We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.21 | -1.10% | 18.91 | 16.66 | 30.33 | 19.05 | 18.5201 | 18.97 | 33,127 | 22:30:00 |
From Jan 2024 to Jan 2025
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
“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 $2.4 billion, and we slightly reduced the brokered deposits. We continued to maintain solid ACL to loan ratio of 1.17%, and non-performing assets and classified assets to total assets ratios of 0.26% and 0.34%, respectively. Even with the challenging high interest rate environment and its effect on our funding costs, our net interest margin expanded during the quarter. We believe our funding costs are currently near the peak and our net interest margin is showing positive sign of coming out from the bottom.”
Mr. Kim added, “As we look ahead into the second half of the year, our expanding bi-coastal branch network is well positioned to deliver continued strong balance sheet growth with solid financial results and sound asset quality that is further strengthened by our robust capital levels.”
Financial Highlights (Unaudited)
($ in thousands, except per share data)
Three Months Ended
Six Months Ended
6/30/2024
3/31/2024
% Change
6/30/2023
% Change
6/30/2024
6/30/2023
% 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 losses
259
1,090
(76.2
)%
197
31.5
%
1,349
(2,581
)
NM
Noninterest income
2,485
2,945
(15.6
)%
2,657
(6.5
)%
5,430
5,678
(4.4
)%
Noninterest expense
15,175
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)
6/30/2024
3/31/2024
% Change
12/31/2023
% Change
6/30/2023
% 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 assets
12.39
%
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.
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)
6/30/2024
3/31/2024
% Change
6/30/2023
% Change
6/30/2024
6/30/2023
% 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 assets
6.53
%
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 liabilities
4.88
%
4.85
%
3.97
%
4.87
%
3.72
%
Net interest margin
3.16
%
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.
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:
6/30/2024
3/31/2024
12/31/2023
6/30/2023
% 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
18.8
%
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)
6/30/2024
3/31/2024
% Change
6/30/2023
% Change
6/30/2024
6/30/2023
% 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
NM
40
NM
98
(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.
Noninterest Income
The following table presents the components of noninterest income for the periods indicated:
Three Months Ended
Six Months Ended
($ in thousands)
6/30/2024
3/31/2024
% Change
6/30/2023
% Change
6/30/2024
6/30/2023
% 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 income
236
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)
6/30/2024
3/31/2024
% Change
6/30/2023
% Change
6/30/2024
6/30/2023
% 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)
6/30/2024
3/31/2024
% Change
6/30/2023
% Change
6/30/2024
6/30/2023
% 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.
Noninterest Expense
The following table presents the components of noninterest expense for the periods indicated:
Three Months Ended
Six Months Ended
($ in thousands)
6/30/2024
3/31/2024
% Change
6/30/2023
% Change
6/30/2024
6/30/2023
% 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 expense
1,316
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.
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)
6/30/2024
3/31/2024
% Change
12/31/2023
% Change
6/30/2023
% Change
Commercial real estate:
Commercial property
$
852,677
$
874,300
(2.5
)%
$
855,270
(0.3
)%
$
793,946
7.4
%
Business property
572,643
578,903
(1.1
)%
558,772
2.5
%
533,592
7.3
%
Multifamily
177,657
131,742
34.9
%
132,500
34.1
%
124,029
43.2
%
Construction
28,316
29,212
(3.1
)%
24,843
14.0
%
16,942
67.1
%
Total commercial real estate
1,631,293
1,614,157
1.1
%
1,571,385
3.8
%
1,468,509
11.1
%
Commercial and industrial
417,333
371,934
12.2
%
342,002
22.0
%
272,278
53.3
%
Consumer:
Residential mortgage
384,905
389,888
(1.3
)%
389,420
(1.2
)%
359,655
7.0
%
Other consumer
15,543
21,985
(29.3
)%
20,645
(24.7
)%
21,985
(29.3
)%
Total consumer
400,448
411,873
(2.8
)%
410,065
(2.3
)%
381,640
4.9
%
Loans held-for-investment
2,449,074
2,397,964
2.1
%
2,323,452
5.4
%
2,122,427
15.4
%
Loans held-for-sale
2,959
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)
6/30/2024
3/31/2024
% Change
12/31/2023
% Change
6/30/2023
% Change
Commercial property
$
6,309
$
8,687
(27.4
)%
$
11,634
(45.8
)%
$
11,118
(43.3
)%
Business property
11,607
10,196
13.8
%
9,899
17.3
%
9,487
22.3
%
Multifamily
1,800
1,800
—
%
1,800
—
%
4,500
(60.0
)%
Construction
22,030
22,895
(3.8
)%
23,739
(7.2
)%
30,865
(28.6
)%
Commercial and industrial
336,121
384,034
(12.5
)%
351,025
(4.2
)%
279,584
20.2
%
Other consumer
5,192
992
423.4
%
3,421
51.8
%
445
1,066.7
%
Total commitments to extend credit
383,059
428,604
(10.6
)%
401,518
(4.6
)%
335,999
14.0
%
Letters of credit
6,808
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
%
Credit Quality
The following table presents a summary of non-performing loans and assets, and classified assets as of the dates indicated:
($ in thousands)
6/30/2024
3/31/2024
% Change
12/31/2023
% Change
6/30/2023
% Change
Nonaccrual loans
Commercial real estate:
Commercial property
$
1,804
$
932
93.6
%
$
958
88.3
%
$
699
158.1
%
Business property
2,440
3,455
(29.4
)%
2,865
(14.8
)%
3,007
(18.9
)%
Multifamily
2,038
—
NM
—
NM
—
NM
Total commercial real estate
6,282
4,387
43.2
%
3,823
64.3
%
3,706
69.5
%
Commercial and industrial
112
111
0.9
%
68
64.7
%
88
27.3
%
Consumer:
Residential mortgage
1,100
436
152.3
%
—
NM
—
NM
Other consumer
6
6
—
%
25
(76.0
)%
51
(88.2
)%
Total consumer
1,106
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-investment
0.31
%
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 $13 thousand during the first quarter of 2024.
Allowance for Credit Losses
The following table presents activities in ACL for the periods indicated:
Three Months Ended
Six Months Ended
($ in thousands)
6/30/2024
3/31/2024
% Change
6/30/2023
% Change
6/30/2024
6/30/2023
% 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
%
Recoveries
86
62
38.7
%
23
273.9
%
148
1,125
(86.8
)%
Provision (reversal) for credit losses on loans
329
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 period
1.17
%
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
NM
40
NM
98
(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 $82 thousand.
Deposits
The following table presents the Company’s deposit mix as of the dates indicated:
6/30/2024
3/31/2024
12/31/2023
6/30/2023
($ in thousands)
Amount
% to Total
Amount
% to Total
Amount
% to Total
Amount
% 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)
6/30/2024
12/31/2023
% 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
%
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:
6/30/2024
3/31/2024
12/31/2023
6/30/2023
Well 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
%
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)
6/30/2024
3/31/2024
% Change
12/31/2023
% Change
6/30/2023
% 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 institutions
154,383
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-investment
2,449,074
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 insurance
31,281
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 borrowings
4,000
—
NM
—
NM
—
NM
Federal Home Loan Bank advances
32,000
50,000
(36.0
)%
39,000
(17.9
)%
—
NM
Deferred tax liabilities, net
577
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 stock
69,141
69,141
—
%
69,141
—
%
69,141
—
%
Common stock
142,698
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.
PCB Bancorp and Subsidiary
Consolidated Statements of Income (Unaudited)
($ in thousands, except share and per share data)
Three Months Ended
Six Months Ended
6/30/2024
3/31/2024
% Change
6/30/2023
% Change
6/30/2024
6/30/2023
% 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 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 income
44,945
43,555
3.2
%
36,838
22.0
%
88,500
71,374
24.0
%
Interest expense
Deposits
22,536
21,967
2.6
%
15,121
49.0
%
44,503
27,034
64.6
%
Other borrowings
674
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 losses
259
1,090
(76.2
)%
197
31.5
%
1,349
(2,581
)
NM
Net interest income after provision (reversal) for credit losses
21,476
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 income
236
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 expense
1,316
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 dividends
142
—
NM
—
NM
142
—
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.
PCB Bancorp and Subsidiary
Average Balance, Average Yield, and Average Rate (Unaudited)
($ in thousands)
Three Months Ended
6/30/2024
3/31/2024
6/30/2023
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)
$
2,414,824
$
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 bonds
4,157
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 banks
23,057
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 borrowings
48,462
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.
PCB Bancorp and Subsidiary
Average Balance, Average Yield, and Average Rate (Unaudited)
($ in thousands)
Six Months Ended
6/30/2024
6/30/2023
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)
$
2,392,426
$
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 bonds
4,192
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 banks
22,211
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 borrowings
45,324
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.
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
6/30/2024
3/31/2024
6/30/2023
6/30/2024
6/30/2023
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)
6/30/2024
3/31/2024
12/31/2023
6/30/2023
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
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725907974/en/
Timothy Chang Executive Vice President & Chief Financial Officer 213-210-2000
1 Year PCB Bancorp Chart |
1 Month PCB Bancorp Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
