0001423869False00014238692024-07-252024-07-25

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

Date of Report (Date of earliest event Reported): July 24, 2024
PCB BANCORP
(Exact name of registrant as specified in its charter)
California
(State or other jurisdiction of
incorporation)
001-38621
(Commission
File Number)
20-8856755
(I.R.S. Employer
Identification No.)
3701 Wilshire Boulevard, Suite 900
Los Angeles, California
(Address of principal offices)
90010
(Zip Code)
Registrant’s telephone number, including area code: (213) 210-2000
Not Applicable
(Former name or former address, if changed since last report)

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



Item 2.02 Results of Operations and Financial Condition.
On July 25, 2024, PCB Bancorp, a California corporation (the “Company”), issued a press release concerning its unaudited results for the second 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 July 25, 2024, the Company issued a press release announcing that on July 24, 2024, its Board of Directors declared a quarterly cash dividend of $0.18 per common share. The dividend will be paid on or about August 16, 2024, to shareholders of record as of the close of business on August 16, 2024. A copy of the press release is attached as Exhibit 99.3 to this Current Report and is incorporated herein by reference.
Extension of Stock Repurchase Program
On July 25, 2024, the Company issued a press release announcing that on July 24, 2024, its Board of Directors extend the Company’s current stock repurchase program that was set to expire on August 2, 2024 to expire on August 1, 2025. As originally approved and announced on August 2, 2023, the stock repurchase program authorizes the repurchase of up to 720,000 shares of the Company’s outstanding common stock, which was approximately 5% of the outstanding share as of that date The Company has repurchased and retired 142,223 shares of its common stock under the stock repurchase program, leaving an aggregate of 577,777 shares authorized for repurchase.
Under the stock repurchase program, the Company may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at the Company’s discretion. Factors include, but are not limited to, stock price, trading volume and general market conditions, along with the Company’s general business conditions. The program may be suspended or discontinued at any time and does not obligate the company to acquire any specific number of shares of its common stock.
As part of the stock repurchase program, the Company intends to enter into a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The 10b5-1 trading plan would permit common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan will be administered by an independent broker and will be subject to price, market volume and timing restrictions. A copy of the press release is attached as Exhibit 99.4 to this Current Report and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PCB Bancorp
Date:July 25, 2024/s/ Timothy Chang
Timothy Chang
Executive Vice President and Chief Financial Officer


3

Exhibit 99.1
pcbbancorpb.jpg
PCB Bancorp Reports Earnings of $6.3 million for Q2 2024
Los Angeles, California - July 25, 2024 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income of $6.3 million, or $0.43 per diluted common share, for the second quarter of 2024, compared with $4.7 million, or $0.33 per diluted common share, for the previous quarter and $7.5 million, or $0.52 per diluted common share, for the year-ago quarter.
Q2 2024 Highlights
•Net income totaled $6.3 million, or $0.43 per diluted common share;
•Recorded a provision for credit losses of $259 thousand for the current quarter compared with $1.1 million for the previous quarter and $197 thousand for the year-ago quarter;
•Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment ratio was 1.17% at June 30, 2024 compared with 1.18% at March 31, 2024, 1.19% at December 31, 2023 and 1.17% at June 30, 2023;
•Net interest income was $21.7 million for the current quarter compared with $21.0 million for the previous quarter and $21.7 million for the year-ago quarter. Net interest margin was 3.16% for the current quarter compared with 3.10% for the previous quarter and 3.55% for the year-ago quarter;
•Gain on sale of loans was $763 thousand for the current quarter compared with $1.1 million for the previous quarter and $769 thousand for the year-ago quarter;
•Total assets were $2.85 billion at June 30, 2024, a decrease of $1.3 million, or 0.1%, from $2.85 billion at March 31, 2024, but an increase of $63.5 million, or 2.3%, from $2.79 billion at December 31, 2023 and an increase of $296.6 million, or 11.6%, from $2.56 billion at June 30, 2023;
•Loans held-for-investment were $2.45 billion at June 30, 2024, an increase of $51.1 million, or 2.1%, from $2.40 billion at March 31, 2024, an increase of $125.6 million, or 5.4% from $2.32 billion at December 31, 2023, and an increase of $326.6 million, or 15.4%, from $2.12 billion at June 30, 2023;
•Total deposits were $2.41 billion at June 30, 2024, an increase of $3.4 million, or 0.1%, from $2.40 billion at March 31, 2024, an increase of $54.6 million, or 2.3%, from $2.35 billion at December 31, 2023, and an increase of $218.0 million, or 10.0%, from $2.19 billion at June 30, 2023; and
•The Company paid the initial quarterly preferred stock dividend at an annualized dividend rate of 2% during the current quarter. Preferred stock dividend for the current quarter was $142 thousand.
“We are pleased to share our strong second quarter results led by solid loan growth and stabilization of core deposit balance which gave rise to an improvement in our net interest margin,” said Henry Kim, President and Chief Executive Officer. Our commitment to focus on relationship banking and strategic expansions, while maintaining our conservative credit culture, has resulted in continued positive results.”
“During the second quarter our loan balance increased 2.1% to $2.5 billion, deposits increased 0.1% to $2.4 billion, and we slightly reduced the brokered deposits. We continued to maintain solid ACL to loan ratio of 1.17%, and non-performing assets and classified assets to total assets ratios of 0.26% and 0.34%, respectively. Even with the challenging high interest rate environment and its effect on our funding costs, our net interest margin expanded during the quarter. We believe our funding costs are currently near the peak and our net interest margin is showing positive sign of coming out from the bottom.”
Mr. Kim added, “As we look ahead into the second half of the year, our expanding bi-coastal branch network is well positioned to deliver continued strong balance sheet growth with solid financial results and sound asset quality that is further strengthened by our robust capital levels.”
1

Financial Highlights (Unaudited)
($ in thousands, except per share data)
Three Months Ended
Six Months Ended
6/30/20243/31/2024
% Change
6/30/2023
% Change
6/30/20246/30/2023% Change
Net income$6,281 $4,685 34.1 %$7,477 (16.0)%$10,966 $17,774 (38.3)%
Net income available to common shareholders$6,139 $4,685 31.0 %$7,477 (17.9)%$10,824 $17,774 (39.1)%
Diluted earnings per common share$0.43 $0.33 30.3 %$0.52 (17.3)%$0.75 $1.22 (38.5)%
Net interest income$21,735 $20,999 3.5 %$21,717 0.1 %$42,734 $44,131 (3.2)%
Provision (reversal) for credit losses259 1,090 (76.2)%197 31.5 %1,349 (2,581)NM
Noninterest income2,485 2,945 (15.6)%2,657 (6.5)%5,430 5,678 (4.4)%
Noninterest expense15,175 16,352 (7.2)%13,627 11.4 %31,527 27,381 15.1 %
Return on average assets (1)
0.89 %0.67 %1.19 %0.78 %1.44 %
Return on average shareholders’ equity (1)
7.19 %5.39 %8.82 %6.29 %10.62 %
Return on average tangible common equity (“TCE”) (1),(2)
8.96 %6.72 %11.08 %7.84 %13.35 %
Net interest margin (1)
3.16 %3.10 %3.55 %3.13 %3.67 %
Efficiency ratio (3)
62.65 %68.29 %55.91 %65.46 %54.97 %
($ in thousands, except per share data)6/30/20243/31/2024% Change12/31/2023% Change6/30/2023% Change
Total assets
$2,852,964 $2,854,292 (0.1)%$2,789,506 2.3 %$2,556,345 11.6 %
Net loans held-for-investment
2,420,327 2,369,632 2.1 %2,295,919 5.4 %2,097,560 15.4 %
Total deposits
2,406,254 2,402,840 0.1 %2,351,612 2.3 %2,188,232 10.0 %
Book value per common share (4)
$24.80 $24.54 $24.46 $23.77 
TCE per common share (2)
$19.95 $19.69 $19.62 $18.94 
Tier 1 leverage ratio (consolidated)
12.66 %12.73 %13.43 %13.84 %
Total shareholders’ equity to total assets12.39 %12.26 %12.51 %13.32 %
TCE to total assets (2), (5)
9.97 %9.84 %10.03 %10.61 %
(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.


2

Result of Operations (Unaudited)
Net Interest Income and Net Interest Margin
The following table presents the components of net interest income for the periods indicated:
Three Months Ended
Six Months Ended
($ in thousands)6/30/20243/31/2024
% Change
6/30/2023% Change6/30/20246/30/2023% Change
Interest income/expense on
Loans
$40,626 $39,251 3.5 %$32,960 23.3 %$79,877 $64,189 24.4 %
Investment securities
1,310 1,246 5.1 %1,136 15.3 %2,556 2,238 14.2 %
Other interest-earning assets
3,009 3,058 (1.6)%2,742 9.7 %6,067 4,947 22.6 %
Total interest-earning assets
44,945 43,555 3.2 %36,838 22.0 %88,500 71,374 24.0 %
Interest-bearing deposits
22,536 21,967 2.6 %15,121 49.0 %44,503 27,034 64.6 %
Borrowings
674 589 14.4 %— — %1,263 209 504.3 %
Total interest-bearing liabilities
23,210 22,556 2.9 %15,121 53.5 %45,766 27,243 68.0 %
Net interest income
$21,735 $20,999 3.5 %$21,717 0.1 %$42,734 $44,131 (3.2)%
Average balance of
Loans
$2,414,824 $2,370,027 1.9 %$2,097,489 15.1 %$2,392,426 $2,085,021 14.7 %
Investment securities
141,816 140,459 1.0 %142,136 (0.2)%141,137 142,107 (0.7)%
Other interest-earning assets
213,428 217,002 (1.6)%213,883 (0.2)%215,215 200,420 7.4 %
Total interest-earning assets
$2,770,068 $2,727,488 1.6 %$2,453,508 12.9 %$2,748,778 $2,427,548 13.2 %
Interest-bearing deposits
$1,863,623 $1,827,209 2.0 %$1,527,522 22.0 %$1,845,417 $1,469,490 25.6 %
Borrowings
48,462 42,187 14.9 %— — %45,324 7,862 476.5 %
Total interest-bearing liabilities
$1,912,085 $1,869,396 2.3 %$1,527,522 25.2 %$1,890,741 $1,477,352 28.0 %
Total funding (1)
$2,447,593 $2,412,207 1.5 %$2,155,649 13.5 %$2,429,900 $2,135,039 13.8 %
Annualized average yield/cost of 
Loans
6.77 %6.66 %6.30 %6.71 %6.21 %
Investment securities
3.72 %3.57 %3.21 %3.64 %3.18 %
Other interest-earning assets
5.67 %5.67 %5.14 %5.67 %4.98 %
Total interest-earning assets6.53 %6.42 %6.02 %6.47 %5.93 %
Interest-bearing deposits
4.86 %4.84 %3.97 %4.85 %3.71 %
Borrowings
5.59 %5.62 %— %5.60 %5.36 %
Total interest-bearing liabilities4.88 %4.85 %3.97 %4.87 %3.72 %
Net interest margin3.16 %3.10 %3.55 %3.13 %3.67 %
Cost of total funding (1)
3.81 %3.76 %2.81 %3.79 %2.57 %
Supplementary information
Net accretion of discount on loans$791 $573 38.0 %$751 5.3 %$1,364 $1,422 (4.1)%
Net amortization of deferred loan fees$339 $334 1.5 %$247 37.2 %$673 $422 59.5 %
(1)Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

3

Loans. The increase in average yield for the current quarter was primarily due to increases in overall interest rates on loans, accretion of discount on loans and prepayment fees. The increase for the current year-to-date period was primarily due to increases in overall interest rates on loans and 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:
6/30/20243/31/202412/31/20236/30/2023
% to Total LoansWeighted-Average Contractual Rate% to Total LoansWeighted-Average Contractual Rate% to Total LoansWeighted-Average Contractual Rate% to Total LoansWeighted-Average Contractual Rate
Fixed rate loans
18.8 %5.04 %20.0 %4.92 %21.2 %4.86 %22.6 %4.64 %
Hybrid rate loans
37.2 %5.04 %38.6 %5.01 %39.0 %4.93 %39.2 %4.62 %
Variable rate loans
44.0 %8.45 %41.4 %8.46 %39.8 %8.51 %38.2 %8.39 %
Investment Securities. The increases in average yield for the current quarter and year-to-date periods were primarily due to higher yield on newly purchased investment securities.
Other Interest-Earning Assets. The increase in average yield for the current quarter and year-to-date period compared with the same periods of 2023 were primarily due to increases in interest rate on cash held at the Federal Reserve Bank and dividends received on Federal Home Loan Bank stock.
Interest-Bearing Deposits. The increase in average cost for the current quarter and year-to-date period were primarily due to an increase in market rates.
Provision (Reversal) for Credit Losses
The following table presents a composition of provision (reversal) for credit losses for the periods indicated:
Three Months Ended
Six Months Ended
($ in thousands)6/30/20243/31/2024
% Change
6/30/2023
% Change
6/30/20246/30/2023
% Change
Provision (reversal) for credit losses on loans$329 $922 (64.3)%$157 109.6 %$1,251 $(2,260)NM
Provision (reversal) for credit losses on off-balance sheet credit exposure(70)168 NM40 NM98 (321)NM
Total provision (reversal) for credit losses$259 $1,090 (76.2)%$197 31.5 %$1,349 $(2,581)NM
The provision for credit losses on loans for the current quarter was primarily due to an increase in loans held-for-investment.
4

Noninterest Income
The following table presents the components of noninterest income for the periods indicated:
Three Months Ended
Six Months Ended
($ in thousands)6/30/20243/31/2024
% Change
6/30/2023
% Change
6/30/20246/30/2023
% Change
Gain on sale of loans
$763 $1,078 (29.2)%$769 (0.8)%$1,841 $2,078 (11.4)%
Service charges and fees on deposits
364 378 (3.7)%369 (1.4)%742 713 4.1 %
Loan servicing income
799 919 (13.1)%868 (7.9)%1,718 1,728 (0.6)%
Bank-owned life insurance income236 228 3.5 %184 28.3 %464 364 27.5 %
Other income
323 342 (5.6)%467 (30.8)%665 795 (16.4)%
Total noninterest income
$2,485 $2,945 (15.6)%$2,657 (6.5)%$5,430 $5,678 (4.4)%
Gain on Sale of Loans. The following table presents information on gain on sale of loans for the periods indicated:
Three Months Ended
Six Months Ended
($ in thousands)6/30/20243/31/2024% Change6/30/2023% Change6/30/20246/30/2023% Change
Gain on sale of SBA loans
Sold loan balance
$13,619 $19,414 (29.8)%$16,762 (18.8)%$33,033 $43,895 (24.7)%
Premium received
1,056 1,596 (33.8)%1,209 (12.7)%2,652 3,250 (18.4)%
Gain recognized
763 1,078 (29.2)%769 (0.8)%1,841 2,078 (11.4)%
Loan Servicing Income. The following table presents information on loan servicing income for the periods indicated:
Three Months Ended
Six Months Ended
($ in thousands)6/30/20243/31/2024
% Change
6/30/2023
% Change
6/30/20246/30/2023
% Change
Loan servicing income
Servicing income received
$1,318 $1,293 1.9 %$1,317 0.1 %$2,611 $2,601 0.4 %
Servicing assets amortization
(519)(374)38.8 %(449)15.6 %(893)(873)2.3 %
Loan servicing income$799 $919 (13.1)%$868 (7.9)%$1,718 $1,728 (0.6)%
Underlying loans at end of period
$527,458 $540,039 (2.3)%$539,160 (2.2)%$527,458 $539,160 (2.2)%
The Company services SBA loans and certain residential property loans sold to the secondary market.
5

Noninterest Expense
The following table presents the components of noninterest expense for the periods indicated:
Three Months Ended
Six Months Ended
($ in thousands)6/30/20243/31/2024% Change6/30/2023% Change6/30/20246/30/2023% Change
Salaries and employee benefits
$9,225 $9,218 0.1 %$8,675 6.3 %$18,443 $17,603 4.8 %
Occupancy and equipment
2,300 2,358 (2.5)%1,919 19.9 %4,658 3,815 22.1 %
Professional fees
973 1,084 (10.2)%772 26.0 %2,057 1,504 36.8 %
Marketing and business promotion
318 319 (0.3)%203 56.7 %637 575 10.8 %
Data processing
495 402 23.1 %380 30.3 %897 792 13.3 %
Director fees and expenses
221 232 (4.7)%217 1.8 %453 397 14.1 %
Regulatory assessments
327 298 9.7 %382 (14.4)%625 537 16.4 %
Other expense1,316 2,441 (46.1)%1,079 22.0 %3,757 2,158 74.1 %
Total noninterest expense
$15,175 $16,352 (7.2)%$13,627 11.4 %$31,527 $27,381 15.1 %
Salaries and Employee Benefits. The increase for the current quarter compared with the year-ago quarter was primarily due to increases in salaries, and bonus and vacation accruals. The increase for the current year-to-date period was primarily due to increases in salaries and incentives tied to sales of SBA loans originated at loan production offices, partially offset by decreases in bonus and vacation accruals. The number of full-time equivalent employees was 265, 272 and 272 as of June 30, 2024, March 31, 2024 and June 30, 2023, respectively.
Occupancy and Equipment. The increases for the current quarter and year-to-date period 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.
Professional Fees. The decrease for the current quarter compared with the previous quarter was primarily due to a decrease in professional fees related to a core system conversion completed in April 2024. The increase for the current year-to-date period was primarily due to the aforementioned.
Other Expense. The decrease for the current quarter compared with the previous quarter was primarily due to a termination charge for the legacy core system of $508 thousand and an expense of $815 thousand for a reimbursement for an SBA loan guarantee previously paid by the SBA on a loan originated in 2014 that subsequently defaulted and was ultimately determined to be ineligible for the SBA guaranty during the previous quarter. The Company has retained a law firm specializing in SBA recovery demands to seek that SBA reconsider the evidence and allow the Company to recoup all or part of the reimbursement. The increase for the current year-to-date period was primarily due to the two aforementioned matters.
6

Balance Sheet (Unaudited)
Total assets were $2.85 billion at June 30, 2024, a decrease of $1.3 million, or 0.1%, from $2.85 billion at March 31, 2024, an increase of $63.5 million, or 2.3%, from $2.79 billion at December 31, 2023, and an increase of $296.6 million, or 11.6%, from $2.56 billion at June 30, 2023. The increases for the current quarter and year-to-date period were primarily due to increases in loans held-for-investment and securities available-for-sale, partially offset by a decrease in cash and cash equivalents.
Loans
The following table presents a composition of total loans (includes both loans held-for-sale and loans held-for-investment) as of the dates indicated:
($ in thousands)6/30/20243/31/2024% Change12/31/2023% Change6/30/2023% Change
Commercial real estate:
Commercial property$852,677 $874,300 (2.5)%$855,270 (0.3)%$793,946 7.4 %
Business property572,643 578,903 (1.1)%558,772 2.5 %533,592 7.3 %
Multifamily177,657 131,742 34.9 %132,500 34.1 %124,029 43.2 %
Construction28,316 29,212 (3.1)%24,843 14.0 %16,942 67.1 %
Total commercial real estate1,631,293 1,614,157 1.1 %1,571,385 3.8 %1,468,509 11.1 %
Commercial and industrial417,333 371,934 12.2 %342,002 22.0 %272,278 53.3 %
Consumer:
Residential mortgage384,905 389,888 (1.3)%389,420 (1.2)%359,655 7.0 %
Other consumer15,543 21,985 (29.3)%20,645 (24.7)%21,985 (29.3)%
Total consumer400,448 411,873 (2.8)%410,065 (2.3)%381,640 4.9 %
Loans held-for-investment2,449,074 2,397,964 2.1 %2,323,452 5.4 %2,122,427 15.4 %
Loans held-for-sale2,959 3,256 (9.1)%5,155 (42.6)%13,065 (77.4)%
Total loans
$2,452,033 $2,401,220 2.1 %$2,328,607 5.3 %$2,135,492 14.8 %
SBA loans included in:
Loans held-for-investment$144,440 $148,316 (2.6)%$145,603 (0.8)%$147,357 (2.0)%
Loans held-for-sale$2,959 $3,256 (9.1)%$5,155 (42.6)%$13,065 (77.4)%
The increase in loans held-for-investment for the current quarter was primarily due to new funding and advances on lines of credit of $597.8 million, partially offset by pay-downs and pay-offs of $546.7 million. The increase for the current year-to-date period was primarily due to new funding and advances on lines of credit of $1.07 billion, partially offset by pay-downs and pay-offs of $940.6 million.
The decrease in loans held-for-sale for the current quarter was primarily due to sales of $13.6 million, and pay-downs and pay-offs of $40 thousand, partially offset by new funding of $13.4 million. The decrease for the current year-to-date period was primarily due to sales of $33.0 million, and pay-downs and pay-offs of $1.6 million, partially offset by new funding of $32.4 million

The following table presents a composition of off-balance sheet credit exposure as of the dates indicated:
($ in thousands)6/30/20243/31/2024% Change12/31/2023% Change6/30/2023% Change
Commercial property$6,309 $8,687 (27.4)%$11,634 (45.8)%$11,118 (43.3)%
Business property11,607 10,196 13.8 %9,899 17.3 %9,487 22.3 %
Multifamily1,800 1,800 — %1,800 — %4,500 (60.0)%
Construction22,030 22,895 (3.8)%23,739 (7.2)%30,865 (28.6)%
Commercial and industrial336,121 384,034 (12.5)%351,025 (4.2)%279,584 20.2 %
Other consumer5,192 992 423.4 %3,421 51.8 %445 1,066.7 %
Total commitments to extend credit383,059 428,604 (10.6)%401,518 (4.6)%335,999 14.0 %
Letters of credit6,808 6,558 3.8 %6,583 3.4 %6,027 13.0 %
Total off-balance sheet credit exposure$389,867 $435,162 (10.4)%$408,101 (4.5)%$342,026 14.0 %
7

Credit Quality
The following table presents a summary of non-performing loans and assets, and classified assets as of the dates indicated:
($ in thousands)6/30/20243/31/2024% Change12/31/2023% Change6/30/2023% Change
Nonaccrual loans
Commercial real estate:
Commercial property$1,804 $932 93.6 %$958 88.3 %$699 158.1 %
Business property2,440 3,455 (29.4)%2,865 (14.8)%3,007 (18.9)%
Multifamily2,038 — NM— NM— NM
Total commercial real estate6,282 4,387 43.2 %3,823 64.3 %3,706 69.5 %
Commercial and industrial112 111 0.9 %68 64.7 %88 27.3 %
Consumer:
Residential mortgage1,100 436 152.3 %— NM— NM
Other consumer6 6 — %25 (76.0)%51 (88.2)%
Total consumer1,106 442 150.2 %25 4,324.0 %51 2,068.6 %
Total nonaccrual loans held-for-investment
7,500 4,940 51.8 %3,916 91.5 %3,845 95.1 %
Loans past due 90 days or more and still accruing
— — — %— — %— — %
Non-performing loans (“NPLs”) 7,500 4,940 51.8 %3,916 91.5 %3,845 95.1 %
Other real estate owned (“OREO”)
— — — %2,558 (100.0)%— — %
Non-performing assets (“NPAs”)
$7,500 $4,940 51.8 %$6,474 15.8 %$3,845 95.1 %
Loans past due and still accruing
Past due 30 to 59 days
$2,245 $3,412 (34.2)%$1,394 61.0 %$428 424.5 %
Past due 60 to 89 days
41 1,103 (96.3)%34 20.6 %— NM
Past due 90 days or more
— — — %— — %— — %
Total loans past due and still accruing
$2,286 $4,515 (49.4)%1,428 60.1 %$428 434.1 %
Special mention loans$5,080 $1,101 361.4 %$5,156 (1.5)%$5,406 (6.0)%
Classified assets
Classified loans held-for-investment$9,752 $7,771 25.5 %$7,000 39.3 %$6,901 41.3 %
OREO
— — — %2,558 (100.0)%— — %
Classified assets
$9,752 $7,771 25.5 %$9,558 2.0 %$6,901 41.3 %
NPLs to loans held-for-investment0.31 %0.21 %0.17 %0.18 %
NPAs to total assets
0.26 %0.17 %0.23 %0.15 %
Classified assets to total assets
0.34 %0.27 %0.34 %0.27 %
During the fourth quarter of 2023, the Company recognized an OREO of $2.6 million by transferring a SBA 7(a) loan, of which the guaranteed portion was previously sold. The Company’s exposure was 25% of the OREO and the SBA was entitled to 75% of the sale price upon the sale of property. The Company sold the property and recognized a gain of $13 thousand during the first quarter of 2024.

8

Allowance for Credit Losses
The following table presents activities in ACL for the periods indicated:
Three Months Ended
Six Months Ended
($ in thousands)6/30/20243/31/2024% Change6/30/2023% Change6/30/20246/30/2023% Change
ACL on loans
Balance at beginning of period$28,332 $27,533 2.9 %$24,694 14.7 %$27,533 $24,942 10.4 %
Impact of ASC 326 adoption— — NM— NM— 1,067 NM
Charge-offs— (185)(100.0)%(7)(100.0)%(185)(7)2,542.9 %
Recoveries86 62 38.7 %23 273.9 %148 1,125 (86.8)%
Provision (reversal) for credit losses on loans329 922 (64.3)%157 109.6 %1,251 (2,260)(155.4)%
Balance at end of period$28,747 $28,332 1.5 %$24,867 15.6 %$28,747 $24,867 15.6 %
Percentage to loans held-for-investment at end of period1.17 %1.18 %1.17 %1.17 %1.17 %
ACL on off-balance sheet credit exposure
Balance at beginning of period$1,445 $1,277 13.2 %$1,545 (6.5)%$1,277 $299 327.1 %
Impact of ASC 326 adoption— — NM— NM— 1,607 NM
Provision (reversal) for credit losses on off-balance sheet credit exposure(70)168 NM40 NM98 (321)NM
Balance at end of period$1,375 $1,445 (4.8)%$1,585 (13.2)%$1,375 $1,585 (13.2)%
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 $148.0 million at June 30, 2024, an increase of $9.8 million, or 7.1%, from $138.2 million at March 31, 2024, an increase of $4.7 million, 3.3%, from $143.3 million at December 31, 2023, and an increase of $9.3 million, or 6.7%, from $138.7 million at June 30, 2023. The increase for the current quarter was primarily due to purchases of $14.8 million, partially offset by principal pay-downs of $4.8 million, a fair value decrease of $103 thousand, and net premium amortization of $41 thousand. The increase for the current year-to-date period was primarily due to purchases of $14.8 million, partially offset by principal pay-downs of $8.3 million, a fair value decrease of $1.7 million, and net premium amortization of $82 thousand.


9

Deposits
The following table presents the Company’s deposit mix as of the dates indicated:
6/30/20243/31/202412/31/20236/30/2023
($ in thousands)Amount% to TotalAmount% to TotalAmount% to TotalAmount% to Total
Noninterest-bearing demand deposits
$543,538 22.6 %$538,380 22.4 %$594,673 25.3 %$635,329 29.0 %
Interest-bearing deposits
Savings
7,821 0.3 %6,153 0.3 %6,846 0.3 %7,504 0.3 %
NOW
18,346 0.8 %16,232 0.7 %16,825 0.7 %16,993 0.8 %
Retail money market accounts
457,760 18.9 %461,221 19.0 %397,531 16.8 %464,655 21.1 %
Brokered money market accounts
1 0.1 %1 0.1 %1 0.1 %1 0.1 %
Retail time deposits of
$250,000 or less
475,923 19.8 %471,528 19.6 %456,293 19.4 %392,012 17.9 %
More than $250,000
559,832 23.2 %549,550 22.9 %515,702 21.9 %451,590 20.7 %
State and brokered time deposits
343,033 14.3 %359,775 15.0 %363,741 15.5 %220,148 10.1 %
Total interest-bearing deposits
1,862,716 77.4 %1,864,460 77.6 %1,756,939 74.7 %1,552,903 71.0 %
Total deposits
$2,406,254 100.0 %$2,402,840 100.0 %$2,351,612 100.0 %$2,188,232 100.0 %
Estimated total deposits not covered by deposit insurance$1,020,963 42.4 %$1,017,696 42.4 %$947,294 40.3 %$1,034,148 47.3 %
Total retail deposits were $2.06 billion at June 30, 2024, an increase of $20.2 million, or 1.0%, from $2.04 billion at March 31, 2024, an increase of $75.4 million, or 3.8%, from $1.99 billion at December 31, 2023, and an increase of $95.1 million, or 4.8%, from $1.97 billion at June 30, 2023.
The increase in retail time deposits for the current quarter was primarily due to new accounts of $72.9 million, renewals of the matured accounts of $183.4 million and balance increases of $10.2 million, partially offset by matured and closed accounts of $251.8 million. The increase for the current year-to-date period was primarily due to new accounts of $196.1 million, renewals of the matured accounts of $442.5 million and balance increases of $18.8 million, partially offset by matured and closed accounts of $593.7 million.
Liquidity
The following table presents a summary of the Company’s liquidity position as of June 30, 2024:
($ in thousands)6/30/202412/31/2023% Change
Cash and cash equivalents
$177,630 $242,342 (26.7)%
Cash and cash equivalents to total assets
6.2 %8.7 %
Available borrowing capacity
FHLB advances
$697,571 $602,976 15.7 %
Federal Reserve Discount Window
574,245 528,893 8.6 %
Overnight federal funds lines
61,000 65,000 (6.2)%
Total
$1,332,816 $1,196,869 11.4 %
Total available borrowing capacity to total assets
46.7 %42.9 %
10

Shareholders’ Equity
Shareholders’ equity was $353.5 million at June 30, 2024, an increase of $3.5 million, or 1.0%, from $350.0 million at March 31, 2024, an increase of $4.6 million, or 1.3%, from $348.9 million at December 31, 2023, and an increase of $13.1 million, or 3.8%, from $340.4 million at June 30, 2023. The increase for the current quarter was primarily due to net income, partially offset by cash dividends declared on common stock of $2.6 million, preferred stock dividends of $142 thousand, and repurchase of common stock of $222 thousand. The increase for the current year-to-date period was primarily due to net income, partially offset by cash dividends declared on common stock of $5.1 million, preferred stock dividends of $142 thousand, repurchase of common stock of $222 thousand, and an increase in accumulated other comprehensive loss of $1.2 million.
Stock Repurchases
In 2023, the Company repurchased and retired 512,657 shares of common stock at a weighted-average price of $17.22, totaling $8.8 million. During the current year-to-date period, the Company repurchased and retired 14,947 shares of common stock at a weighted-average price of $14.88, totaling $222 thousand. As of June 30, 2024, the Company is authorized to purchase 577,777 additional shares under the its current stock repurchase program, which expires on August 2, 2024.
Preferred Stock Under the Emergency Capital Investment Program
On May 24, 2022, the Company issued 69,141 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference of $1,000 per share (“Series C Preferred Stock”) for the capital investment of $69.1 million from the U.S. Treasury under the Emergency Capital Investment Program (“ECIP”). The ECIP investment is treated as tier 1 capital for regulatory capital purposes.
The Series C Preferred Stock bore no dividend for the first 24 months following the investment date. Thereafter, the dividend rate will be measured 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 paid the initial quarterly dividend at an annualized dividend rate of 2% beginning in the second quarter of 2024.
Capital Ratios
Based on the Federal Reserve’s Small Bank Holding Company policy, the Company is not currently subject to consolidated minimum capital measurements. At such time as the Company reaches the $3 billion asset level, it will be subject to consolidated capital requirements independent of the Bank. For comparison purposes, the Company’s capital ratios are included in following table, which presents capital ratios for the Company and the Bank as of the dates indicated:
6/30/20243/31/202412/31/20236/30/2023Well Capitalized Minimum Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)
11.91 %11.88 %12.23 %13.12 %N/A
Total capital (to risk-weighted assets)
15.94 %15.93 %16.39 %17.57 %N/A
Tier 1 capital (to risk-weighted assets)
14.71 %14.71 %15.16 %16.34 %N/A
Tier 1 capital (to average assets)
12.66 %12.73 %13.43 %13.84 %N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets)
14.38 %14.37 %14.85 %16.00 %6.5 %
Total capital (to risk-weighted assets)
15.60 %15.59 %16.07 %17.23 %10.0 %
Tier 1 capital (to risk-weighted assets)
14.38 %14.37 %14.85 %16.00 %8.0 %
Tier 1 capital (to average assets)
12.37 %12.44 %13.16 %13.55 %5.0 %
11

About PCB Bancorp
PCB Bancorp is the bank holding company for PCB Bank, a California state chartered bank, offering a full suite of commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control, including but not limited to the health of the national and local economies including the impact to the Company and its customers resulting from changes to, and the level of, inflation and interest rates; the Company’s ability to maintain and grow its deposit base; loan demand and continued portfolio performance; the impact of adverse developments at other banks, including bank failures, that impact general sentiment regarding the stability and liquidity of banks that could affect the Company’s liquidity, financial performance and stock price; changes to valuations of the Company’s assets and liabilities including the allowance for credit losses, earning assets, and intangible assets; changes to the availability of liquidity sources including borrowing lines and the ability to pledge or sell certain assets; the Company's ability to attract and retain skilled employees; customers' service expectations; cyber security risks; the Company's ability to successfully deploy new technology; acquisitions and branch and loan production office expansions; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company’s enterprise risk management framework; costs related to litigation; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, other public health crises, acts of war or terrorism, and other external events on our business. These and other important factors are detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and other filings the Company makes with the SEC, which are available at the SEC’s Internet site (http://www.sec.gov) or from the Company without charge. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.
Contact:
Timothy Chang
Executive Vice President & Chief Financial Officer
213-210-2000

12

PCB Bancorp and Subsidiary
Consolidated Balance Sheets (Unaudited)
($ in thousands, except share and per share data)
6/30/20243/31/2024% Change12/31/2023% Change6/30/2023% Change
Assets
Cash and due from banks
$23,247 $29,432 (21.0)%$26,518 (12.3)%$22,159 4.9 %
Interest-bearing deposits in other financial institutions154,383 210,359 (26.6)%215,824 (28.5)%199,987 (22.8)%
Total cash and cash equivalents
177,630 239,791 (25.9)%242,342 (26.7)%222,146 (20.0)%
Securities available-for-sale, at fair value
148,009 138,170 7.1 %143,323 3.3 %138,673 6.7 %
Loans held-for-sale
2,959 3,256 (9.1)%5,155 (42.6)%13,065 (77.4)%
Loans held-for-investment2,449,074 2,397,964 2.1 %2,323,452 5.4 %2,122,427 15.4 %
Allowance for credit losses on loans(28,747)(28,332)1.5 %(27,533)4.4 %(24,867)15.6 %
Net loans held-for-investment
2,420,327 2,369,632 2.1 %2,295,919 5.4 %2,097,560 15.4 %
Premises and equipment, net
8,923 8,892 0.3 %5,999 48.7 %6,394 39.6 %
Federal Home Loan Bank and other bank stock
14,042 12,716 10.4 %12,716 10.4 %12,716 10.4 %
Other real estate owned, net
— — — %2,558 (100.0)%— — %
Bank-owned life insurance31,281 31,045 0.8 %30,817 1.5 %30,428 2.8 %
Deferred tax assets, net
— — — %— — %4,348 (100.0)%
Servicing assets
6,205 6,544 (5.2)%6,666 (6.9)%7,142 (13.1)%
Operating lease assets
17,609 18,255 (3.5)%18,913 (6.9)%5,182 239.8 %
Accrued interest receivable
10,464 10,394 0.7 %9,468 10.5 %8,040 30.1 %
Other assets
15,515 15,597 (0.5)%15,630 (0.7)%10,651 45.7 %
Total assets
$2,852,964 $2,854,292 (0.1)%$2,789,506 2.3 %$2,556,345 11.6 %
Liabilities
Deposits
Noninterest-bearing demand
$543,538 $538,380 1.0 %$594,673 (8.6)%$635,329 (14.4)%
Savings, NOW and money market accounts
483,928 483,607 0.1 %421,203 14.9 %489,153 (1.1)%
Time deposits of $250,000 or less
758,956 771,303 (1.6)%760,034 (0.1)%552,160 37.5 %
Time deposits of more than $250,000
619,832 609,550 1.7 %575,702 7.7 %511,590 21.2 %
Total deposits
2,406,254 2,402,840 0.1 %2,351,612 2.3 %2,188,232 10.0 %
Other short-term borrowings4,000 — NM— NM— NM
Federal Home Loan Bank advances
32,000 50,000 (36.0)%39,000 (17.9)%— NM
Deferred tax liabilities, net577 266 116.9 %876 (34.1)%— NM
Operating lease liabilities
18,939 19,555 (3.2)%20,137 (5.9)%5,495 244.7 %
Accrued interest payable and other liabilities
37,725 31,626 19.3 %29,009 30.0 %22,207 69.9 %
Total liabilities
2,499,495 2,504,287 (0.2)%2,440,634 2.4 %2,215,934 12.8 %
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock69,141 69,141 — %69,141 — %69,141 — %
Common stock142,698 142,734 (0.1)%142,563 0.1 %143,686 (0.7)%
Retained earnings
151,781 148,209 2.4 %146,092 3.9 %138,315 9.7 %
Accumulated other comprehensive loss, net(10,151)(10,079)0.7 %(8,924)13.7 %(10,731)(5.4)%
Total shareholders’ equity
353,469 350,005 1.0 %348,872 1.3 %340,411 3.8 %
Total liabilities and shareholders’ equity
$2,852,964 $2,854,292 (0.1)%$2,789,506 2.3 %$2,556,345 11.6 %
Outstanding common shares
14,254,024 14,263,791 14,260,440 14,318,890 
Book value per common share (1)
$24.80 $24.54 $24.46 $23.77 
TCE per common share (2)
$19.95 $19.69 $19.62 $18.94 
Total loan to total deposit ratio
101.90 %99.93 %99.02 %97.59 %
Noninterest-bearing deposits to total deposits
22.59 %22.41 %25.29 %29.03 %
(1)The ratios are calculated by dividing total shareholders’ equity by the number of outstanding common shares. The Company did not have any intangible equity components for the presented periods.
(2)Non-GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.
13

PCB Bancorp and Subsidiary
Consolidated Statements of Income (Unaudited)
($ in thousands, except share and per share data)
Three Months Ended
Six Months Ended
6/30/20243/31/2024% Change6/30/2023% Change6/30/20246/30/2023% Change
Interest and dividend income
Loans, including fees$40,626 $39,251 3.5 %$32,960 23.3 %$79,877 $64,189 24.4 %
Investment securities1,310 1,246 5.1 %1,136 15.3 %2,556 2,238 14.2 %
Other interest-earning assets3,009 3,058 (1.6)%2,742 9.7 %6,067 4,947 22.6 %
Total interest income44,945 43,555 3.2 %36,838 22.0 %88,500 71,374 24.0 %
Interest expense
Deposits22,536 21,967 2.6 %15,121 49.0 %44,503 27,034 64.6 %
Other borrowings674 589 14.4 %— — %1,263 209 504.3 %
Total interest expense
23,210 22,556 2.9 %15,121 53.5 %45,766 27,243 68.0 %
Net interest income
21,735 20,999 3.5 %21,717 0.1 %42,734 44,131 (3.2)%
Provision (reversal) for credit losses259 1,090 (76.2)%197 31.5 %1,349 (2,581)NM
Net interest income after provision (reversal) for credit losses21,476 19,909 7.9 %21,520 (0.2)%41,385 46,712 (11.4)%
Noninterest income
Gain on sale of loans
763 1,078 (29.2)%769 (0.8)%1,841 2,078 (11.4)%
Service charges and fees on deposits
364 378 (3.7)%369 (1.4)%742 713 4.1 %
Loan servicing income
799 919 (13.1)%868 (7.9)%1,718 1,728 (0.6)%
Bank-owned life insurance income236 228 3.5 %184 28.3 %464 364 27.5 %
Other income
323 342 (5.6)%467 (30.8)%665 795 (16.4)%
Total noninterest income
2,485 2,945 (15.6)%2,657 (6.5)%5,430 5,678 (4.4)%
Noninterest expense
Salaries and employee benefits
9,225 9,218 0.1 %8,675 6.3 %18,443 17,603 4.8 %
Occupancy and equipment
2,300 2,358 (2.5)%1,919 19.9 %4,658 3,815 22.1 %
Professional fees
973 1,084 (10.2)%772 26.0 %2,057 1,504 36.8 %
Marketing and business promotion
318 319 (0.3)%203 56.7 %637 575 10.8 %
Data processing
495 402 23.1 %380 30.3 %897 792 13.3 %
Director fees and expenses
221 232 (4.7)%217 1.8 %453 397 14.1 %
Regulatory assessments
327 298 9.7 %382 (14.4)%625 537 16.4 %
Other expense1,316 2,441 (46.1)%1,079 22.0 %3,757 2,158 74.1 %
Total noninterest expense
15,175 16,352 (7.2)%13,627 11.4 %31,527 27,381 15.1 %
Income before income taxes
8,786 6,502 35.1 %10,550 (16.7)%15,288 25,009 (38.9)%
Income tax expense
2,505 1,817 37.9 %3,073 (18.5)%4,322 7,235 (40.3)%
Net income
6,281 4,685 34.1 %7,477 (16.0)%10,966 17,774 (38.3)%
Preferred stock dividends142 — NM— NM142 — NM
Net income available to common shareholders$6,139 $4,685 31.0 %$7,477 (17.9)%$10,824 $17,774 (39.1)%
Earnings per common share
Basic
$0.43 $0.33 $0.52 $0.76 $1.24 
Diluted
$0.43 $0.33 $0.52 $0.75 $1.22 
Average common shares
Basic
14,237,083 14,235,419 14,271,200 14,236,251 14,344,769 
Diluted
14,312,949 14,330,204 14,356,776 14,323,171 14,468,981 
Dividend paid per common share
$0.18 $0.18 $0.18 $0.36 $0.33 
Return on average assets (1)
0.89 %0.67 %1.19 %0.78 %1.44 %
Return on average shareholders’ equity (1)
7.19 %5.39 %8.82 %6.29 %10.62 %
Return on average TCE (1), (2)
8.96 %6.72 %11.08 %7.84 %13.35 %
Efficiency ratio (3)
62.65 %68.29 %55.91 %65.46 %54.97 %
(1)Ratios are presented on an annualized basis.
(2)Non-GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.
(3)The ratios are calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
14

PCB Bancorp and Subsidiary
Average Balance, Average Yield, and Average Rate (Unaudited)
($ in thousands)
Three Months Ended
6/30/20243/31/20246/30/2023
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Assets
Interest-earning assets
Total loans (1)
$2,414,824 $40,626 6.77 %$2,370,027 $39,251 6.66 %$2,097,489 $32,960 6.30 %
Mortgage-backed securities
104,538 911 3.50 %101,852 839 3.31 %98,971 713 2.89 %
Collateralized mortgage obligation
22,992 249 4.36 %23,763 254 4.30 %26,228 262 4.01 %
SBA loan pool securities
6,891 74 4.32 %7,317 78 4.29 %8,364 81 3.88 %
Municipal bonds (2)
3,238 29 3.60 %3,300 28 3.41 %4,234 33 3.13 %
Corporate bonds4,157 47 4.55 %4,227 47 4.47 %4,339 47 4.34 %
Other interest-earning assets
213,428 3,009 5.67 %217,002 3,058 5.67 %213,883 2,742 5.14 %
Total interest-earning assets
2,770,068 44,945 6.53 %2,727,488 43,555 6.42 %2,453,508 36,838 6.02 %
Noninterest-earning assets
Cash and due from banks23,057 21,365 20,754 
ACL on loans(28,372)(27,577)(24,710)
Other assets
88,399 88,532 71,200 
Total noninterest-earning assets
83,084 82,320 67,244 
Total assets
$2,853,152 $2,809,808 $2,520,752 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts
$473,557 4,876 4.14 %$453,801 4,665 4.13 %$465,564 3,929 3.38 %
Savings
6,899 4 0.23 %6,196 4 0.26 %7,767 5 0.26 %
Time deposits
1,383,167 17,656 5.13 %1,367,212 17,298 5.09 %1,054,191 11,187 4.26 %
Total interest-bearing deposits
1,863,623 22,536 4.86 %1,827,209 21,967 4.84 %1,527,522 15,121 3.97 %
Other borrowings48,462 674 5.59 %42,187 589 5.62 %— — — %
Total interest-bearing liabilities
1,912,085 23,210 4.88 %1,869,396 22,556 4.85 %1,527,522 15,121 3.97 %
Noninterest-bearing liabilities
Noninterest-bearing demand
535,508 542,811 628,127 
Other liabilities
54,338 47,957 25,234 
Total noninterest-bearing liabilities
589,846 590,768 653,361 
Total liabilities
2,501,931 2,460,164 2,180,883 
Total shareholders’ equity
351,221 349,644 339,869 
Total liabilities and shareholders’ equity
$2,853,152 $2,809,808 $2,520,752 
Net interest income
$21,735 $20,999 $21,717 
Net interest spread (3)
1.65 %1.57 %2.05 %
Net interest margin (4)
3.16 %3.10 %3.55 %
Total deposits
$2,399,131 $22,536 3.78 %$2,370,020 $21,967 3.73 %$2,155,649 $15,121 2.81 %
Total funding (5)
$2,447,593 $23,210 3.81 %$2,412,207 $22,556 3.76 %$2,155,649 $15,121 2.81 %
(1)Total loans include both loans held-for-sale and loans held-for-investment.
(2)The yield on municipal bonds has not been computed on a tax-equivalent basis.
(3)Net interest spread is calculated by subtracting average rate on interest-bearing liabilities from average yield on interest-earning assets.
(4)Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.
(5)Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.
(6)Annualized.


15

PCB Bancorp and Subsidiary
Average Balance, Average Yield, and Average Rate (Unaudited)
($ in thousands)
Six Months Ended
6/30/20246/30/2023
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Assets
Interest-earning assets
Total loans (1)
$2,392,426 $79,877 6.71 %$2,085,021 $64,189 6.21 %
Mortgage-backed securities
103,195 1,750 3.41 %98,278 1,396 2.86 %
Collateralized mortgage obligation
23,377 503 4.33 %26,484 518 3.94 %
SBA loan pool securities
7,104 152 4.30 %8,693 163 3.78 %
Municipal bonds (2)
3,269 57 3.51 %4,228 67 3.20 %
Corporate bonds4,192 94 4.51 %4,424 94 4.28 %
Other interest-earning assets
215,215 6,067 5.67 %200,420 4,947 4.98 %
Total interest-earning assets
2,748,778 88,500 6.47 %2,427,548 71,374 5.93 %
Noninterest-earning assets
Cash and due from banks22,211 20,953 
ACL on loans(27,975)(25,727)
Other assets
88,592 73,177 
Total noninterest-earning assets
82,828 68,403 
Total assets
$2,831,606 $2,495,951 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts
$463,679 9,541 4.14 %$475,707 7,374 3.13 %
Savings
6,548 8 0.25 %7,932 10 0.25 %
Time deposits
1,375,190 34,954 5.11 %985,851 19,650 4.02 %
Total interest-bearing deposits
1,845,417 44,503 4.85 %1,469,490 27,034 3.71 %
Other borrowings45,324 1,263 5.60 %7,862 209 5.36 %
Total interest-bearing liabilities
1,890,741 45,766 4.87 %1,477,352 27,243 3.72 %
Noninterest-bearing liabilities
Noninterest-bearing demand
539,159 657,687 
Other liabilities
51,123 23,382 
Total noninterest-bearing liabilities
590,282 681,069 
Total liabilities
2,481,023 2,158,421 
Total shareholders’ equity
350,583 337,530 
Total liabilities and shareholders’ equity
$2,831,606 $2,495,951 
Net interest income
$42,734 $44,131 
Net interest spread (3)
1.60 %2.21 %
Net interest margin (4)
3.13 %3.67 %
Total deposits
$2,384,576 $44,503 3.75 %$2,127,177 $27,034 2.56 %
Total funding (5)
$2,429,900 $45,766 3.79 %$2,135,039 $27,243 2.57 %
(1)Total loans include both loans held-for-sale and loans held-for-investment.
(2)The yield on municipal bonds has not been computed on a tax-equivalent basis.
(3)Net interest spread is calculated by subtracting average rate on interest-bearing liabilities from average yield on interest-earning assets.
(4)Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.
(5)Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.
(6)Annualized.



16

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
Six Months Ended
6/30/20243/31/20246/30/20236/30/20246/30/2023
Average total shareholders' equity(a)$351,221 $349,644 $339,869 $350,583 $337,530 
Less: average preferred stock(b)69,141 69,141 69,141 69,141 69,141 
Average TCE(c)=(a)-(b)$282,080 $280,503 $270,728 $281,442 $268,389 
Net income(d)$6,281 $4,685 $7,477 $10,966 $17,774 
Return on average shareholder's equity (1)
(d)/(a)7.19 %5.39 %8.82 %6.29 %10.62 %
Return on average TCE (1)
(d)/(c)8.96 %6.72 %11.08 %7.84 %13.35 %
(1) Annualized.
($ in thousands, except per share data)6/30/20243/31/202412/31/20236/30/2023
Total shareholders' equity(a)$353,469 $350,005 $348,872 $340,411 
Less: preferred stock(b)69,141 69,141 69,141 69,141 
TCE(c)=(a)-(b)$284,328 $280,864 $279,731 $271,270 
Outstanding common shares
(d)14,254,024 14,263,791 14,260,440 14,318,890 
Book value per common share(a)/(d)$24.80 $24.54 $24.46 $23.77 
TCE per common share(c)/(d)$19.95 $19.69 $19.62 $18.94 
Total assets(e)$2,852,964 $2,854,292 $2,789,506 $2,556,345 
Total shareholders' equity to total assets(a)/(e)12.39 %12.26 %12.51 %13.32 %
TCE to total assets(c)/(e)9.97 %9.84 %10.03 %10.61 %
17
Earnings Results 2Q24 July 25, 2024 PCB BANCORP

 
2 Forward-Looking Statement & Non-GAAP Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control, including but not limited to the health of the national and local economies including the impact to the Company and its customers resulting from changes to, and the level of, inflation and interest rates; the Company’s ability to maintain and grow its deposit base; loan demand and continued portfolio performance; the impact of adverse developments at other banks, including bank failures, that impact general sentiment regarding the stability and liquidity of banks that could affect our financial performance and our stock price; changes to valuations of the Company’s assets and liabilities including the allowance for credit losses, earning assets, and intangible assets; changes to the availability of liquidity sources including borrowing lines and the ability to pledge or sell certain assets; the Company's ability to attract and retain skilled employees; customers' service expectations; cyber security risks; the Company's ability to successfully deploy new technology; the success of acquisitions and branch expansion; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company’s enterprise risk management framework; costs related to litigation; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, other public health crises, acts of war or terrorism, and other external events on our business. These and other important factors are detailed in various securities law filings made periodically by the Company, copies of which are available without charge on the SEC’s website at www.sec.gov and the on the investor relations section of the Company’s website at www.mypcbbank.com. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward- looking statements presented herein are made only as of the date of this presentation, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law. Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of 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 7/23/24 Market Cap $262.7 million Stock Price Per Share $18.43 52-Week Range $14.50 - $19.04 Dividend Yield 3.91% Dividend Payout Ratio (3Q23 – 2Q24) 43.37% Outstanding Shares 14,254,024 Stock Information 2Q24 or 6/30/24 Diluted Earnings Per Share (“Diluted EPS”) $0.43 Cash Dividend Per Share $0.18 Book Value (“BV”) Per Share $24.80 Tangible Common Equity (“TCE”) Per Share (1) $19.95 Number of Repurchased Shares (2) 14,947 (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 6/30/24. PCB Footprint Corporate Profile 3

 
Historical Performance $1.45 $1.58 $1.73 $2.05 $2.32 $2.45 0.000 0.500 1.000 1.500 2.000 2.500 3.000 2019 2020 2021 2022 2023 Jun-24 Held-For-Investment Loans ($bn) $1.48 $1.59 $1.87 $2.05 $2.35 $2.41 0.000 0.500 1.000 1.500 2.000 2.500 3.000 2019 2020 2021 2022 2023 Jun-24 Deposits ($bn) $24.1 $16.2 $40.1 $35.0 $30.7 $11.0 $38.6 $36.2 $52.4 $53.0 $43.1 $16.6 0.000 10.000 20.000 30.000 40.000 50.000 60.000 2019 2020 2021 2022 2023 06/24 YTD Net Income/PTPP Income ($mm) Net Income PTPP Income CAGR +12.5% CAGR +12.3% $0.25 $0.40 $0.44 $0.60 $0.69 $0.36$1.49 $1.05 $2.62 $2.31 $2.12 $0.75 $14.44 $15.19 $17.24 $22.94 $24.46 $24.80 $18.21 $19.62 $19.95 -$5.00 $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 2019 2020 2021 2022 2023 06/24 YTD Cash Dividend/Diluted EPS & BV/TCE Per Share Cash Dividend Per Share Diluted EPS BV Per Share TCE Per Share (1) At period end (2) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of these measures to their most comparable GAAP measures (1), (2)(1) (2) Annualized +10.8% Annualized +4.6% 4

 
2Q24 Highlights Operating Results • Net income available to common shareholders of $6.1 million, or $0.43 per diluted share • Provision for credit losses of $259 thousand • Return on Average Assets (“ROAA”) of 0.89%, Return on Average TCE (“ROATCE”) (1) of 8.83%, net interest margin of 3.16%, and efficiency ratio of 62.7% Loans • Loans held-for-investment (“HFI loans”) increased $51.1 million, or 2.1%, to $2.45 billion • Average loan yield was 6.77% compared to 6.66% for 1Q24 • Total loans to deposits ratio was 101.9% • Quarterly loan production was $73.3 million compared to $153.6 million for 1Q24 Asset Quality • ACL on loans was $28.7 million, or 1.17% to HFI loans • Past due loans were $2.3 million, or 0.09% of HFI loans and NPLs were $7.5 million, or 0.31% of HFI loans Deposits • Total deposits increased $3.4 million, or 0.1%, to $2.41 billion • Core deposits(1) were $1.50 billion, or 62.5% of total deposits • Non-interest bearing deposits were $543.5 million, or 22.6% of total deposits • Uninsured deposits were $1.02 billion, or 42.4% of total deposits • Cost of average interest-bearing deposits and total deposits were 4.86% and 3.78%, respectively Capital & Liquidity • Declared and paid quarterly cash dividend of $0.18 per share • TBV per share increased to $19.95 • Maintained available borrowing capacity of $1.33 billion, or 46.7% 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 3/31/24 Compared to 6/30/23 ($ in Thousands, Except Per Share Data) 6/30/24 3/31/24 6/30/23 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 44,945 $ 43,555 $ 36,838 $ 1,390 3.2% $ 8,107 22.0% Interest Expense 23,210 22,556 15,121 654 2.9% 8,089 53.5% Net Interest Income 21,735 20,999 21,717 736 3.5% 18 0.1% Noninterest Income 2,485 2,945 2,657 (460) -15.6% (172) -6.5% Noninterest Expense 15,175 16,352 13,627 (1,177) -7.2% 1,548 11.4% Provision (Reversal) for Credit Losses 259 1,090 197 (831) -76.2% 62 31.5% Pretax Income 8,786 6,502 10,550 2,284 35.1% (1,764) -16.7% Income Tax Expense 2,505 1,817 3,073 688 37.9% (568) -18.5% Net Income 6,281 4,685 7,477 1,596 34.1% (1,196) -16.0% Diluted EPS $ 0.43 $ 0.33 $ 0.52 $ 0.10 30.3% $ (0.09) -17.3% Selected Balance Sheet Items: HFI loans $ 2,449,074 $ 2,397,964 $ 2,122,427 $ 51,110 2.1% $ 326,647 15.4% HFS loans 2,959 3,256 13,065 (297) -9.1% (10,106) -77.4% Total Deposits 2,406,254 2,402,840 2,188,232 3,414 0.1% 218,022 10.0% Total Assets 2,852,964 2,854,292 2,556,345 (1,328) -0.1% 296,619 11.6% Shareholders’ Equity 353,469 350,005 340,411 3,464 1.0% 13,058 3.8% TCE (2) 284,328 280,864 271,270 3,464 1.2% 13,058 4.8% Key Metrics: BV Per Share $ 24.80 $ 24.54 $ 23.77 $ $ TCE Per Share (1) $ 19.95 $ 19.69 $ 18.94 $ 0.26 1.1% $ 1.03 4.3% ROAA (2) 0.89% 0.67% 1.19% 0.26 1.3% 1.01 5.3% Return on Average Equity (“ROAE”) (2) 7.19% 5.39% 8.82% 0.22% -0.30% ROATCE (1), (2) 8.83% 6.63% 11.08% 1.80% -1.63% Net Interest Margin (2) 3.16% 3.10% 3.55% 2.21% -2.24% Efficiency Ratio (3) 62.65% 68.29% 55.91% 0.06% -0.39% (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

 
$1,422 $1,440 $1,445 $1,469 $1,504 $1,571 $1,614 $1,631 $216 $249 $268 $272 $280 $342 $372 $417$321 $357 $379 $382 $384 $410 $412 $401 $1,959 $2,046 $2,092 $2,122 $2,168 $2,323 $2,398 $2,449 - 500 1,000 1,500 2,000 2,500 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 HFI Loan Trend ($mm) Commercial Real Estate Commercial & Industrial Consumer 7 Loan Overview YoY +15.4% (1) Per regulatory definition in the Commercial Real Estate (“CRE”) Concentration Guidance $898 $925 $943 $941 $961 $1,063 $1,103 $1,081 249% 254% 259% 255% 257% 281% 289% 281% 0% 50% 100% 150% 200% 250% 300% 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0 1,100.0 1,200.0 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Commercial Real Estate(1) Loan Trend ($mm) CRE Loans % to the Bank's Total Risk-Based Capital Commercial Property 35% Business Property 24% Multifamily 7% Construction 1% Commercial & Industrial 17% Consumer 16% HFI Loan Composition June 30, 2024 $2.45B 2Q24 Highlights • HFI loans Increased $51.1 million, or 2.1%, to $2.45 billion • CRE loans increased $17.1 million (1.1%) & C&I loans increased $45.4 million (12.2%), but consumer loans decreased $11.4 million (2.8%)

 
8 Loan Production & Rate/Yield Analysis (1) Total commitment basis (2) Include both HFI and HFS loans (3) Annualized $29 $15 $14 $4 $17 $19 $11 $68 $64 $27 $37 $27 $77 $24 $169 $110 $71 $83 $114 $194 $119 $73 $266 $190 $112 $123 $158 $290 $154 $73 5.92% 7.17% 8.04% 8.18% 7.95% 7.90% 8.40% 8.78% -8% -6% -4% -2% 0% 2% 4% 6% 8% 0 50 100 150 200 250 300 350 400 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 New Production(1) by Rate Type ($mm) Fixed Hybrid Variable WA Rate Fixed (WA Rate: 5.04%) 19% Variable (WA Rate: 8.45%) 44% Hybrid (WA Rate: 5.04%) 37% HFI Loans Interest Rate Mix 24% 23% 23% 23% 22% 21% 20% 19% 38% 39% 39% 39% 39% 39% 39% 37% 38% 38% 38% 38% 39% 40% 41% 44% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 HFI Loans Interest Rate Mix Trend Fixed Hybrid Variable June 30, 2024 HFI Loans WA Rate 6.42% Repricing Schedule (06/30/24) HFI Loans HFS Loans Total Loans ($ in thousands) Carrying Value WA Rate Carrying Value WA Rate Carrying Value WA Rate Less Than 3 Months $ 959,528 8.64% $ 3,256 9.97% $ 962,487 8.64% 3 to 12 Months 223,101 5.83% 0 223,101 5.83% 1 to 3 Years 714,036 4.30% 0 714,036 4.30% 3 to 5 Years 486,869 6.17% 0 486,869 6.17% More than 5 Years 65,540 5.45% 0 65,540 5.45% Total $ 2,449,074 6.54% $ 3,256 9.97% $ 2,452,033 6.54% Loan Yield Analysis 2Q24 06/24 YTD ($ in thousands) Amount(2) Yield(3) Amount(2) Yield(3) Average Carrying Value $ 2,414,824 $ 2,392,426 Interest on Loans $ 39,496 6.58% $ 77,840 6.54% Fee (Cost) 241 0.04% 532 0.04% Prepayment Penalty & Late Charges 98 0.02% 141 0.01% Discount (Premium) 791 0.13% 1,364 0.11% Total Interest & Fees $ 40,626 6.77% $ 79,877 6.71%

 
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%) $ 354,249 21.7% 307 47.6% 6.24% $ 41,811 $ 99,569 $ 115,830 $ 97,039 Industrial 261,081 16.0% 165 49.1% 5.96% 54,909 60,102 76,881 69,189 Mixed Use 159,714 9.8% 145 43.9% 5.95% 39,177 37,666 56,964 25,907 Apartments 158,651 9.7% 57 55.0% 6.08% 46,300 21,446 83,740 7,165 Motel & Hotel 134,916 8.3% 109 47.3% 7.34% 1,797 16,760 42,638 73,721 Gas Station 101,776 6.2% 116 53.1% 6.62% 3,789 15,903 34,773 47,311 Office 100,685 6.2% 57 53.3% 6.12% 15,191 13,831 38,493 33,170 Medical 59,386 3.6% 30 41.0% 7.97% 9,418 8,288 37,116 4,564 Auto (Sales, Repair, & etc.) 38,070 2.3% 33 53.3% 5.52% 10,267 314 22,752 4,737 Golf Course 36,100 2.2% 8 48.6% 5.06% 0 23,122 7,707 5,271 Car Wash 34,128 2.1% 27 48.6% 5.81% 9,258 9,203 8,410 7,257 Spa, Sauna, & Oher Self-Care 30,757 1.9% 7 49.6% 5.15% 13,026 0 8,708 9,023 Commercial Condominium 30,663 1.9% 39 50.6% 5.89% 4,704 6,304 10,730 8,925 Construction 28,316 1.7% 9 51.1% 9.61% 28,316 0 0 0 Nursing Facility 26,932 1.7% 8 51.6% 7.50% 0 0 19,382 7,550 Wholesale 19,336 1.2% 16 41.6% 5.42% 2,058 4,047 3,837 9,394 Others 56,533 3.5% 82 47.6% 6.57% 8,022 8,727 15,265 24,519 Total $ 1,631,293 100.0% 1,215 49.0% 6.32% $ 288,043 $ 325,282 $ 583,226 $ 434,742 Loan Concentration (1) Collateral value at origination Los Angeles County 61% Orange County 8% San Bernardino County 4% Northern CA Counties 3% Riverside County 3% Other Socal Counties 1% NY/NJ 7% Texas 6% Washington 3% Other States 4% Commercial Real Estate Loans Geographic Concentration (6/30/24) $1.63B CA: $1.31B (80%) Commercial Real Estate Loans by Property Type (6/30/24) ($ in thousands) Carrying Value WA LTV(1) WA FICO Residential Mortgage $ 384,905 59.1% 758 Residential Mortgage Loans (6/30/24) 9

 
Loan Concentration Carrying Value % to Total WA Rate WA Month to Maturity($ in thousands) Finance & Insurance $ 154,230 36.9% 7.57% 4 General Manufacturing & Wholesale Trade 84,752 20.3% 8.32% 15 Retail Trade 42,499 10.2% 8.87% 45 Food Services 33,279 8.0% 9.30% 61 Real Estate Related 27,201 6.5% 7.81% 19 Arts, Entertainment, & Recreation 24,898 6.0% 8.71% 24 Professional, Scientific, & Technical Services 15,727 3.8% 8.61% 18 Construction 10,262 2.5% 8.63% 5 Health Care & Social Assistance 7,832 1.9% 8.94% 43 Other Services 7,279 1.7% 8.81% 44 All Other 9,373 2.2% 8.44% 29 Total $ 417,333 100.0% 8.21% 20 Los Angeles County 51% Orange County 9% Northern CA Counties… Other Socal Counties 5% San Bernardino County 1% Riverside County 0% Georgia 8% NY/NJ 7% Maryland 4% Other States 8% Commercial & Industrial Loans Geographic Concentration (6/30/24) Commercial & Industrial Loans by Industry Type (6/30/24) $417MM CA: $307MM (74%) 10

 
Credit Quality & Peer(1) Comparison $7.4 $7.4 $3.0 $3.8 $3.7 $6.5 $4.9 $7.5 0 1 2 3 4 5 6 7 8 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Non-Performing Assets (“NPAs”) ($mm) 0.32% 0.30% 0.12% 0.15% 0.15% 0.23% 0.17% 0.26% 0% 0% 0% 0% 0% 0% 0% 0% Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 NPAs to Total Assets 1.21% 1.22% 1.18% 1.17% 1.18% 1.19% 1.18% 1.17% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 ACL on Loans to HFI Loans 321% 742% 834% 647% 686% 703% 574% 383% 0 1 2 3 4 5 6 7 8 9 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 ACL on Loans to Non-Performing HFI Loans 0.87% 0.57% 0.56% 0.51% 0.47% 0.31% 0.28% 0.23% 0.19% 0% 0% 0% 0% 0% 1% 1% 1% 1% 1% 1% Hope Open Shinhan Peer CBB PCB Woori Hanmi USM NPAs / (Total Loans + OREO)(2) June 30, 2024 Peer Information: March 31, 2024 1.14% 0.71% 0.51% 0.34% 0.32% 0% 0% 0% 1% 1% 1% 1% Hope CBB Open PCB Hanmi Classified Assets to Total Assets(4) June 30, 2024 Peer Information: March 31, 2024 (1) Korean-American banks operating in Southern California (2) Source: UBPR (3) PCB Bank’s Peer Group per UBPR (4) Source: press releases concerning financial performance (3) 11

 
Deposits (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure. $810 $735 $654 $635 $611 $595 $538 $544 $553 $515 $460 $489 $459 $421 $484 $484 $476 $649 $811 $844 $861 $972 $1,021 $1,036 $139 $147 $217 $220 $261 $364 $360 $343 $1,978 $2,046 $2,142 $2,188 $2,192 $2,352 $2,403 $2,407 0 500 1,000 1,500 2,000 2,500 3,000 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Deposit Trend ($mm) Noninterest DDA Retail Other Interest-Bearing Retail Time Deposits Wholesale Deposits Noninterest DDA 23% Retail Other Interest-Bearing 20% Retail Time Deposits 43% Whoelsae Deposits 14% Deposit Composition $2.41B $1,600 $1,545 $1,470 $1,516 $1,476 $1,472 $1,494 $1,503 81% 76% 69% 69% 67% 63% 62% 63% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $500 $700 $900 $1,100 $1,300 $1,500 $1,700 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Core Deposits(1) ($mm) Core Deposits % to Total Deposits Time Deposit Maturity Schedule (6/30/24) Retail Wholesale Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 140,477 4.81% $ 167,954 5.28% $ 308,431 5.06% 3 to 6 Months 390,142 5.24% 162,041 5.35% 552,183 5.27% 6 to 9 Months 340,775 5.12% 0 340,775 5.12% 9 to 12 Months 159,617 4.99% 13,038 5.25% 172,655 5.01% More than 12 Months 4,744 3.02% 0 4,744 3.02% Total $ 1,035,755 5.09% $ 343,033 5.32% $ 1,378,788 5.15% YoY +10.0% 2Q24 Highlight • Total deposits increased $3.4 million (0.1%) • Retail deposits increased $20.2 million (1.0%), but wholesale deposits decreased $16.7 million (4.7%) • Uninsured deposits were $1.02 billion (42.4% of total deposits) compared to $1.02 billion (42.4% of total deposits) at 3/31/24 June 30, 2024 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. $7.0 $8.7 $10.3 $7.5 $7.0 $5.9 $4.7 $6.3 $13.5 $13.5 $11.7 $10.7 $10.7 $10.0 $7.6 $9.0 -1 1 3 5 7 9 11 13 15 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Net Income PTPP Net Income & PTPP(1) Income ($mm) $0.46 $0.58 $0.70 $0.52 $0.49 $0.41 $0.33 $0.43 $0.89 $0.91 $0.80 $0.75 $0.74 $0.69 $0.53 $0.62 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Diluted EPS Adjusted Diluted EPS Diluted EPS & Adjusted Diluted EPS(1) 1.19% 1.44% 1.69% 1.19% 1.09% 0.89% 0.67% 0.89% 2.31% 2.24% 1.92% 1.71% 1.66% 1.50% 1.09% 1.28% 0% 1% 1% 2% 2% 3% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 ROAA Adjusted ROAA ROAA & Adjusted ROAA(1) 8.16% 10.31% 12.46% 8.82% 8.12% 6.82% 5.39% 7.19% 15.84% 16.04% 14.13% 12.68% 12.42% 11.49% 8.73% 10.36% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 ROAE Adjusted ROAE ROAE & Adjusted ROAE(1) 2Q24 Highlights • Net interest income increased $736 thousand and noninterest expense decreased $1.2 million, but noninterest income decreased $460 thousand. 13

 
Noninterest Income & Expense $27.3 $17.4 $27.1 $16.8 $17.7 $20.8 $19.4 $13.6 $46.1 $22.3 $22.5 $19.2 $16.2 $25.1 $20.6 $12.7 7.5% 6.3% 7.5% 7.2% 6.3% 6.0% 8.2% 7.8% 5.2% 4.4% 4.8% 4.6% 3.9% 3.9% 5.6% 5.6% -8% -3% 2% 7% 12% 0 20 40 60 80 100 120 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 SBA 7(A) Loans ($mm) Sold Production Premium % Gain % $8.5 $7.9 $8.9 $8.7 $8.6 $8.4 $9.2 $9.2 $5.2 $5.2 $4.8 $4.9 $5.6 $6.1 $7.2 $6.0 2.36% 2.19% 2.23% 2.16% 2.22% 2.19% 2.33% 2.13% 0% 1% 1% 2% 2% 3% 0 2 4 6 8 10 12 14 16 18 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Noninterest Expense Trend ($mm) Compensation All Other Expenses % to Average Total Assets 50.4% 49.2% 54.1% 55.9% 56.9% 59.2% 68.3% 62.7% 59.2% 62.1% 61.0% 61.6% 62.1% 62.8% 66.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Efficiency Ratio (2) PCB Peer Average 274 272 276 272 272 270 272 265 258 260 262 264 266 268 270 272 274 276 278 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Number of FTE(3) Employees (1) Annualized (2) Calculated by dividing noninterest expense by the sum of net interest income and noninterest income. Peer average data from UBPR (3) Full-time equivalent (1) $1.8 $1.6 $1.7 $1.9 $1.8 $1.7 $1.8 $1.7 $1.4 $0.8 $1.3 $0.8 $0.7 $0.8 $1.1 $0.8 45% 32% 43% 29% 28% 32% 37% 31% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 0 1 1 2 2 3 3 4 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Noninterest Income Trend ($mm) All Other Income Gain on Sale of Loans % of Gain on Sale of Loans

 
Net Interest Margin (1) Annualized 5.17% 5.70% 6.11% 6.30% 6.43% 6.58% 6.66% 6.77% 4.25% 4.15% 3.79% 3.55% 3.57% 3.40% 3.10% 3.16% 0.98% 2.28% 3.45% 3.97% 4.17% 4.52% 4.85% 4.86% 0.57% 1.42% 2.33% 2.81% 2.97% 3.36% 3.76% 3.81% 2.19% 3.65% 4.52% 4.99% 5.26% 5.33% 5.33% 5.33% -1% 0% 1% 2% 3% 4% 5% 6% 7% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Yield & Cost(1) Loan Yield Net Interest Margin Cost of Interest-Bearing Liabilities Cost of Funds Average Fed Funds Rate 3.10% 3.16% +0.05% +0.00% -0.01% +0.02% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% 1Q24 Loan Yield Other Earning Assets Yield Int-Bearing Liabilities Cost Balance Sheet Mix 2Q24 Quarter-over-Quarter Impact to Net Interest Margin(1) 2Q24 Highlights • Net interest income increased $736 thousand to $21.7 million from $21.0 million for 2Q24. • Net interest margin increased to 3.16% from 3.10% for 1Q24 mainly due to increases in loan yield and balance sheet mix. 15

 
Capital 12.37% 14.38% 15.60% 14.38% 5.00% 6.50% 8.00% 10.00% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Tier 1 Leverage CET 1 Capital Tier 1 Capital Total Capital Bank-Level Regulatory Capital Ratios Actual Minimum Requirement For Well-Capitalized $22.40 $22.94 $23.56 $23.77 $23.87 $24.46 $24.54 $24.80 $17.75 $18.21 $18.72 $18.94 $19.05 $19.62 $19.69 $19.95 $12 $14 $16 $18 $20 $22 $24 $26 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Book Value/TCE(1) Per Share BV Per Share TCE Per Share June 30, 2024 14.30% 13.86% 13.47% 13.32% 13.31% 12.51% 12.26% 12.39% 11.33% 11.00% 10.71% 10.61% 10.62% 10.03% 9.84% 9.97% 8% 9% 10% 11% 12% 13% 14% 15% Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Total Equity/TCE(1) to Total Assets Total Equity to Total Assets TCE to Total Assets (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure. 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) Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Total Deposits (d) $ 1,978,098 $ 2,045,983 $ 2,141,689 $ 2,188,231 $ 2,192,1291 $ 2,351,612 $ 2,402,840 $ 2,406,254 Less: Time Deposits Greater Than $250K (299,271) (413,876) (514,464) (511,590) (514,406) (575,702) (609,550) (619,832) Less: Brokered Deposits (79,131) (87,031) (157,020) (160,149) (201,258) (303,742) (299,776) (283,033) Core Deposits (e) $ 1,599,696 $ 1,545,076 $ 1,470,205 $ 1,516,492 $ 1,476,465 $ 1,472,168 $ 1,493,514 $ 1,503,389 Core Deposits to Total Deposits (e)/(d) 80.9% 75.5% 68.6% 69.3% 67.4% 62.6% 62.2% 62.5% The following table reconciles ROATCE to its most comparable GAAP measure: ($ in thousands) 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Average Total Shareholders' Equity (a) $ 338,248 $ 334,832 $ 335,169 $ 339,869 $ 343,144 $ 343,735 $ 349,644 $ 351,221 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) $ 269,107 $ 265,691 $ 266,028 $ 270,728 $ 274,003 $ 274,594 $ 280,503 $ 282,080 Net Income (c) $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,281 ROAE (1) (c)/(a) 8.16% 10.31% 12.46% 8.82% 8.12% 6.82% 5.32% 7.10% ROATCE (Non-GAAP)(1) (c)/(b) 10.25% 12.99% 15.70% 11.08% 10.17% 8.54% 6.63% 8.83% The following table reconciles TCE per share and TCE to total assets to their most comparable GAAP measures: ($ in thousands, except per share data) Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Total Shareholders' Equity (a) $ 332,719 $ 335,442 $ 336,830 $ 340,411 $ 341,852 $ 348,872 $ 350,005 $ 353,469 Less: Preferred Stock 69,141 69,141 69,141 69,141 69,141 69,141 69,141 69,141 TCE (Non-GAAP) (b) $ 263,578 $ 266,301 $ 267,689 $ 271,270 $ 272,711 $ 279,731 $ 280,864 $ 284,328 Outstanding Shares (c) 14,853,140 14,625,474 14,297,870 14,318,890 14,319,014 14,260,440 14,263,791 14,254,024 Book Value Per Share (a)/(c) $ 22.40 $ 22.94 $ 23.56 $ 23.77 $ 23.87 $ 24.46 $ 24.54 $ 24.80 TCE Per Share (Non-GAAP) (b)/(c) $ 17.75 $ 18.21 $ 18.72 $ 18.94 $ 19.05 $ 19.62 $ 19.69 $ 19.95 Total Assets (d) $ 2,327,051 $ 2,420,036 $ 2,500,524 $ 2,556,345 $ 2,567,974 $ 2,789,506 $ 2,854,292 $ 2,852,964 Total Shareholders’ Equity to Total Assets (a)/(d) 14.30% 13.86% 13.47% 13.32% 13.31% 12.51% 12.26% 12.39% TCE to Total Assets (Non-GAAP) (b)/(d) 11.33% 11.00% 10.71% 10.61% 10.62% 10.03% 9.84% 9.97% (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) 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Net Income (a) $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,281 Add: Provision (Reversal) for Credit Losses(1) 3,753 1,149 (2,778) 197 751 1,698 1,090 259 Add: Income Tax Provision 2,798 3,688 4,162 3,073 2,970 2,352 1,817 2,505 PTPP Income (Non-GAAP) (b) $ 13,504 $ 13,539 $ 11,681 $ 10,747 $ 10,744 $ 9,958 $ 7,592 $ 9,045 Average Total Assets (c) $ 2,319,439 $ 2,395,712 $ 2,470,876 $ 2,520,752 $ 2,563,233 $ 2,642,175 $ 2,809,808 $ 2,853,152 ROAA (2) (a)/(c) 1.19% 1.44% 1.69% 1.19% 1.09% 0.89% 0.67% 0.89% Adjusted ROAA (Non-GAAP)(2) (b)/(c) 2.31% 2.24% 1.92% 1.71% 1.66% 1.50% 1.09% 1.28% Average Total Shareholders' Equity (d) $ 338,248 $ 334,832 $ 335,169 $ 339,869 $ 343,144 $ 343,735 $ 349,644 $ 351,221 ROAE (2) (a)/(d) 8.16% 10.31% 12.46% 8.82% 8.12% 6.82% 5.39% 7.19% Adjusted ROAE (Non-GAAP)(2) (b)/(d) 15.84% 16.04% 14.13% 12.68% 12.42% 11.49% 8.73% 10.36% Net Income available to common shareholders $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,139 Less: Income Allocated to Participating Securities (30) (37) (33) (24) (21) (17) (9) (11) Net Income Allocated to Common Stock (e) 6,923 8,665 10,264 7,453 7,002 5,891 4,676 6,128 Add: Provision for Loan Losses 3,753 1,149 (2,778) 197 751 1,698 1,090 259 Add: Income Tax Provision 2,798 3,688 4,162 3,073 2,970 2,352 1,817 2,505 PTPP Income Allocated to Common Stock (f) $ 13,474 $ 13,502 $ 11,648 $ 10,723 $ 10,723 $ 9,941 $ 7,583 $ 8,892 WA common shares outstanding, diluted (g) 15,088,089 14,904,106 14,574,929 14,356,776 14,396,216 14,316,581 14,330,204 14,312,949 Diluted EPS (e)/(g) $ 0.46 $ 0.58 $ 0.70 $ 0.52 $ 0.49 $ 0.41 $ 0.33 $ 0.43 Adjusted Diluted EPS (Non-GAAP) (f)/(g) $ 0.89 $ 0.91 $ 0.80 $ 0.75 $ 0.74 $ 0.69 $ 0.53 $ 0.62 ($ in thousands) 2019 2020 2021 2022 2023 06/24 YTD Net Income $ 24,108 $ 16,175 $ 40,103 $ 34,987 $ 30,705 $ 10,966 Add: Provision (Reversal) for Credit Losses(1) 4,237 13,219 (4,596) 3,602 (132) 1,349 Add: Income Tax Provision 10,243 6,836 16,856 14,416 12,557 4,322 PTPP Income (Non-GAAP) $ 38,588 $ 36,230 $ 52,363 $ 53,005 $ 43,130 $ 16,637 19

 

Exhibit 99.3

pcbbancorp.jpg
PCB Bancorp Declares Quarterly Cash Dividend of $0.18 Per Common Share
Los Angeles, California - July 25, 2024 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank, announced that on July 24, 2024, its Board of Directors declared a quarterly cash dividend of $0.18 per common share. The dividend will be paid on or about August 16, 2024, to shareholders of record as of the close of business on August 9, 2024.
About PCB Bancorp
PCB Bancorp is the bank holding company for PCB Bank, a California state chartered bank, offering a full suite of commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities.
Contact:
Timothy Chang
Executive Vice President & Chief Financial Officer
213-210-2000


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Exhibit 99.4
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PCB Bancorp Announces Extension of Stock Repurchase Plan
Los Angeles, California - July 25, 2024 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank, announced that on July 24, 2024, its Board of Directors approved an amendment (the “Repurchase Program Amendment”) to its current repurchase program that was approved and announced on August 2, 2023. The original repurchase program authorized the repurchase of up to 720,000 shares of the Company’s outstanding common stock, which was then approximately 5% of the outstanding share, through August 2, 2024. The Repurchase Program Amendment extends the expiration date from August 2, 2024 to August 1, 2025. As of July 24, 2024, the Company has repurchased and retired 142,223 shares of its common stock, leaving an aggregate of 577,777 shares in authorized for repurchase under the Repurchase Program Amendment.
Under the stock repurchase program, the Company may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at the Company’s discretion. Factors include, but are not limited to, stock price, trading volume and general market conditions, along with the Company’s general business conditions. The program may be suspended or discontinued at any time and does not obligate the company to acquire any specific number of shares of its common stock.
As part of the stock repurchase program, the Company intends to enter into a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The 10b5-1 trading plan would permit common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan will be administered by an independent broker and will be subject to price, market volume and timing restrictions.
About PCB Bancorp
PCB Bancorp is the bank holding company for PCB Bank, a California state chartered bank, offering a full suite of commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control, including but not limited to the health of the national and local economies including the impact to the Company and its customers resulting from changes to, and the level of, inflation and interest rates; the Company’s ability to maintain and grow its deposit base; loan demand and continued portfolio performance; the impact of adverse developments at other banks, including bank failures, that impact general sentiment regarding the stability and liquidity of banks that could affect the Company’s liquidity, financial performance and stock price; changes to valuations of the Company’s assets and liabilities including the allowance for credit losses, earning assets, and intangible assets; changes to the availability of liquidity sources including borrowing lines and the ability to pledge or sell certain assets; the Company's ability to attract and retain skilled employees; customers' service expectations; cyber security risks; the Company's ability to successfully deploy new technology; acquisitions and branch and loan production office expansions; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company’s enterprise risk management framework; costs related to litigation; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, other public health crises, acts of war or terrorism, and other external events on our business. These and other important factors are detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and other filings the Company makes
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with the SEC, which are available at the SEC’s Internet site (http://www.sec.gov) or from the Company without charge. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.
Contact:
Timothy Chang
Executive Vice President & Chief Financial Officer
213-210-2000

v3.24.2
Document and Entity Information Document
Jul. 25, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 24, 2024
Entity Registrant Name PCB BANCORP
Entity Central Index Key 0001423869
Amendment Flag false
Entity Incorporation, State or Country Code CA
Entity File Number 001-38621
Entity Tax Identification Number 20-8856755
Entity Address, Address Line One 3701 Wilshire Boulevard
Entity Address, Address Line Two Suite 900
Entity Address, City or Town Los Angeles
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90010
City Area Code 213
Local Phone Number 210-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, no par value
Trading Symbol PCB
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
PCB Bancorp (NASDAQ:PCB)
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