said Henry Kim, President and CEO. “Our loan pipeline remains stable, and we continue to build on our strong capital levels.”

Mr. Kim continued, “Heading into the fourth quarter and into 2026, with the U.S. government currently shutdown and unable to resolve the ongoing budget dispute, we are cautiously optimistic in our ability to adapt and continue to serve and meet the unique needs of our customers and deliver consistent returns and long-term growth for our shareholders.”

(1)Ratios are presented on an annualized basis.

(2)Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.

(3)Calculated by dividing noninterest expense by the sum of net interest income and noninterest income.

(4)Calculated by dividing total shareholders’ equity by the number of outstanding common shares.

(5)The Company did not have any intangible asset component for the presented periods.

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

(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 compared with the previous quarter was primarily due to increases in the weighted-average interest rate on newly originated loans and net amortization of deferred loan fees, partially offset by a decrease in net accretion of discount on loans. The decreases in average yield for the current quarter and year-to-date period compared with the same periods in 2024 were primarily due to decreases in market rates and net accretion of discount on loans, partially offset by an increase in net amortization of deferred loan 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:

Investment Securities. The increases for the current quarter and year-to-date period compared with the same periods of 2024 were primarily due to higher yields on newly purchased investment securities.

Other Interest-Earning Assets. The decreases for the current quarter and year-to-date period compared with the same periods of 2024 were primarily due to a decrease in average interest rate on cash held at the Federal Reserve Bank, partially offset by an increase in dividends received on Federal Home Loan Bank (“FHLB”) stock.

Interest-Bearing Deposits. The decreases in average cost for the current quarter and year-to-date period were primarily due to a decrease in market rates.

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

The reversal for credit losses on loans for the current quarter was primarily due to a decrease in loans held-for-investment.

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

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

Loan Servicing Income. The Company services SBA loans and certain residential property loans sold to the secondary market. The following table presents information on loan servicing income for the periods indicated:

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

Salaries and Employee Benefits. The increase for the current quarter compared with the previous quarter was primarily due to increases in salaries and bonus accrual, and a decrease in direct loan origination cost, which offsets and defers the recognition of salaries and benefits expense. The increase for the current quarter compared with the year-ago quarter was primarily due to increases in salaries and bonus accrual, partially offset by an increase in direct loan origination cost. The decrease for the current year compared with the previous year-to-date period was primarily due to a decrease in salaries and an increase in direct loan origination cost, partially offset by an increase in bonus accrual. The number of full-time equivalent employees was 270, 266 and 264 as of September 30, 2025, June 30, 2025 and September 30, 2024, respectively.

Professional Fees. The decrease for the current quarter compared with the previous quarter was primarily due to professional fees related to evaluating the accounting for a preferred stock purchase option incurred during the previous quarter. The decrease for the current year-to-date period compared with the previous year-to-date period was primarily due to other professional fees for the 2024 periods related to a core system conversion that was completed in April 2024, partially offset the professional fees related to a preferred stock purchase option.

Marketing and Business Promotion. The increases for the current quarter and year-to-date periods were primarily due to an increase in advertising.

Data Processing. The decreases for the current quarter and year-to-date periods compared with the same periods of 2024 were primarily due to a decrease in overall service charges after the core system conversion.

Other Expense. The decrease for the current quarter compared with the previous quarter was primarily due to a decrease in impairment on operating lease assets. The Company recognized impairments on operating lease assets of $10 thousand and $228 thousand for the current and previous quarters, respectively, for sublease contracts. The decrease for the current year-to-date period compared with the previous year-to-date period 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 previous year-to-date period, partially offset by the impairment on operating lease assets of $238 thousand and contingent accrual for legal settlements of $190 thousand for the current year-to-date period.

Total assets were $3.36 billion at September 30, 2025, an increase of $57.9 million, or 1.8%, from $3.31 billion at June 30, 2025, an increase of $299.5 million, or 9.8%, from $3.06 billion at December 31, 2024, and an increase of $473.7 million, or 16.4%, from $2.89 billion at September 30, 2024. The increase for the current quarter was primarily due to an increase in cash and cash equivalents, partially offset by a decrease in loans held-for-investment. The increase for the current year-to-date period was primarily due to increases in loans held-for-investment and cash and cash equivalents.

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:

The decrease in loans held-for-investment for the current quarter was primarily due to pay-downs and pay-offs of term loans of $103.4 million, net decrease of lines of credit of $36.1 million and charge-offs of $454 thousand, partially offset by new funding of term loans of $97.2 million. The increase for the current year-to-date period was primarily due to new funding of term loans of $443.1 million, partially offset by pay-downs and pay-offs of term loans of $299.8 million, net decrease of lines of credit of $19.3 million, and charge-offs of $927 thousand.

The increase in loans held-for-sale for the current quarter was primarily due to new funding of $30.6 million, partially offset by sales of $29.0 million and pay-downs of $82 thousand. The increase for the current year-to-date period was primarily due to new funding of $76.2 million, partially offset by sales of $72.6 million and pay-downs of $248 thousand.

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

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

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

Total investment securities were $150.3 million at September 30, 2025, a decrease of $4.3 million, or 2.8%, from $154.6 million at June 30, 2025, but an increase of $3.9 million, or 2.7%, from $146.3 million at December 31, 2024 and an increase of $2.6 million, or 1.8%, from $147.6 million at September 30, 2024.

The decrease for the current quarter was primarily due to principal pay-downs of $5.9 million and net premium amortization of $43 thousand, partially offset by a fair value increase of $1.6 million. The increase for the current year-to-date period was primarily due to purchases of $14.9 million and a fair value increase of $5.6 million, partially offset by principal pay-downs of $16.4 million and net premium amortization of $108 thousand.

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

Total retail deposits were $2.47 billion at September 30, 2025, an increase of $140.6 million, or 6.0%, from $2.33 billion at June 30, 2025, an increase of $359.0 million, or 17.0%, from $2.11 billion at December 31, 2024, and an increase of $367.9 million, or 17.5%, from $2.10 billion at September 30, 2024.

The increase in retail time deposits for the current quarter was primarily due to new accounts of $115.0 million, renewals of the matured accounts of $240.8 million and balance increases of $7.5 million, partially offset by matured and closed accounts of $316.0 million. The increase for the current year-to-date period was primarily due to new accounts of $394.8 million, renewals of the matured accounts of $845.2 million and balance increases of $31.9 million, partially offset by matured and closed accounts of $1.12 billion.

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

Shareholders’ equity was $384.5 million at September 30, 2025, an increase of $8.0 million, or 2.1%, from $376.5 million at June 30, 2025, an increase of $20.7 million, or 5.7%, from $363.8 million at December 31, 2024, and an increase of $22.2 million, or 6.1%, from $362.3 million at September 30, 2024. The increase for the current quarter was primarily due to net income, a decrease in accumulated other comprehensive loss of $1.1 million and proceeds from stock option exercises of $450 thousand, partially offset by repurchases of common stock of $2.2 million, cash dividends declared on common stock of $2.9 million and preferred stock dividends of $86 thousand. The increase for the current year-to-date period was primarily due to net income, a decrease in accumulated other comprehensive loss of $3.9 million and proceeds from stock option exercises of $1.7 million, partially offset by repurchases of common stock of $5.0 million, cash dividends declared on common stock of $8.6 million and preferred stock dividends of $213 thousand.

During the current year-to-date period, the Company repurchased and retired 255,767 shares of common stock at a weighted-average price of $19.41, totaling $5.0 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 September 30, 2025, the Company is authorized to purchase 322,010 additional shares under its current stock repurchase program, which expires on July 31, 2026.

The Company began paying quarterly dividends on the Series C Preferred Stock in the second quarter of 2024. The Company paid dividends of $86 thousand and $213 thousand for the current quarter and year-to-date period, respectively.

The following table presents capital ratios for the Company and the Bank as of the dates indicated:

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 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, inflation levels and interest rates; the impacts of the restatement of our consolidated financial statements at and for the quarter ended March 31, 2025; material weaknesses in the Company’s internal control over financial reporting that we have identified or may identify; the impacts of sanctions, tariffs and other trade policies of the United States and its global trading partners and tensions related to the same; the Company’s ability to maintain and grow its deposit base; loan demand and continued portfolio performance; the impact of adverse developments at other banks, including bank failures, that impact general sentiment regarding the stability and liquidity of banks that could affect the Company’s liquidity, financial performance and stock price; changes to valuations of the Company’s assets and liabilities including the allowance for credit losses, earning assets, and intangible assets; changes to the availability of liquidity sources including borrowing lines and the ability to pledge or sell certain assets; the Company's ability to attract and retain skilled employees; customers' service expectations; cyber security risks; the Company's ability to successfully deploy new technology; acquisitions and branch and loan production office expansions; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company’s enterprise risk management framework; litigation costs and outcomes; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, wildfires and other disasters, other public health crises, acts of war or terrorism, and other external events on our business. These and other important factors are detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and other filings the Company makes with the SEC, which are available without charge at the SEC’s website (http://www.sec.gov) and on the investor relations section of the Company’s website at www.mypcbbank.com. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

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(1)The ratios are calculated by dividing total shareholders’ equity by the number of outstanding common shares. The Company had no intangible equity components for the presented periods.

(2)Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.