PCB Bancorp Declares Increased Quarterly Cash Dividend of $0.15 Per Common Share

Rhea-AI Summary

PCB Bancorp (NASDAQ: PCB) announced a quarterly cash dividend increase to $0.15 per common share from $0.12, set to be paid on or about February 18, 2022. Shareholders on record by February 11, 2022 will receive this dividend. President and CEO Henry Kim emphasized the company's commitment to shareholder benefits, reflecting confidence in their business strategy. PCB Bancorp primarily serves small to medium-sized businesses and minority communities in Southern California.

Positive

• Dividend increased from $0.12 to $0.15 per share, indicating strong financial health and commitment to shareholders.

Negative

• Concerns over potential economic uncertainty due to COVID-19 impact on borrower performance.

LOS ANGELES--(BUSINESS WIRE)-- PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of Pacific City Bank (the “Bank”), announced that on January 27, 2022, its Board of Directors declared a quarterly cash dividend of $0.15 per common share. The dividend will be paid on or about February 18, 2022, to shareholders of record as of the close of business on February 11, 2022.

“I am pleased to announce another increase in our quarterly cash dividend to $0.15 per common share from $0.12 per common share for the first quarter of 2022,” said Henry Kim, President and Chief Executive Officer. “We are committed to making corporate decisions that directly benefit our shareholders.”

About PCB Bancorp

PCB Bancorp, formerly known as Pacific City Financial Corporation, is the bank holding company for Pacific City 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 our borrowers’ actual payment performance as loan deferrals related to the COVID-19 pandemic expire, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to the COVID-19 pandemic, including the potential adverse impact of loan modifications and payment deferrals implemented consistent with recent regulatory guidance, and the general economic uncertainty caused by the COVID-19 pandemic, and government and societal responses thereto. These and other important factors are detailed in various securities law filings made periodically by the Company, copies of which are available 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 we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005102/en/

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000

Source: PCB Bancorp

FAQ

What is the new dividend amount declared by PCB Bancorp?

The new dividend amount declared is $0.15 per common share.

When will the dividend be paid to shareholders?

The dividend will be paid on or about February 18, 2022.

What is the record date for the dividend payment?

The record date for the dividend payment is February 11, 2022.

Does PCB Bancorp have a history of dividend payments?

Yes, PCB Bancorp has a history of paying dividends, with the latest increase reflecting its commitment to shareholders.

What factors could affect PCB Bancorp's future dividend payments?

Future dividend payments could be affected by the economic environment and borrower performance, particularly in light of COVID-19.