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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| PCB Bancorp | NASDAQ:PCB | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 19.49 | 19.11 | 19.87 | 0 | 00:00:00 |
From Oct 2024 to Nov 2024
PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income available to common shareholders of $7.5 million, or $0.52 per diluted common share, for the third quarter of 2024, compared with $6.1 million, or $0.43 per diluted common share, for the previous quarter and $7.0 million, or $0.49 per diluted common share, for the year-ago quarter.
Q3 2024 Highlights
“PCB’s third quarter was another solid quarter for us, highlighted by a 21.6% increase in net income available to common shareholders to $7.5 million that was benefited from our solid year-over-year loan growth combined with our expanded net interest margin,” said Henry Kim, President and Chief Executive Officer. “Additionally, we continue to maintain strong credit metrics, solid ACL, and robust capital ratios.”
“During the third quarter, our loan balance increased 0.8% to $2.5 billion, deposits increased 2.2% to $2.5 billion, and we maintained our ACL to loan ratio at 1.17%, while reducing our non-performing assets and classified assets to total assets ratios to 0.24% and 0.32%, respectively.”
Mr. Kim added, “As we look ahead to the fourth quarter and next year, our strategic expansion of our footprint and branch network optimizations will provide us with continued strong balance sheet growth with solid financial results.”
Financial Highlights (Unaudited)
($ in thousands, except per share data)
Three Months Ended
Nine Months Ended
9/30/2024
6/30/2024
% Change
9/30/2023
% Change
9/30/2024
9/30/2023
% Change
Net income
$
7,814
$
6,281
24.4
%
$
7,023
11.3
%
$
18,780
$
24,797
(24.3
)%
Net income available to common shareholders
$
7,468
$
6,139
21.6
%
$
7,023
6.3
%
$
18,292
$
24,797
(26.2
)%
Diluted earnings per common share
$
0.52
$
0.43
20.9
%
$
0.49
6.1
%
$
1.27
$
1.71
(25.7
)%
Net interest income
$
22,719
$
21,735
4.5
%
$
22,449
1.2
%
$
65,453
$
66,580
(1.7
)%
Provision (reversal) for credit losses
50
259
(80.7
)%
751
(93.3
)%
1,399
(1,830
)
NM
Noninterest income
2,620
2,485
5.4
%
2,502
4.7
%
8,050
8,180
(1.6
)%
Noninterest expense
14,602
15,175
(3.8
)%
14,207
2.8
%
46,129
41,588
10.9
%
Return on average assets (1)
1.08
%
0.89
%
1.09
%
0.88
%
1.32
%
Return on average shareholders’ equity (1)
8.70
%
7.19
%
8.12
%
7.11
%
9.77
%
Return on average tangible common equity (“TCE”) (1),(2)
10.31
%
8.75
%
10.17
%
8.61
%
12.27
%
Net interest margin (1)
3.25
%
3.16
%
3.57
%
3.17
%
3.63
%
Efficiency ratio (3)
57.63
%
62.65
%
56.94
%
62.76
%
55.63
%
($ in thousands, except per share data)
9/30/2024
6/30/2024
% Change
12/31/2023
% Change
9/30/2023
% Change
Total assets
$
2,889,833
$
2,852,964
1.3
%
$
2,789,506
3.6
%
$
2,567,974
12.5
%
Net loans held-for-investment
2,437,244
2,420,327
0.7
%
2,295,919
6.2
%
2,142,006
13.8
%
Total deposits
2,459,682
2,406,254
2.2
%
2,351,612
4.6
%
2,192,129
12.2
%
Book value per common share (4)
$
25.39
$
24.80
$
24.46
$
23.87
TCE per common share (2)
$
20.55
$
19.95
$
19.62
$
19.05
Tier 1 leverage ratio (consolidated)
12.79
%
12.66
%
13.43
%
13.76
%
Total shareholders’ equity to total assets
12.54
%
12.39
%
12.51
%
13.31
%
TCE to total assets (2), (5)
10.14
%
9.97
%
10.03
%
10.62
%
(1)
Ratios are presented on an annualized basis.
(2)
Non-GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.
(3)
Calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
(4)
Calculated by dividing total shareholders’ equity by the number of outstanding common shares.
(5)
The Company did not have any intangible asset component for the presented periods.
Result of Operations (Unaudited)
Net Interest Income and Net Interest Margin
The following table presents the components of net interest income for the periods indicated:
Three Months Ended
Nine Months Ended
($ in thousands)
9/30/2024
6/30/2024
% Change
9/30/2023
% Change
9/30/2024
9/30/2023
% Change
Interest income/expense on
Loans
$
42,115
$
40,626
3.7
%
$
34,651
21.5
%
$
121,992
$
98,840
23.4
%
Investment securities
1,384
1,310
5.6
%
1,170
18.3
%
3,940
3,408
15.6
%
Other interest-earning assets
2,499
3,009
(16.9
)%
3,031
(17.6
)%
8,566
7,978
7.4
%
Total interest-earning assets
45,998
44,945
2.3
%
38,852
18.4
%
134,498
110,226
22.0
%
Interest-bearing deposits
23,057
22,536
2.3
%
16,403
40.6
%
67,560
43,437
55.5
%
Borrowings
222
674
(67.1
)%
—
NM
1,485
209
610.5
%
Total interest-bearing liabilities
23,279
23,210
0.3
%
16,403
41.9
%
69,045
43,646
58.2
%
Net interest income
$
22,719
$
21,735
4.5
%
$
22,449
1.2
%
$
65,453
$
66,580
(1.7
)%
Average balance of
Loans
$
2,456,015
$
2,414,824
1.7
%
$
2,137,184
14.9
%
$
2,413,777
$
2,102,600
14.8
%
Investment securities
147,528
141,816
4.0
%
138,993
6.1
%
143,283
141,057
1.6
%
Other interest-earning assets
175,711
213,428
(17.7
)%
219,115
(19.8
)%
201,951
206,720
(2.3
)%
Total interest-earning assets
$
2,779,254
$
2,770,068
0.3
%
$
2,495,292
11.4
%
$
2,759,011
$
2,450,377
12.6
%
Interest-bearing deposits
$
1,893,006
$
1,863,623
1.6
%
$
1,561,582
21.2
%
$
1,861,395
$
1,500,523
24.0
%
Borrowings
15,848
48,462
(67.3
)%
—
NM
35,427
5,212
579.7
%
Total interest-bearing liabilities
$
1,908,854
$
1,912,085
(0.2
)%
$
1,561,582
22.2
%
$
1,896,822
$
1,505,735
26.0
%
Total funding (1)
$
2,443,615
$
2,447,593
(0.2
)%
$
2,188,320
11.7
%
$
2,434,504
$
2,152,993
13.1
%
Annualized average yield/cost of
Loans
6.82
%
6.77
%
6.43
%
6.75
%
6.29
%
Investment securities
3.73
%
3.72
%
3.34
%
3.67
%
3.23
%
Other interest-earning assets
5.66
%
5.67
%
5.49
%
5.67
%
5.16
%
Total interest-earning assets
6.58
%
6.53
%
6.18
%
6.51
%
6.01
%
Interest-bearing deposits
4.85
%
4.86
%
4.17
%
4.85
%
3.87
%
Borrowings
5.57
%
5.59
%
—
%
5.60
%
5.36
%
Total interest-bearing liabilities
4.85
%
4.88
%
4.17
%
4.86
%
3.88
%
Net interest margin
3.25
%
3.16
%
3.57
%
3.17
%
3.63
%
Cost of total funding (1)
3.79
%
3.81
%
2.97
%
3.79
%
2.71
%
Supplementary information
Net accretion of discount on loans
$
773
$
791
(2.3
)%
$
775
(0.3
)%
$
2,137
$
2,197
(2.7
)%
Net amortization of deferred loan fees
$
246
$
339
(27.4
)%
$
226
8.8
%
$
919
$
648
41.8
%
(1)
Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.
Loans. The increase in average yield for the current quarter was primarily due to a higher average loan rate throughout the current quarter, partially offset by a decrease in net amortization of deferred loan 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:
9/30/2024
6/30/2024
12/31/2023
9/30/2023
% to Total Loans
Weighted-Average Contractual Rate
% to Total Loans
Weighted-Average Contractual Rate
% to Total Loans
Weighted-Average Contractual Rate
% to Total Loans
Weighted-Average Contractual Rate
Fixed rate loans
18.3
%
5.06
%
18.8
%
5.04
%
21.2
%
4.86
%
22.4
%
4.75
%
Hybrid rate loans
37.6
%
5.14
%
37.2
%
5.04
%
39.0
%
4.93
%
38.8
%
4.71
%
Variable rate loans
44.1
%
8.10
%
44.0
%
8.45
%
39.8
%
8.51
%
38.8
%
8.52
%
On September 18, 2024, the Federal Open Market Committee decreased the Fed Funds rate by 50 bps and this change resulted in an overall decrease in weighted-average contractual rates on variable rate loans in September 2024.
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 increases 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 increases in average cost for the current quarter and year-to-date period compared with the same periods of 2023 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
Nine Months Ended
($ in thousands)
9/30/2024
6/30/2024
% Change
9/30/2023
% Change
9/30/2024
9/30/2023
% Change
Provision (reversal) for credit losses on loans
$
193
$
329
(41.3
)%
$
822
(76.5
)%
$
1,444
$
(1,438
)
NM
Provision (reversal) for credit losses on off-balance sheet credit exposure
(143
)
(70
)
104.3
%
(71
)
101.4
%
(45
)
(392
)
(88.5
)%
Total provision (reversal) for credit losses
$
50
$
259
(80.7
)%
$
751
(93.3
)%
$
1,399
$
(1,830
)
NM
The provision for credit losses on loans for the current quarter was primarily due to an increase in loans held-for-investment.
Noninterest Income
The following table presents the components of noninterest income for the periods indicated:
Three Months Ended
Nine Months Ended
($ in thousands)
9/30/2024
6/30/2024
% Change
9/30/2023
% Change
9/30/2024
9/30/2023
% Change
Gain on sale of loans
$
750
$
763
(1.7
)%
$
689
8.9
%
$
2,591
$
2,767
(6.4
)%
Service charges and fees on deposits
399
364
9.6
%
371
7.5
%
1,141
1,084
5.3
%
Loan servicing income
786
799
(1.6
)%
851
(7.6
)%
2,504
2,579
(2.9
)%
Bank-owned life insurance income
239
236
1.3
%
187
27.8
%
703
551
27.6
%
Other income
446
323
38.1
%
404
10.4
%
1,111
1,199
(7.3
)%
Total noninterest income
$
2,620
$
2,485
5.4
%
$
2,502
4.7
%
$
8,050
$
8,180
(1.6
)%
Gain on Sale of Loans. The following table presents information on gain on sale of loans for the periods indicated:
Three Months Ended
Nine Months Ended
($ in thousands)
9/30/2024
6/30/2024
% Change
9/30/2023
% Change
9/30/2024
9/30/2023
% Change
Gain on sale of SBA loans
Sold loan balance
$
13,506
$
13,619
(0.8
)%
$
17,697
(23.7
)%
$
46,539
$
61,592
(24.4
)%
Premium received
1,185
1,056
12.2
%
1,112
6.6
%
3,837
4,362
(12.0
)%
Gain recognized
750
763
(1.7
)%
689
8.9
%
2,591
2,767
(6.4
)%
Gain on sale of residential mortgage loans
Sold loan balance
$
676
$
—
NM
$
—
NM
$
676
$
—
NM
Gain recognized
—
—
—
%
—
—
%
—
—
—
%
Loan Servicing Income. The following table presents information on loan servicing income for the periods indicated:
Three Months Ended
Nine Months Ended
($ in thousands)
9/30/2024
6/30/2024
% Change
9/30/2023
% Change
9/30/2024
9/30/2023
% Change
Loan servicing income
Servicing income received
$ 1,264
$ 1,318
(4.1) %
$ 1,321
(4.3) %
$ 3,875
$ 3,922
(1.2) %
Servicing assets amortization
(478)
(519)
(7.9) %
(470)
1.7 %
(1,371)
(1,343)
2.1 %
Loan servicing income
$ 786
$ 799
(1.6) %
$ 851
(7.6) %
$ 2,504
$ 2,579
(2.9) %
Underlying loans at end of period
$ 527,062
$ 527,458
(0.1) %
$ 536,424
(1.7) %
$ 527,062
$ 536,424
(1.7) %
The Company services SBA loans and certain residential property loans sold to the secondary market.
Noninterest Expense
The following table presents the components of noninterest expense for the periods indicated:
Three Months Ended
Nine Months Ended
($ in thousands)
9/30/2024
6/30/2024
% Change
9/30/2023
% Change
9/30/2024
9/30/2023
% Change
Salaries and employee benefits
$
8,801
$
9,225
(4.6
)%
$
8,572
2.7
%
$
27,244
$
26,175
4.1
%
Occupancy and equipment
2,261
2,300
(1.7
)%
1,964
15.1
%
6,919
5,779
19.7
%
Professional fees
599
973
(38.4
)%
685
(12.6
)%
2,656
2,189
21.3
%
Marketing and business promotion
667
318
109.7
%
980
(31.9
)%
1,304
1,555
(16.1
)%
Data processing
397
495
(19.8
)%
367
8.2
%
1,294
1,159
11.6
%
Director fees and expenses
226
221
2.3
%
152
48.7
%
679
549
23.7
%
Regulatory assessments
309
327
(5.5
)%
281
10.0
%
934
818
14.2
%
Other expense
1,342
1,316
2.0
%
1,206
11.3
%
5,099
3,364
51.6
%
Total noninterest expense
$
14,602
$
15,175
(3.8
)%
$
14,207
2.8
%
$
46,129
$
41,588
10.9
%
Salaries and Employee Benefits. The decrease for the current quarter compared with the previous quarter was primarily due to decreases in bonus and vacation accruals. The increase for the current year-to-date period was primarily due to increases in salaries, bonus accrual, incentives tied to sales of SBA loans originated at loan production offices, and other employee benefits, partially offset by a decrease in vacation accrual. The number of full-time equivalent employees was 264, 265 and 270 as of September 30, 2024, June 30, 2024 and September 30, 2023, respectively.
Occupancy and Equipment. The increases for the current quarter and year-to-date period compared with the same periods of 2023 were primarily due to an expansion of headquarters location in the second half of 2023 and a relocation of a regional office and two branches into one location in Orange County, California.
Professional Fees. During the first half of 2024, the Company incurred additional professional fees related to a core system conversion, which was completed in April 2024.
Marketing and Business Promotion. The increase for the current quarter compared with the previous quarter was primarily due to an increase in advertisements. The decrease for the current quarter and year-to-date period compared with the same periods of 2023 was primarily due to an increase in advertisements in 2023 periods for the Company’s 20th anniversary celebration.
Other Expense. The increase for the 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 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.
Balance Sheet (Unaudited)
Total assets were $2.89 billion at September 30, 2024, an increase of $36.9 million, or 1.3%, from $2.85 billion at June 30, 2024, an increase of $100.3 million, or 3.6%, from $2.79 billion at December 31, 2023, and an increase of $321.9 million, or 12.5%, from $2.57 billion at September 30, 2023. The increases for the current quarter and year-to-date period were primarily due to increases in loans held-for-investment and other assets. During the current quarter, the Company invested $5.0 million in a qualified affordable housing project for lower income tenants in California. The recorded investment amount of the investment is included in Other Assets on the Consolidated Balance Sheets (unaudited).
Loans
The following table presents a composition of total loans (includes both loans held-for-sale and loans held-for-investment) as of the dates indicated:
($ in thousands)
9/30/2024
6/30/2024
% Change
12/31/2023
% Change
9/30/2023
% Change
Commercial real estate:
Commercial property
$
874,824
$
852,677
2.6
%
$
855,270
2.3
%
$
814,547
7.4
%
Business property
579,461
572,643
1.2
%
558,772
3.7
%
537,351
7.8
%
Multifamily
185,485
177,657
4.4
%
132,500
40.0
%
132,558
39.9
%
Construction
21,150
28,316
(25.3
)%
24,843
(14.9
)%
19,246
9.9
%
Total commercial real estate
1,660,920
1,631,293
1.8
%
1,571,385
5.7
%
1,503,702
10.5
%
Commercial and industrial
407,024
417,333
(2.5
)%
342,002
19.0
%
279,608
45.6
%
Consumer:
Residential mortgage
383,377
384,905
(0.4
)%
389,420
(1.6
)%
363,369
5.5
%
Other consumer
14,853
15,543
(4.4
)%
20,645
(28.1
)%
20,926
(29.0
)%
Total consumer
398,230
400,448
(0.6
)%
410,065
(2.9
)%
384,295
3.6
%
Loans held-for-investment
2,466,174
2,449,074
0.7
%
2,323,452
6.1
%
2,167,605
13.8
%
Loans held-for-sale
5,170
2,959
74.7
%
5,155
0.3
%
6,693
(22.8
)%
Total loans
$
2,471,344
$
2,452,033
0.8
%
$
2,328,607
6.1
%
$
2,174,298
13.7
%
SBA loans included in:
Loans held-for-investment
$
142,819
$
144,440
(1.1
)%
$
145,603
(1.9
)%
$
129,866
10.0
%
Loans held-for-sale
$
5,170
$
2,959
74.7
%
$
5,155
0.3
%
$
16,272
(68.2
)%
The increase in loans held-for-investment for the current quarter was primarily due to new funding and advances on lines of credit of $764.7 million, partially offset by pay-downs and pay-offs of $746.8 million. The increase for the current year-to-date period was primarily due to new funding and advances on lines of credit of $1.83 billion, partially offset by pay-downs and pay-offs of $1.69 billion.
The increase in loans held-for-sale for the current quarter was primarily due to new funding of $15.9 million and a loan transferred from loan held-for-investment of $676 thousand, partially offset by sales of $14.2 million, and pay-downs and pay-offs of $174 thousand. The increase for the current year-to-date period was primarily due to new funding of $48.3 million and a loan transferred from loan held-for-investment of $676 thousand, partially offset by sales of $47.2 million, and pay-downs and pay-offs of $1.8 million.
The following table presents a composition of off-balance sheet credit exposure as of the dates indicated:
($ in thousands)
9/30/2024
6/30/2024
% Change
12/31/2023
% Change
9/30/2023
% Change
Commercial property
$
3,291
$
6,309
(47.8
)%
$
11,634
(71.7
)%
$
9,827
(66.5
)%
Business property
12,441
11,607
7.2
%
9,899
25.7
%
8,388
48.3
%
Multifamily
—
1,800
(100.0
)%
1,800
(100.0
)%
1,800
(100.0
)%
Construction
17,810
22,030
(19.2
)%
23,739
(25.0
)%
29,293
(39.2
)%
Commercial and industrial
394,428
336,121
17.3
%
351,025
12.4
%
283,119
39.3
%
Other consumer
5,590
5,192
7.7
%
3,421
63.4
%
271
1,962.7
%
Total commitments to extend credit
433,560
383,059
13.2
%
401,518
8.0
%
332,698
30.3
%
Letters of credit
6,673
6,808
(2.0
)%
6,583
1.4
%
6,083
9.7
%
Total off-balance sheet credit exposure
$
440,233
$
389,867
12.9
%
$
408,101
7.9
%
$
338,781
29.9
%
Credit Quality
The following table presents a summary of non-performing loans and assets, and classified assets as of the dates indicated:
($ in thousands)
9/30/2024
6/30/2024
% Change
12/31/2023
% Change
9/30/2023
% Change
Nonaccrual loans
Commercial real estate:
Commercial property
$
1,633
$
1,804
(9.5
)%
$
958
70.5
%
$
686
138.0
%
Business property
2,367
2,440
(3.0
)%
2,865
(17.4
)%
2,964
(20.1
)%
Multifamily
2,038
2,038
—
%
—
NM
—
NM
Total commercial real estate
6,038
6,282
(3.9
)%
3,823
57.9
%
3,650
65.4
%
Commercial and industrial
124
112
10.7
%
68
82.4
%
72
72.2
%
Consumer:
Residential mortgage
414
1,100
(62.4
)%
—
NM
—
NM
Other consumer
38
6
533.3
%
25
52.0
%
8
375.0
%
Total consumer
452
1,106
(59.1
)%
25
1,708.0
%
8
5,550.0
%
Total nonaccrual loans held-for-investment
6,614
7,500
(11.8
)%
3,916
68.9
%
3,730
77.3
%
Loans past due 90 days or more and still accruing
—
—
—
%
—
—
%
—
—
%
Non-performing loans (“NPLs”)
6,614
7,500
(11.8
)%
3,916
68.9
%
3,730
77.3
%
NPLs held-for-sale
—
—
—
%
—
—
%
—
—
%
Total NPLs
6,614
7,500
(11.8
)%
3,916
68.9
%
3,730
77.3
%
Other real estate owned (“OREO”)
466
—
NM
2,558
(81.8
)%
—
NM
Non-performing assets (“NPAs”)
$
7,080
$
7,500
(5.6
)%
$
6,474
9.4
%
$
3,730
89.8
%
Loans past due and still accruing
Past due 30 to 59 days
$
2,973
$
2,245
32.4
%
$
1,394
113.3
%
$
654
354.6
%
Past due 60 to 89 days
21
41
(48.8
)%
34
(38.2
)%
54
(61.1
)%
Past due 90 days or more
—
—
—
%
—
—
%
—
—
%
Total loans past due and still accruing
$
2,994
$
2,286
31.0
%
1,428
109.7
%
$
708
322.9
%
Special mention loans
$
5,057
$
5,080
(0.5
)%
$
5,156
(1.9
)%
$
5,281
(4.2
)%
Classified assets
Classified loans held-for-investment
$
8,860
$
9,752
(9.1
)%
$
7,000
26.6
%
$
6,742
31.4
%
Classified loans held-for-sale
—
—
—
%
—
—
%
—
—
%
OREO
466
—
NM
2,558
(81.8
)%
—
NM
Classified assets
$
9,326
$
9,752
(4.4
)%
$
9,558
(2.4
)%
$
6,742
38.3
%
NPLs to loans held-for-investment
0.27
%
0.31
%
0.17
%
0.17
%
NPAs to total assets
0.24
%
0.26
%
0.23
%
0.15
%
Classified assets to total assets
0.32
%
0.34
%
0.34
%
0.26
%
Allowance for Credit Losses
The following table presents activities in ACL for the periods indicated:
Three Months Ended
Nine Months Ended
($ in thousands)
9/30/2024
6/30/2024
% Change
9/30/2023
% Change
9/30/2024
9/30/2023
% Change
ACL on loans
Balance at beginning of period
$ 28,747
$ 28,332
1.5 %
$ 24,867
15.6 %
$ 27,533
$ 24,942
10.4 %
Impact of ASC 326 adoption
—
—
NM
—
NM
—
1,067
NM
Charge-offs
(111)
—
— %
(112)
(0.9) %
(296)
(119)
148.7 %
Recoveries
101
86
17.4 %
22
359.1 %
249
1,147
(78.3) %
Provision (reversal) for credit losses on loans
193
329
(41.3) %
822
(76.5) %
1,444
(1,438)
(200.4) %
Balance at end of period
$ 28,930
$ 28,747
0.6 %
$ 25,599
13.0 %
$ 28,930
$ 25,599
13.0 %
Percentage to loans held-for-investment at end of period
1.17 %
1.17 %
1.18 %
1.17 %
1.18 %
ACL on off-balance sheet credit exposure
Balance at beginning of period
$ 1,375
$ 1,445
(4.8) %
$ 1,585
(13.2) %
$ 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
(143)
(70)
104.3 %
(71)
101.4 %
(45)
(392)
(88.5) %
Balance at end of period
$ 1,232
$ 1,375
(10.4) %
$ 1,514
(18.6) %
$ 1,232
$ 1,514
(18.6) %
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 $147.6 million at September 30, 2024, a decrease of $374 thousand, or 0.3%, from $148.0 million at June 30, 2024, but an increase of $4.3 million, 3.0%, from $143.3 million at December 31, 2023 and an increase of $8.4 million, or 6.0%, from $139.2 million at September 30, 2023. The decrease for the current quarter was primarily due to principal pay-downs of $5.6 million and net premium amortization of $41 thousand, partially offset by a fair value increase of $5.3 million. The increase for the current year-to-date period was primarily due to purchases of $14.8 million and a fair value increase of $3.5 million, partially offset by principal pay-downs of $13.9 million and net premium amortization of $123 thousand.
Deposits
The following table presents the Company’s deposit mix as of the dates indicated:
9/30/2024
6/30/2024
12/31/2023
9/30/2023
($ in thousands)
Amount
% to Total
Amount
% to Total
Amount
% to Total
Amount
% to Total
Noninterest-bearing demand deposits
$
540,068
22.0
%
$
543,538
22.6
%
$
594,673
25.3
%
$
611,021
27.9
%
Interest-bearing deposits
Savings
5,718
0.2
%
7,821
0.3
%
6,846
0.3
%
6,846
0.3
%
NOW
15,873
0.6
%
18,346
0.8
%
16,825
0.7
%
16,076
0.7
%
Retail money market accounts
470,347
19.1
%
457,760
18.9
%
397,531
16.8
%
436,115
19.8
%
Brokered money market accounts
1
0.1
%
1
0.1
%
1
0.1
%
1
0.1
%
Retail time deposits of
$250,000 or less
492,430
20.0
%
475,923
19.8
%
456,293
19.4
%
406,407
18.5
%
More than $250,000
580,166
23.6
%
559,832
23.2
%
515,702
21.9
%
454,406
20.8
%
State and brokered time deposits
355,079
14.4
%
343,033
14.3
%
363,741
15.5
%
261,257
11.9
%
Total interest-bearing deposits
1,919,614
78.0
%
1,862,716
77.4
%
1,756,939
74.7
%
1,581,108
72.1
%
Total deposits
$
2,459,682
100.0
%
$
2,406,254
100.0
%
$
2,351,612
100.0
%
$
2,192,129
100.0
%
Estimated total deposits not covered by deposit insurance
$
1,042,366
42.4
%
$
1,020,963
42.4
%
$
954,591
40.6
%
$
983,851
44.9
%
Total retail deposits were $2.10 billion at September 30, 2024, an increase of $41.4 million, or 2.0%, from $2.06 billion at June 30, 2024, an increase of $116.7 million, or 5.9%, from $1.99 billion at December 31, 2023, and an increase of $173.7 million, or 9.0%, from $1.93 billion at September 30, 2023.
The increase in retail time deposits for the current quarter was primarily due to new accounts of $76.6 million, renewals of the matured accounts of $117.9 million and balance increases of $9.5 million, partially offset by matured and closed accounts of $167.1 million. The increase for the current year-to-date period was primarily due to new accounts of $272.7 million, renewals of the matured accounts of $560.4 million and balance increases of $28.4 million, partially offset by matured and closed accounts of $760.8 million.
Liquidity
The following table presents a summary of the Company’s liquidity position as of the dates indicated:
($ in thousands)
9/30/2024
12/31/2023
% Change
Cash and cash equivalents
$
193,064
$
242,342
(20.3
)%
Cash and cash equivalents to total assets
6.7
%
8.7
%
Available borrowing capacity
FHLB advances
$
702,986
$
602,976
16.6
%
Federal Reserve Discount Window
578,713
528,893
9.4
%
Overnight federal funds lines
65,000
65,000
—
%
Total
$
1,346,699
$
1,196,869
12.5
%
Total available borrowing capacity to total assets
46.6
%
42.9
%
Shareholders’ Equity
Shareholders’ equity was $362.3 million at September 30, 2024, an increase of $8.8 million, or 2.5%, from $353.5 million at June 30, 2024, an increase of $13.4 million, or 3.8%, from $348.9 million at December 31, 2023, and an increase of $20.4 million, or 6.0%, from $341.9 million at September 30, 2023. The increase for the current quarter was primarily due to net income and a decrease in accumulated other comprehensive loss of $3.7 million, partially offset by cash dividends declared on common stock of $2.6 million and preferred stock dividends of $346 thousand. The increase for the current year-to-date period was primarily due to net income and a decrease in accumulated other comprehensive loss of $2.5 million, partially offset by cash dividends declared on common stock of $7.7 million, preferred stock dividends of $488 thousand, and repurchase of common stock of $222 thousand.
Stock Repurchases
In 2023, the Company repurchased and retired 512,657 shares of common stock at a weighted-average price of $17.22, totaling $8.8 million. 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 September 30, 2024, the Company is authorized to purchase 577,777 additional shares under its current stock repurchase program, which expires on August 2, 2025.
Series C Preferred Stock
On May 24, 2022, the Company issued 69,141 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference of $1,000 per share (“Series C Preferred Stock”) for the capital investment of $69.1 million from the U.S. Treasury under the Emergency Capital Investment Program (“ECIP”). The ECIP investment is treated as tier 1 capital for regulatory capital purposes.
The Series C Preferred Stock bore no dividend for the first 24 months following the investment date. Thereafter, the dividend rate will be determined quarterly based on the lending growth criteria listed in the terms of the ECIP investment with an annual dividend rate of up to 2%. After the tenth anniversary of the investment date, the dividend rate will be fixed based on the average annual amount of lending in years 2 through 10.
The Company began paying quarterly dividends on the Series C Preferred Stock at an annualized dividend rate of 2% in the second quarter of 2024. The dividends totaled $346 thousand and $488 thousand for the current quarter and year-to-date period, respectively.
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:
9/30/2024
6/30/2024
12/31/2023
9/30/2023
Well Capitalized Minimum Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)
11.92 %
11.91 %
12.23 %
13.07 %
N/A
Total capital (to risk-weighted assets)
15.88 %
15.94 %
16.39 %
17.48 %
N/A
Tier 1 capital (to risk-weighted assets)
14.68 %
14.71 %
15.16 %
16.24 %
N/A
Tier 1 capital (to average assets)
12.79 %
12.66 %
13.43 %
13.76 %
N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets)
14.33 %
14.38 %
14.85 %
15.87 %
6.5 %
Total capital (to risk-weighted assets)
15.54 %
15.60 %
16.07 %
17.11 %
10.0 %
Tier 1 capital (to risk-weighted assets)
14.33 %
14.38 %
14.85 %
15.87 %
8.0 %
Tier 1 capital (to average assets)
12.49 %
12.37 %
13.16 %
13.44 %
5.0 %
About PCB Bancorp
PCB Bancorp is the bank holding company for PCB Bank, a California state chartered bank, offering a full suite of commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control, including but not limited to the health of the national and local economies including the impact 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.
PCB Bancorp and Subsidiary
Consolidated Balance Sheets (Unaudited)
($ in thousands, except share and per share data)
9/30/2024
6/30/2024
% Change
12/31/2023
% Change
9/30/2023
% Change
Assets
Cash and due from banks
$
29,981
$
23,247
29.0
%
$
26,518
13.1
%
$
22,691
32.1
%
Interest-bearing deposits in other financial institutions
163,083
154,383
5.6
%
215,824
(24.4
)%
169,659
(3.9
)%
Total cash and cash equivalents
193,064
177,630
8.7
%
242,342
(20.3
)%
192,350
0.4
%
Securities available-for-sale, at fair value
147,635
148,009
(0.3
)%
143,323
3.0
%
139,218
6.0
%
Loans held-for-sale
5,170
2,959
74.7
%
5,155
0.3
%
6,693
(22.8
)%
Loans held-for-investment
2,466,174
2,449,074
0.7
%
2,323,452
6.1
%
2,167,605
13.8
%
Allowance for credit losses on loans
(28,930
)
(28,747
)
0.6
%
(27,533
)
5.1
%
(25,599
)
13.0
%
Net loans held-for-investment
2,437,244
2,420,327
0.7
%
2,295,919
6.2
%
2,142,006
13.8
%
Premises and equipment, net
8,414
8,923
(5.7
)%
5,999
40.3
%
6,229
35.1
%
Federal Home Loan Bank and other bank stock
14,042
14,042
—
%
12,716
10.4
%
12,716
10.4
%
Other real estate owned, net
466
—
NM
2,558
(81.8
)%
—
NM
Bank-owned life insurance
31,520
31,281
0.8
%
30,817
2.3
%
30,615
3.0
%
Deferred tax assets, net
—
—
—
%
—
—
%
4,486
(100.0
)%
Servicing assets
5,902
6,205
(4.9
)%
6,666
(11.5
)%
6,920
(14.7
)%
Operating lease assets
17,932
17,609
1.8
%
18,913
(5.2
)%
5,626
218.7
%
Accrued interest receivable
9,896
10,464
(5.4
)%
9,468
4.5
%
8,731
13.3
%
Other assets
18,548
15,515
19.5
%
15,630
18.7
%
12,384
49.8
%
Total assets
$
2,889,833
$
2,852,964
1.3
%
$
2,789,506
3.6
%
$
2,567,974
12.5
%
Liabilities
Deposits
Noninterest-bearing demand
$
540,068
$
543,538
(0.6
)%
$
594,673
(9.2
)%
$
611,021
(11.6
)%
Savings, NOW and money market accounts
491,939
483,928
1.7
%
421,203
16.8
%
459,038
7.2
%
Time deposits of $250,000 or less
787,509
758,956
3.8
%
760,034
3.6
%
607,664
29.6
%
Time deposits of more than $250,000
640,166
619,832
3.3
%
575,702
11.2
%
514,406
24.4
%
Total deposits
2,459,682
2,406,254
2.2
%
2,351,612
4.6
%
2,192,129
12.2
%
Other short-term borrowings
—
4,000
(100.0
)%
—
—
%
—
—
%
Federal Home Loan Bank advances
—
32,000
(100.0
)%
39,000
(100.0
)%
—
—
%
Deferred tax liabilities, net
1,168
577
102.4
%
876
33.3
%
—
NM
Operating lease liabilities
19,301
18,939
1.9
%
20,137
(4.2
)%
5,852
229.8
%
Accrued interest payable and other liabilities
47,382
37,725
25.6
%
29,009
63.3
%
28,141
68.4
%
Total liabilities
2,527,533
2,499,495
1.1
%
2,440,634
3.6
%
2,226,122
13.5
%
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock
69,141
69,141
—
%
69,141
—
%
69,141
—
%
Common stock
142,926
142,698
0.2
%
142,563
0.3
%
143,401
(0.3
)%
Retained earnings
156,680
151,781
3.2
%
146,092
7.2
%
142,750
9.8
%
Accumulated other comprehensive loss, net
(6,447
)
(10,151
)
(36.5
)%
(8,924
)
(27.8
)%
(13,440
)
(52.0
)%
Total shareholders’ equity
362,300
353,469
2.5
%
348,872
3.8
%
341,852
6.0
%
Total liabilities and shareholders’ equity
$
2,889,833
$
2,852,964
1.3
%
$
2,789,506
3.6
%
$
2,567,974
12.5
%
Outstanding common shares
14,266,725
14,254,024
14,260,440
14,319,014
Book value per common share (1)
$
25.39
$
24.80
$
24.46
$
23.87
TCE per common share (2)
$
20.55
$
19.95
$
19.62
$
19.05
Total loan to total deposit ratio
100.47
%
101.90
%
99.02
%
99.19
%
Noninterest-bearing deposits to total deposits
21.96
%
22.59
%
25.29
%
27.87
%
(1)
The ratios are calculated by dividing total shareholders’ equity by the number of outstanding common shares. The Company did not have any intangible equity components for the presented periods.
(2)
Non-GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.
PCB Bancorp and Subsidiary
Consolidated Statements of Income (Unaudited)
($ in thousands, except share and per share data)
Three Months Ended
Nine Months Ended
9/30/2024
6/30/2024
% Change
9/30/2023
% Change
9/30/2024
9/30/2023
% Change
Interest and dividend income
Loans, including fees
$
42,115
$
40,626
3.7
%
$
34,651
21.5
%
$
121,992
$
98,840
23.4
%
Investment securities
1,384
1,310
5.6
%
1,170
18.3
%
3,940
3,408
15.6
%
Other interest-earning assets
2,499
3,009
(16.9
)%
3,031
(17.6
)%
8,566
7,978
7.4
%
Total interest income
45,998
44,945
2.3
%
38,852
18.4
%
134,498
110,226
22.0
%
Interest expense
Deposits
23,057
22,536
2.3
%
16,403
40.6
%
67,560
43,437
55.5
%
Other borrowings
222
674
(67.1
)%
—
NM
1,485
209
610.5
%
Total interest expense
23,279
23,210
0.3
%
16,403
41.9
%
69,045
43,646
58.2
%
Net interest income
22,719
21,735
4.5
%
22,449
1.2
%
65,453
66,580
(1.7
)%
Provision (reversal) for credit losses
50
259
(80.7
)%
751
(93.3
)%
1,399
(1,830
)
NM
Net interest income after provision (reversal) for credit losses
22,669
21,476
5.6
%
21,698
4.5
%
64,054
68,410
(6.4
)%
Noninterest income
Gain on sale of loans
750
763
(1.7
)%
689
8.9
%
2,591
2,767
(6.4
)%
Service charges and fees on deposits
399
364
9.6
%
371
7.5
%
1,141
1,084
5.3
%
Loan servicing income
786
799
(1.6
)%
851
(7.6
)%
2,504
2,579
(2.9
)%
Bank-owned life insurance income
239
236
1.3
%
187
27.8
%
703
551
27.6
%
Other income
446
323
38.1
%
404
10.4
%
1,111
1,199
(7.3
)%
Total noninterest income
2,620
2,485
5.4
%
2,502
4.7
%
8,050
8,180
(1.6
)%
Noninterest expense
Salaries and employee benefits
8,801
9,225
(4.6
)%
8,572
2.7
%
27,244
26,175
4.1
%
Occupancy and equipment
2,261
2,300
(1.7
)%
1,964
15.1
%
6,919
5,779
19.7
%
Professional fees
599
973
(38.4
)%
685
(12.6
)%
2,656
2,189
21.3
%
Marketing and business promotion
667
318
109.7
%
980
(31.9
)%
1,304
1,555
(16.1
)%
Data processing
397
495
(19.8
)%
367
8.2
%
1,294
1,159
11.6
%
Director fees and expenses
226
221
2.3
%
152
48.7
%
679
549
23.7
%
Regulatory assessments
309
327
(5.5
)%
281
10.0
%
934
818
14.2
%
Other expense
1,342
1,316
2.0
%
1,206
11.3
%
5,099
3,364
51.6
%
Total noninterest expense
14,602
15,175
(3.8
)%
14,207
2.8
%
46,129
41,588
10.9
%
Income before income taxes
10,687
8,786
21.6
%
9,993
6.9
%
25,975
35,002
(25.8
)%
Income tax expense
2,873
2,505
14.7
%
2,970
(3.3
)%
7,195
10,205
(29.5
)%
Net income
7,814
6,281
24.4
%
7,023
11.3
%
18,780
24,797
(24.3
)%
Preferred stock dividends
346
142
143.7
%
—
NM
488
—
NM
Net income available to common shareholders
$
7,468
$
6,139
21.6
%
$
7,023
6.3
%
$
18,292
$
24,797
(26.2
)%
Earnings per common share
Basic
$
0.52
$
0.43
$
0.49
$
1.28
$
1.73
Diluted
$
0.52
$
0.43
$
0.49
$
1.27
$
1.71
Average common shares
Basic
14,241,014
14,237,083
14,294,802
14,237,851
14,327,930
Diluted
14,356,384
14,312,949
14,396,216
14,328,510
14,441,960
Dividend paid per common share
$
0.18
$
0.18
$
0.18
$
0.54
$
0.51
Return on average assets (1)
1.08
%
0.89
%
1.09
%
0.88
%
1.32
%
Return on average shareholders’ equity (1)
8.70
%
7.19
%
8.12
%
7.11
%
9.77
%
Return on average TCE (1), (2)
10.31
%
8.75
%
10.17
%
8.61
%
12.27
%
Efficiency ratio (3)
57.63
%
62.65
%
56.94
%
62.76
%
55.63
%
(1)
Ratios are presented on an annualized basis.
(2)
Non-GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.
(3)
The ratios are calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
PCB Bancorp and Subsidiary
Average Balance, Average Yield, and Average Rate (Unaudited)
($ in thousands)
Three Months Ended
9/30/2024
6/30/2024
9/30/2023
Average Balance
Interest Income/ Expense
Avg. Yield/Rate(6)
Average Balance
Interest Income/ Expense
Avg. Yield/Rate(6)
Average Balance
Interest Income/ Expense
Avg. Yield/Rate(6)
Assets
Interest-earning assets
Total loans (1)
$
2,456,015
$
42,115
6.82
%
$
2,414,824
$
40,626
6.77
%
$
2,137,184
$
34,651
6.43
%
Mortgage-backed securities
111,350
1,000
3.57
%
104,538
911
3.50
%
98,534
750
3.02
%
Collateralized mortgage obligation
22,661
244
4.28
%
22,992
249
4.36
%
24,959
262
4.16
%
SBA loan pool securities
6,571
69
4.18
%
6,891
74
4.32
%
7,842
81
4.10
%
Municipal bonds (2)
2,698
24
3.54
%
3,238
29
3.60
%
3,602
30
3.30
%
Corporate bonds
4,248
47
4.40
%
4,157
47
4.55
%
4,056
47
4.60
%
Other interest-earning assets
175,711
2,499
5.66
%
213,428
3,009
5.67
%
219,115
3,031
5.49
%
Total interest-earning assets
2,779,254
45,998
6.58
%
2,770,068
44,945
6.53
%
2,495,292
38,852
6.18
%
Noninterest-earning assets
Cash and due from banks
24,098
23,057
21,298
ACL on loans
(28,797
)
(28,372
)
(24,869
)
Other assets
92,152
88,399
71,512
Total noninterest-earning assets
87,453
83,084
67,941
Total assets
$
2,866,707
$
2,853,152
$
2,563,233
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts
$
496,158
5,129
4.11
%
$
473,557
4,876
4.14
%
$
481,341
4,398
3.62
%
Savings
6,204
4
0.26
%
6,899
4
0.23
%
7,197
4
0.22
%
Time deposits
1,390,644
17,924
5.13
%
1,383,167
17,656
5.13
%
1,073,044
12,001
4.44
%
Total interest-bearing deposits
1,893,006
23,057
4.85
%
1,863,623
22,536
4.86
%
1,561,582
16,403
4.17
%
Other borrowings
15,848
222
5.57
%
48,462
674
5.59
%
—
—
—
%
Total interest-bearing liabilities
1,908,854
23,279
4.85
%
1,912,085
23,210
4.88
%
1,561,582
16,403
4.17
%
Noninterest-bearing liabilities
Noninterest-bearing demand
534,761
535,508
626,738
Other liabilities
65,716
54,338
31,769
Total noninterest-bearing liabilities
600,477
589,846
658,507
Total liabilities
2,509,331
2,501,931
2,220,089
Total shareholders’ equity
357,376
351,221
343,144
Total liabilities and shareholders’ equity
$
2,866,707
$
2,853,152
$
2,563,233
Net interest income
$
22,719
$
21,735
$
22,449
Net interest spread (3)
1.73
%
1.65
%
2.01
%
Net interest margin (4)
3.25
%
3.16
%
3.57
%
Total deposits
$
2,427,767
$
23,057
3.78
%
$
2,399,131
$
22,536
3.78
%
$
2,188,320
$
16,403
2.97
%
Total funding (5)
$
2,443,615
$
23,279
3.79
%
$
2,447,593
$
23,210
3.81
%
$
2,188,320
$
16,403
2.97
%
(1)
Total loans include both loans held-for-sale and loans held-for-investment.
(2)
The yield on municipal bonds has not been computed on a tax-equivalent basis.
(3)
Net interest spread is calculated by subtracting average rate on interest-bearing liabilities from average yield on interest-earning assets.
(4)
Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.
(5)
Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.
(6)
Annualized.
PCB Bancorp and Subsidiary
Average Balance, Average Yield, and Average Rate (Unaudited)
($ in thousands)
Nine Months Ended
9/30/2024
9/30/2023
Average Balance
Interest Income/ Expense
Avg. Yield/Rate(6)
Average Balance
Interest Income/ Expense
Avg. Yield/Rate(6)
Assets
Interest-earning assets
Total loans (1)
$
2,413,777
$
121,992
6.75
%
$
2,102,600
$
98,840
6.29
%
Mortgage-backed securities
105,933
2,750
3.47
%
98,364
2,146
2.92
%
Collateralized mortgage obligation
23,137
747
4.31
%
25,970
780
4.02
%
SBA loan pool securities
6,925
221
4.26
%
8,406
244
3.88
%
Municipal bonds (2)
3,077
81
3.52
%
4,017
97
3.23
%
Corporate bonds
4,211
141
4.47
%
4,300
141
4.38
%
Other interest-earning assets
201,951
8,566
5.67
%
206,720
7,978
5.16
%
Total interest-earning assets
2,759,011
134,498
6.51
%
2,450,377
110,226
6.01
%
Noninterest-earning assets
Cash and due from banks
22,845
21,069
ACL on loans
(28,251
)
(25,438
)
Other assets
89,784
72,616
Total noninterest-earning assets
84,378
68,247
Total assets
$
2,843,389
$
2,518,624
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts
$
474,584
14,670
4.13
%
$
477,605
11,772
3.30
%
Savings
6,432
12
0.25
%
7,684
14
0.24
%
Time deposits
1,380,379
52,878
5.12
%
1,015,234
31,651
4.17
%
Total interest-bearing deposits
1,861,395
67,560
4.85
%
1,500,523
43,437
3.87
%
Other borrowings
35,427
1,485
5.60
%
5,212
209
5.36
%
Total interest-bearing liabilities
1,896,822
69,045
4.86
%
1,505,735
43,646
3.88
%
Noninterest-bearing liabilities
Noninterest-bearing demand
537,682
647,258
Other liabilities
56,019
26,208
Total noninterest-bearing liabilities
593,701
673,466
Total liabilities
2,490,523
2,179,201
Total shareholders’ equity
352,866
339,423
Total liabilities and shareholders’ equity
$
2,843,389
$
2,518,624
Net interest income
$
65,453
$
66,580
Net interest spread (3)
1.65
%
2.13
%
Net interest margin (4)
3.17
%
3.63
%
Total deposits
$
2,399,077
$
67,560
3.76
%
$
2,147,781
$
43,437
2.70
%
Total funding (5)
$
2,434,504
$
69,045
3.79
%
$
2,152,993
$
43,646
2.71
%
(1)
Total loans include both loans held-for-sale and loans held-for-investment.
(2)
The yield on municipal bonds has not been computed on a tax-equivalent basis.
(3)
Net interest spread is calculated by subtracting average rate on interest-bearing liabilities from average yield on interest-earning assets.
(4)
Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.
(5)
Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.
(6)
Annualized.
PCB Bancorp and Subsidiary Non-GAAP Measures ($ in thousands)
Return on average tangible common equity, tangible common equity per common share and tangible common equity to total assets ratios
The Company's TCE is calculated by subtracting preferred stock from shareholders’ equity. The Company does not have any intangible assets for the presented periods. Return on average TCE, TCE per common share, and TCE to total assets constitute supplemental financial information determined by methods other than in accordance with GAAP. These non-GAAP measures are used by management in its analysis of the Company's performance. These non-GAAP measures should not be viewed as substitutes for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. The following tables provide reconciliations of the non-GAAP measures with financial measures defined by GAAP.
($ in thousands)
Three Months Ended
Nine Months Ended
9/30/2024
6/30/2024
9/30/2023
9/30/2024
9/30/2023
Average total shareholders' equity
(a)
$
357,376
$
351,221
$
343,144
$
352,866
$
339,423
Less: average preferred stock
(b)
69,141
69,141
69,141
69,141
69,141
Average TCE
(c)=(a)-(b)
$
288,235
$
282,080
$
274,003
$
283,725
$
270,282
Net income
(d)
$
7,814
$
6,281
$
7,023
$
18,780
$
24,797
Return on average shareholder's equity (1)
(d)/(a)
8.70
%
7.19
%
8.12
%
7.11
%
9.77
%
Net income available to common shareholders
(e)
$
7,468
$
6,139
$
7,023
$
18,292
$
24,797
Return on average TCE (1)
(e)/(c)
10.31
%
8.75
%
10.17
%
8.61
%
12.27
%
(1)
Annualized.
($ in thousands, except per share data)
9/30/2024
6/30/2024
12/31/2023
9/30/2023
Total shareholders' equity
(a)
$
362,300
$
353,469
$
348,872
$
341,852
Less: preferred stock
(b)
69,141
69,141
69,141
69,141
TCE
(c)=(a)-(b)
$
293,159
$
284,328
$
279,731
$
272,711
Outstanding common shares
(d)
14,266,725
14,254,024
14,260,440
14,319,014
Book value per common share
(a)/(d)
$
25.39
$
24.80
$
24.46
$
23.87
TCE per common share
(c)/(d)
$
20.55
$
19.95
$
19.62
$
19.05
Total assets
(e)
$
2,889,833
$
2,852,964
$
2,789,506
$
2,567,974
Total shareholders' equity to total assets
(a)/(e)
12.54
%
12.39
%
12.51
%
13.31
%
TCE to total assets
(c)/(e)
10.14
%
9.97
%
10.03
%
10.62
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024670399/en/
Timothy Chang Executive Vice President & Chief Financial Officer 213-210-2000
1 Year PCB Bancorp Chart |
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