PCB Bancorp Reports Earnings of $10.3 million for Q1 2023

Rhea-AI Summary

PCB Bancorp (NASDAQ: PCB) announced net income of $10.3 million for Q1 2023, marking a 18.3% increase from the previous quarter. Diluted earnings per share rose to $0.70, up 20.7% from $0.58. Net interest income fell 7.6% to $22.4 million, while total assets grew by 3.3% to $2.50 billion. The allowance for credit losses stood at 1.18% of loans held-for-investment. PCB Bancorp adopted the CECL accounting standard, resulting in a cumulative effect adjustment of $2.7 million. Total deposits increased by 4.7% to $2.14 billion. The bank's strong capital position is highlighted by a common equity tier 1 capital ratio of 16.03%. PCB's management expressed confidence in their ability to weather economic uncertainties, viewing recent bank failures as opportunities for growth.

Positive

• Net income increased by 18.3% to $10.3 million.
• Diluted EPS rose 20.7% to $0.70.
• Total assets grew by 3.3% to $2.50 billion.
• Total deposits increased by 4.7% to $2.14 billion.
• Common equity tier 1 capital ratio of 16.03%.

Negative

• Net interest income decreased by 7.6% to $22.4 million.
• Net interest margin fell to 3.79% from 4.15%.

LOS ANGELES--(BUSINESS WIRE)-- PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income of $10.3 million, or $0.70 per diluted common share, for the first quarter of 2023, compared with $8.7 million, or $0.58 per diluted common share, for the previous quarter and $10.2 million, or $0.67 per diluted common share, for the year-ago quarter.

Q1 2023 Highlights

• Net income totaled $10.3 million, or $0.70 per diluted common share, for the current quarter;
• Adopted Current Expected Credit Losses (“CECL”) accounting standard effective January 1, 2023, resulting in a cumulative effect adjustment to the allowance for credit losses (“ACL”)⁽¹⁾ of $2.7 million;
• Recorded a provision (reversal) for credit losses^(1),(2) of $(2.8) million for the current quarter compared with $1.1 million for the previous quarter and $(1.2) million for the year-ago quarter;
• ACL to loans held-for-investment ratio was 1.18% at March 31, 2023 compared with 1.22% at December 31, 2022 and 1.22% at March 31, 2022;
• Net interest income was $22.4 million for the current quarter compared with $24.3 million for the previous quarter and $20.0 million for the year-ago quarter. Net interest margin was 3.79% for the current quarter compared with 4.15% for the previous quarter and 3.87% for the year-ago quarter;
• Gain on sale of loans was $1.3 million for the current quarter compared with $759 thousand for the previous quarter and $3.8 million for the year-ago quarter;
• Total assets were $2.50 billion at March 31, 2023, an increase of $80.5 million, or 3.3%, from $2.42 billion at December 31, 2022 and an increase of $300.8 million, or 13.7%, from $2.20 billion at March 31, 2022;
• Loans held-for-investment were $2.09 billion at March 31, 2023, an increase of $46.4 million, or 2.3%, from $2.05 billion at December 31, 2022 and an increase of $349.5 million, or 20.1%, from $1.74 billion at March 31, 2022;
• Total deposits were $2.14 billion at March 31, 2023, an increase of $95.7 million, or 4.7%, from $2.05 billion at December 31, 2022 and an increase of $231.3 million, or 12.1%, from $1.91 billion at March 31, 2022; and
• Completed the repurchase program that was announced on July 28, 2022. Repurchased and retired 747,938 shares of common stock at a weighted-average price of $18.15 under this program.

“Our 2023 first quarter results, highlighted by our strong earnings, continued strong capital position, stable deposit balance, and disciplined credit culture, contributed to the steadfast value of our franchise,” stated Henry Kim, President and Chief Executive Officer. “We did not experience any meaningful deposit outflows immediately following the closure of regional banks. Instead, during the quarter, our deposit balances increased $95.7 million, of which, $25.7 million represented an increase in retail deposits.”

“Despite ongoing economic uncertainty, we began the year with another solid quarterly financial results highlighted by $10.3 million net income, or $0.70 per diluted shares, a 2.8% increase in tangible common equity per share to $18.72 from year-end, and a common equity tier 1 capital ratio of 16.03% at the bank level.”

“Although recent bank failures may disrupt the banking industry for a period of time, we are seeing this as an opportunity for our franchise to differentiate itself and provide a sanctuary to customers to put their trust in PCB and in the community banks. Our customers can rely on our ample liquidity and strong capital to withstand any economic uncertainty, and we are well-positioned to accommodate our customers’ lending and deposit needs,” concluded Kim.

-------------------------------------------------------------------------------------
(1)	Provision (reversal) for credit losses and ACL for reporting periods beginning with January 1, 2023 are presented under ASC 326, while prior period comparisons continue to be presented under legacy ASC 450 and ASC 310 on this report
(2)	Provision for credit losses on off-balance sheet credit exposures of $57 thousand and $2 thousand, respectively, for the previous and year-ago quarters were recorded in Other Expense on Consolidated Statements of Income (Unaudited).

Financial Highlights (Unaudited)
($ in thousands, except per share data)		Three Months Ended
		3/31/2023				12/31/2022				% Change			3/31/2022				% Change
Net income		$	10,297			$	8,702			18.3	%		$	10,240			0.6	%
Diluted earnings per common share		$	0.70			$	0.58			20.7	%		$	0.67			4.5	%
Net interest income		$	22,414			$	24,265			(7.6	)%		$	19,993			12.1	%
Provision (reversal) for credit losses (1)			(2,778	)			1,149			NM				(1,191	)		133.2	%
Noninterest income			3,021				2,389			26.5	%			5,286			(42.8	)%
Noninterest expense			13,754				13,115			4.9	%			12,071			13.9	%
Return on average assets (2)			1.69	%			1.44	%						1.92	%
Return on average shareholders’ equity (2)			12.46	%			10.31	%						16.01	%
Return on average tangible common equity (“TCE”) (2),(3)			15.70	%			12.99	%						16.01	%
Net interest margin (2)			3.79	%			4.15	%						3.87	%
Efficiency ratio (4)			54.08	%			49.20	%						47.75	%

($ in thousands, except per share data)		3/31/2023				12/31/2022				% Change			3/31/2022				% Change
Total assets		$	2,500,524			$	2,420,036			3.3	%		$	2,199,742			13.7	%
Net loans held-for-investment			2,067,748				2,021,121			2.3	%			1,721,757			20.1	%
Total deposits			2,141,689				2,045,983			4.7	%			1,910,379			12.1	%
Book value per common share (5)		$	23.56			$	22.94						$	17.47
TCE per common share (3)		$	18.72			$	18.21						$	17.47
Tier 1 leverage ratio (consolidated)			13.90	%			14.33	%						12.22	%
Total shareholders’ equity to total assets			13.47	%			13.86	%						11.87	%
TCE to total assets (3), (6)			10.71	%			11.00	%						11.87	%

(1)	Provision for credit losses on off-balance sheet credit exposures of $57 thousand and $2 thousand, respectively, for the previous and year-ago quarters were recorded in Other Expense on Consolidated Statements of Income (Unaudited). See Provision (reversal) for credit losses included in the Result of Operations discussion for additional information.
(2)	Ratios are presented on an annualized basis.
(3)	Non-GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.
(4)	Calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
(5)	Calculated by dividing total shareholders’ equity by the number of outstanding common shares.
(6)	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
($ in thousands)		3/31/2023				12/31/2022				% Change			3/31/2022				% Change
Interest income/expense on
Loans		$	31,229			$	28,786			8.5	%		$	20,190			54.7	%
Investment securities			1,102				957			15.2	%			476			131.5	%
Other interest-earning assets			2,205				1,833			20.3	%			228			867.1	%
Total interest-earning assets			34,536				31,576			9.4	%			20,894			65.3	%
Interest-bearing deposits			11,913				7,295			63.3	%			850			1,301.5	%
Borrowings			209				16			1,206.3	%			51			309.8	%
Total interest-bearing liabilities			12,122				7,311			65.8	%			901			1,245.4	%
Net interest income		$	22,414			$	24,265			(7.6	)%		$	19,993			12.1	%
Average balance of
Loans		$	2,072,415			$	2,004,220			3.4	%		$	1,773,376			16.9	%
Investment securities			142,079				134,066			6.0	%			123,230			15.3	%
Other interest-earning assets			186,809				182,018			2.6	%			198,918			(6.1	)%
Total interest-earning assets		$	2,401,303			$	2,320,304			3.5	%		$	2,095,524			14.6	%
Interest-bearing deposits		$	1,410,812			$	1,269,739			11.1	%		$	1,034,012			36.4	%
Borrowings			15,811				1,739			809.2	%			10,400			52.0	%
Total interest-bearing liabilities		$	1,426,623			$	1,271,478			12.2	%		$	1,044,412			36.6	%
Total funding (1)		$	2,114,198			$	2,043,110			3.5	%		$	1,885,038			12.2	%
Annualized average yield/cost of
Loans			6.11	%			5.70	%						4.62	%
Investment securities			3.15	%			2.83	%						1.57	%
Other interest-earning assets			4.79	%			4.00	%						0.46	%
Total interest-earning assets			5.83	%			5.40	%						4.04	%
Interest-bearing deposits			3.42	%			2.28	%						0.33	%
Borrowings			5.36	%			3.65	%						1.99	%
Total interest-bearing liabilities			3.45	%			2.28	%						0.35	%
Net interest margin			3.79	%			4.15	%						3.87	%
Cost of total funding (1)			2.33	%			1.42	%						0.19	%
Supplementary information
Net accretion of discount on loans		$	671			$	869			(22.8	)%		$	908			(26.1	)%
Net amortization of deferred loan fees		$	175			$	167			4.8	%		$	1,165			(85.0	)%

(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 increases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to an increase in overall interest rates on loans from the rising interest rate environment.

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:

		3/31/2023						12/31/2022						3/31/2022
		% to Total Loans			Weighted-Average Contractual Rate			% to Total Loans			Weighted-Average Contractual Rate			% to Total Loans			Weighted-Average Contractual Rate
Fixed rate loans		23.4	%		4.64	%		23.2	%		4.51	%		26.7	%		4.25	%
Hybrid rate loans		39.0	%		4.51	%		39.1	%		4.40	%		31.5	%		4.07	%
Variable rate loans		37.6	%		8.26	%		37.7	%		7.86	%		41.8	%		4.14	%

Investment Securities. The increases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to a decrease in net amortization of premiums on securities and higher yield on newly purchased investment securities.

Other Interest-Earning Assets. The increases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to an increased interest rate on cash held at the Federal Reserve Bank (“FRB”) account.

Interest-Bearing Deposits. The increases in average cost for the current quarter compared with the previous and year-ago quarters 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
($ in thousands)		3/31/2023				12/31/2022			% Change		3/31/2022				% Change
Provision (reversal) for credit losses on loans		$	(2,417	)		$	1,149		NM		$	(1,191	)		102.9	%
Provision (reversal) for credit losses on off-balance sheet credit exposure (1)			(361	)			57		NM			2			NM
Total provision (reversal) for credit losses		$	(2,778	)		$	1,206		NM		$	(1,189	)		133.6	%

(1)	Provision for credit losses on off-balance sheet credit exposures for previous and year-ago quarters were recorded in Other Expense on Consolidated Statements of Income (Unaudited).

On January 1, 2023, the Company adopted the provisions of ASC 326 through the application of the modified retrospective transition approach. Provision (reversal) for credit losses and ACL for reporting periods beginning with January 1, 2023 are presented under ASC 326, while prior period comparisons continue to be presented under legacy ASC 450 and ASC 310 on this report. See CECL Adoption and Allowance for Credit Losses sections included in the Balance Sheet discussion for additional information.

The reversal for credit losses for the current quarter was primarily due to net recoveries of $1.1 million and decreases in classified and nonaccrual loans during the current quarter.

Noninterest Income

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

		Three Months Ended
($ in thousands)		3/31/2023			12/31/2022			% Change			3/31/2022			% Change
Gain on sale of loans		$	1,309		$	759		72.5	%		$	3,777		(65.3	)%
Service charges and fees on deposits			344			352		(2.3	)%			303		13.5	%
Loan servicing income			860			734		17.2	%			700		22.9	%
Bank-owned life insurance income			180			181		(0.6	)%			172		4.7	%
Other income			328			363		(9.6	)%			334		(1.8	)%
Total noninterest income		$	3,021		$	2,389		26.5	%		$	5,286		(42.8	)%

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

		Three Months Ended
($ in thousands)		3/31/2023			12/31/2022			% Change			3/31/2022			% Change
Gain on sale of SBA loans
Sold loan balance		$	27,133		$	17,448		55.5	%		$	39,683		(31.6	)%
Premium received			2,041			1,102		85.2	%			4,206		(51.5	)%
Gain recognized			1,309			759		72.5	%			3,777		(65.3	)%

Loan Servicing Income. The following table presents information on loan servicing income for the periods indicated:

		Three Months Ended
($ in thousands)		3/31/2023				12/31/2022				% Change			3/31/2022				% Change
Loan servicing income
Servicing income received		$	1,284			$	1,284			—	%		$	1,230			4.4	%
Servicing assets amortization			(424	)			(550	)		(22.9	)%			(530	)		(20.0	)%
Loan servicing income		$	860			$	734			17.2	%		$	700			22.9	%
Underlying loans at end of period		$	540,502			$	531,095			1.8	%		$	531,183			1.8	%

The Company services SBA loans and certain residential property loans that are sold to the secondary market.

Noninterest Expense

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

		Three Months Ended
($ in thousands)		3/31/2023			12/31/2022			% Change			3/31/2022			% Change
Salaries and employee benefits		$	8,928		$	7,879		13.3	%		$	8,595		3.9	%
Occupancy and equipment			1,896			1,897		(0.1	)%			1,397		35.7	%
Professional fees			732			607		20.6	%			403		81.6	%
Marketing and business promotion			372			724		(48.6	)%			207		79.7	%
Data processing			412			434		(5.1	)%			404		2.0	%
Director fees and expenses			180			176		2.3	%			169		6.5	%
Regulatory assessments			155			159		(2.5	)%			141		9.9	%
Other expense			1,079			1,239		(12.9	)%			755		42.9	%
Total noninterest expense		$	13,754		$	13,115		4.9	%		$	12,071		13.9	%

Salaries and Employee Benefits. The increase for the current quarter compared with the previous quarter was primarily due to increases in salaries and other employee benefit expense, including bonus and vacation accruals, from an increase in number of employees, as well as annual merit increases, partially offset by a decrease in incentives tied to sales of Loan Production Offices (“LPO”) originated SBA loans. The increase for the current quarter compared with the year-ago quarter was primarily due to increases in salaries and other employee benefit expense, partially offset by decreases in bonus accrual and incentives tied to the sales of LPO originated SBA loans. The number of full-time equivalent employees was 276, 272 and 256 as of March 31, 2023, December 31, 2022 and March 31, 2022, respectively.

Occupancy and Equipment. The increase for the current quarter compared with the year-ago quarter was primarily due to new branch openings during the second half of 2022. The Company opened 3 new full-service branches in Dallas and Carrollton, Texas and Palisades Park, New Jersey.

Professional Fees. The increases for the current quarter and year were primarily due to an increase in internal audit fees.

Marketing and Business Promotion. The decreases for the current quarter compared with the previous quarter was primarily due to the larger marketing activities and advertisements for the Bank's name change to PCB Bank and new branch openings during the previous quarter.

Other Expense. The decrease for the current quarter compared with the previous quarter was primarily due to an increased office expense for the new branches during the previous quarter. The increase for the current quarter compared with the year-ago quarter was primarily due to increases in office expenses, other loan related expenses and armed guard expenses from the branch network expansion. Provision for credit losses on off-balance credit exposures of $57 thousand and $2 thousand was included in other expense for the previous and year-ago quarters, respectively, while the current quarter provision was included in provision (reversal) for credit losses.

Balance Sheet (Unaudited)

Total assets were $2.50 billion at March 31, 2023, an increase of $80.5 million, or 3.3%, from $2.42 billion at December 31, 2022 and an increase of $300.8 million, or 13.7%, from $2.20 billion at March 31, 2022. The increase for the current quarter was primarily due to increases in cash and cash equivalents and loans held-for-investment, partially offset by a decrease in loans held-for-sale.

CECL Adoption

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 is reflective of expected lifetime credit losses associated with the composition of financial assets within in the scope of ASC 326 as of January 1, 2023, as well as management’s current expectation of future economic conditions. The following table summarizes the initial adjustment to the ACL as of January 1, 2023:

($ in thousands)		Pre-ASC 326 Adoption			Impact of ASC 326 Adoption				As Reported Under ASC 326
Assets
Commercial real estate loans		$	15,536		$	(610	)		$	14,926
Commercial and industrial loans			5,502			4,344				9,846
Consumer loans			3,904			(2,667	)			1,237
Total ACL on loans			24,942			1,067				26,009
Deferred tax assets			3,115			788				3,903
Liabilities
ACL on off-balance sheet credit exposures (1)		$	299		$	1,607			$	1,906
Shareholders’ equity
Retained earnings		$	127,181		$	(1,886	)		$	125,295

(1)	ACL on off-balance sheet credit exposures was recorded in Accrued Interest Payable and Other Liabilities on Consolidated Balance Sheets (Unaudited).

In conjunction with the adoption of ASC 326, the Company made an accounting policy election not to measure an ACL on accrued interest receivables. When accrued interest receivable is deemed to be uncollectable, the Company promptly reverses such balances through current period interest income in the period they are deemed uncollectable. Additionally, the Company has also elected not to include the balance of accrued interest receivable in the amortized cost basis of financial assets within the scope of ASC 326. Accrued interest receivable will continue to be presented separately in the Consolidated Balance Sheets.

The measurement of the ACL on loans is performed by collectively evaluating loans with similar risk characteristics using a discounted cash flow approach. The discounted cash flow methodology incorporates a probability of default (“PD”) and loss given default (“LGD”) model, as well as reasonable and supportable forecasts, and generates estimate of the contractual cash flows that are not expected to be collected over the life of the loan.

As a part of the adoption of ASC 326, the Company reviewed loan segmentation and revised certain loan segmentations for the Company’s ACL model. Before the adoption of ASC 326, commercial property and SBA property loans were separately presented and represented 63.0% and 6.6% of loans held-for-investment at December 31, 2022, respectively. The Company re-divided these loan segments into commercial property (non-owner occupied), business property (owner occupied) and multifamily loans as these new loan segments are determined to share similar characteristics under the Company’s ACL model. In addition, four loan segments before the adoption of ASC 326 (commercial term loans, commercial lines of credit, SBA term loans and SBA PPP loans), which represented 12.2% of loans held-for-investment at December 31, 2022, are combined into a single loan segment, commercial and industrial loans, as these loans are determined to share similar risk characteristics under the Company’s ACL model. In this report, loan segments on loan related disclosures for prior period comparisons are revised accordingly in order to be comparable to the Company’s new loan segmentations.

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)		3/31/2023			12/31/2022			% Change			3/31/2022			% Change
Commercial real estate:
Commercial property		$	780,282		$	772,020		1.1	%		$	646,764		20.6	%
Business property			521,965			526,513		(0.9	)%			536,107		(2.6	)%
Multifamily			127,012			124,751		1.8	%			96,630		31.4	%
Construction			15,930			17,054		(6.6	)%			9,522		67.3	%
Total commercial real estate			1,445,189			1,440,338		0.3	%			1,289,023		12.1	%
Commercial and industrial			267,674			249,250		7.4	%			217,048		23.3	%
Consumer:
Residential mortgage			356,967			333,726		7.0	%			215,132		65.9	%
Other consumer			22,612			22,749		(0.6	)%			21,752		4.0	%
Total consumer			379,579			356,475		6.5	%			236,884		60.2	%
Loans held-for-investment			2,092,442			2,046,063		2.3	%			1,742,955		20.1	%
Loans held-for-sale			14,352			22,811		(37.1	)%			18,340		(21.7	)%
Total loans		$	2,106,794		$	2,068,874		1.8	%		$	1,761,295		19.6	%

The increase in loans held-for-investment for the current quarter was primarily due to new funding and advances on lines of credit of $189.6 million and purchases of residential mortgage loans of $15.7 million, partially offset by pay-downs and pay-offs of $159.0 million.

The decrease in loans held-for-sale for the current quarter was primarily due to sales of $27.1 million and pay-downs and pay-offs of $4.1 million, partially offset by new funding of $22.7 million.

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

($ in thousands)		3/31/2023			12/31/2022			% Change			3/31/2022			% Change
Commercial property		$	6,811		$	7,006		(2.8	)%		$	8,319		(18.1	)%
Business property			12,307			8,396		46.6	%			10,518		17.0	%
Multifamily			4,500			4,500		—	%			5,500		(18.2	)%
Construction			16,563			18,211		(9.0	)%			6,528		153.7	%
Commercial and industrial			279,543			254,668		9.8	%			179,366		55.9	%
Other consumer			399			692		(42.3	)%			1,080		(63.1	)%
Total commitments to extend credit			320,123			293,473		9.1	%			211,311		51.5	%
Letters of credit			5,400			5,392		0.1	%			5,505		(1.9	)%
Total off-balance sheet credit exposure		$	325,523		$	298,865		8.9	%		$	216,816		50.1	%

Allowance for Credit Losses

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

		Three Months Ended
($ in thousands)		3/31/2023				12/31/2022				% Change			3/31/2022				% Change
ACL on loans
Balance at beginning of period		$	24,942			$	23,761			5.0	%		$	22,381			11.4	%
Impact of ASC 326 adoption			1,067				—			NM				—			NM
Charge-offs			—				(28	)		(100.0	)%			(12	)		(100.0	)%
Recoveries			1,102				60			1,736.7	%			20			5,410.0	%
Provision (reversal) for credit losses on loans			(2,417	)			1,149			NM				(1,191	)		102.9	%
Balance at end of period		$	24,694			$	24,942			(1.0	)%		$	21,198			16.5	%
Percentage to loans held-for-investment at end of period			1.18	%			1.22	%						1.22	%
ACL on off-balance sheet credit exposure (1)
Balance at beginning of period		$	299			$	242			23.6	%		$	214			39.7	%
Impact of ASC 326 adoption			1,607				—			NM				—			NM
Provision (reversal) for credit losses on off-balance sheet credit exposure			(361	)			57			NM				2			NM
Balance at end of period		$	1,545			$	299			416.7	%		$	216			615.3	%

(1)	ACL on off-balance sheet credit exposures was recorded in Accrued Interest Payable and Other Liabilities on Consolidated Balance Sheets (Unaudited).

Credit Quality

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

($ in thousands)		3/31/2023				12/31/2022				% Change			3/31/2022				% Change
Nonaccrual loans
Commercial real estate:
Commercial property		$	—			$	—			—	%		$	166			(100.0	)%
Business property			2,904				2,985			(2.7	)%			567			412.2	%
Total commercial real estate			2,904				2,985			(2.7	)%			733			296.2	%
Commercial and industrial			11				—			—	%			199			(94.5	)%
Consumer:
Residential mortgage			—				372			(100.0	)%			461			(100.0	)%
Other consumer			45				3			1,400.0	%			25			80.0	%
Total consumer			45				375			(88.0	)%			486			(90.7	)%
Total nonaccrual loans held-for-investment			2,960				3,360			(11.9	)%			1,418			108.7	%
Loans past due 90 days or more and still accruing			—				—			—	%			—			—	%
Non-performing loans (“NPLs”) held-for-investment			2,960				3,360			(11.9	)%			1,418			108.7	%
NPLs held-for-sale			—				4,000			(100.0	)%			—			—	%
Total NPLs			2,960				7,360			(59.8	)%			1,418			108.7	%
Other real estate owned (“OREO”)			—				—			—	%			—			—	%
Non-performing assets (“NPAs”)		$	2,960			$	7,360			(59.8	)%		$	1,418			108.7	%
Loans past due and still accruing
Past due 30 to 59 days		$	779			$	47			1,557.4	%		$	119			554.6	%
Past due 60 to 89 days			13				87			(85.1	)%			1			1,200.0	%
Past due 90 days or more			—				—			—	%			—			—	%
Total loans past due and still accruing		$	792			$	134			491.0	%		$	120			560.0	%
Special mention loans		$	5,527			$	6,857			(19.4	)%		$	5,562			(0.6	)%
Classified assets
Classified loans held-for-investment		$	6,060			$	6,211			(2.4	)%		$	5,377			12.7	%
Classified loans held-for-sale			—				4,000			(100.0	)%			—			—	%
OREO			—				—			—	%			—			—	%
Classified assets		$	6,060			$	10,211			(40.7	)%		$	5,377			12.7	%
NPLs held-for-investment to loans held-for-investment			0.14	%			0.16	%						0.08	%
NPAs to total assets			0.12	%			0.30	%						0.06	%
Classified assets to total assets			0.24	%			0.42	%						0.24	%

During the current quarter, NPLs held-for-sale of $4.0 million were paid-off.

Investment Securities

Total investment securities were $144.7 million at March 31, 2023, an increase of $2.8 million, or 2.0%, from $141.9 million at December 31, 2022 and an increase of $13.3 million, or 10.1%, from $131.3 million at March 31, 2022. The increase for the current quarter was primarily due to purchases of $4.9 million and a fair value increase of $2.0 million, partially offset by principal pay-downs and calls of $4.1 million and net premium amortization of $57 thousand.

Deposits

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

		3/31/2023						12/31/2022						3/31/2022
($ in thousands)		Amount			% to Total			Amount			% to Total			Amount			% to Total
Noninterest-bearing demand deposits		$	653,970		30.5	%		$	734,989		35.9	%		$	891,797		46.7	%
Interest-bearing deposits
Savings			7,584		0.4	%			8,579		0.4	%			15,037		0.8	%
NOW			15,696		0.7	%			11,405		0.6	%			17,543		0.9	%
Retail money market accounts			436,906		20.3	%			494,749		24.1	%			431,057		22.5	%
Brokered money market accounts			1		0.1	%			8		0.1	%			1		0.1	%
Retail time deposits of
$250,000 or less			356,049		16.6	%			295,354		14.4	%			246,100		12.8	%
More than $250,000			454,464		21.3	%			353,876		17.3	%			173,844		9.1	%
State and brokered time deposits			217,019		10.1	%			147,023		7.2	%			135,000		7.1	%
Total interest-bearing deposits			1,487,719		69.5	%			1,310,994		64.1	%			1,018,582		53.3	%
Total deposits		$	2,141,689		100.0	%		$	2,045,983		100.0	%		$	1,910,379		100.0	%
Estimated total deposits not covered by deposit insurance		$	1,019,689		47.6	%		$	1,062,111		51.9	%		$	1,015,255		53.1	%

The decrease in noninterest-bearing demand deposits was primarily due to strong deposit market competition and the migration of noninterest-bearing demand deposits to money market accounts and time deposits attributable to the rising market rates. To retain existing and attract new customers, the Bank offers competitive rates on deposit products in the rising interest rate environment.

The increase in retail time deposits for the current quarter was primarily due to new accounts of $300.3 million, renewals of the matured accounts of $117.4 million and balance increases of $6.9 million, partially offset by matured and closed accounts of $263.3 million.

Liquidity

The following table presents a summary of the Company’s liquidity position as of March 31, 2023:

($ in thousands)		3/31/2023				12/31/2022				% Change
Cash and cash equivalents		$	190,519			$	147,031			29.6	%
Cash and cash equivalents to total assets			7.6	%			6.1	%
Available borrowing capacity
FHLB advances		$	604,999			$	561,745			7.7	%
Federal Reserve Discount Window			29,776				23,902			24.6	%
Overnight federal funds lines			65,000				65,000			—	%
Total		$	699,775			$	650,647			7.6	%
Total available borrowing capacity to total assets			28.0	%			26.9	%

During the current quarter, the Company increased cash and cash equivalents by $43.5 million, or 29.6%, to $190.5 million and available borrowing capacity by $49.1 million, or 7.6%, to $699.8 million. As of March 31, 2023, the Company's cash and cash equivalents and available borrowing capacity cover approximately 87.3% of deposits not covered by deposit insurance compared to 75.1% at December 31, 2022.

Shareholders’ Equity

Shareholders’ equity was $336.8 million at March 31, 2023, an increase of $1.4 million, or 0.4%, from $335.4 million at December 31, 2022 and an increase of $75.8 million, or 29.0%, from $261.1 million at March 31, 2022. The increase for the current quarter was primarily due to net income, partially offset by cash dividends declared on common stock of $2.2 million and repurchase of 385,381 shares of common stock at a weighted-average price of $17.76, totaling $6.8 million.

Stock Repurchase

On July 28, 2022, the Company’s Board of Directors approved a repurchase program authorizing for the repurchase of up to 5% of the Company’s outstanding common stock as of the date of the board meeting, which represented 747,938 shares, through February 1, 2023. On January 26, 2023, the Company announced the amendment to the repurchase program, which extended the program expiration from February 1, 2023 to February 1, 2024. The Company completed the repurchase program during the current quarter. Under this repurchase program, the Company repurchased and retired 747,938 shares of common stock at a weighted-average price of $18.15 per share, totaling $13.6 million.

Issuance of 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”). ECIP investment is treated as tier 1 capital for regulatory capital purposes.

The Series C Preferred Stock bears no dividend for the first 24 months following the investment date. Thereafter, the dividend rate will be adjusted based on the lending growth criteria listed in the terms of the ECIP investment with an annual dividend rate up to 2%. After the tenth anniversary of the investment date, the dividend rate will be fixed based on average annual amount of lending in years 2 through 10.

Capital Ratios

Based on changes to the Federal Reserve’s definition of a “Small Bank Holding Company” that increased the threshold to $3 billion in assets in August 2018, the Company is not currently subject to separate minimum capital measurements. At such time as the Company reaches the $3 billion asset level, it will again be subject to capital measurements independent of the Bank. For comparison purposes, the Company’s ratios are included in following discussion. The following table presents capital ratios for the Company and the Bank as of the dates indicated:

		3/31/2023			12/31/2022			3/31/2022			Well Capitalized Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)		13.09	%		13.29	%		14.77	%		N/A
Total capital (to risk-weighted assets)		17.61	%		17.83	%		15.97	%		N/A
Tier 1 capital (to risk-weighted assets)		16.37	%		16.62	%		14.77	%		N/A
Tier 1 capital (to average assets)		13.90	%		14.33	%		12.22	%		N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets)		16.03	%		16.30	%		14.43	%		6.5	%
Total capital (to risk-weighted assets)		17.27	%		17.52	%		15.63	%		10.0	%
Tier 1 capital (to risk-weighted assets)		16.03	%		16.30	%		14.43	%		8.0	%
Tier 1 capital (to average assets)		13.62	%		14.05	%		11.94	%		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 general economic uncertainty in the United States and abroad, the impact of inflation, changes in interest rates (including actions taken by the Federal Reserve to address inflation), deposit flows, and real estate values, and their corresponding impact on our customers, and the network and data incident discovered on August 30, 2021. 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.

PCB Bancorp and Subsidiary
Consolidated Balance Sheets (Unaudited)
($ in thousands, except share and per share data)
		3/31/2023				12/31/2022				% Change			3/31/2022				% Change
Assets
Cash and due from banks		$	25,801			$	23,202			11.2	%		$	19,693			31.0	%
Interest-bearing deposits in other financial institutions			164,718				123,829			33.0	%			230,519			(28.5	)%
Total cash and cash equivalents			190,519				147,031			29.6	%			250,212			(23.9	)%
Securities available-for-sale, at fair value			144,665				141,863			2.0	%			131,345			10.1	%
Loans held-for-sale			14,352				22,811			(37.1	)%			18,340			(21.7	)%
Loans held-for-investment			2,092,442				2,046,063			2.3	%			1,742,955			20.1	%
Allowance for credit losses on loans			(24,694	)			(24,942	)		(1.0	)%			(21,198	)		16.5	%
Net loans held-for-investment			2,067,748				2,021,121			2.3	%			1,721,757			20.1	%
Premises and equipment, net			6,473				6,916			(6.4	)%			3,106			108.4	%
Federal Home Loan Bank and other bank stock			10,183				10,183			—	%			8,577			18.7	%
Bank-owned life insurance			30,244				30,064			0.6	%			29,530			2.4	%
Deferred tax assets, net			3,753				3,115			20.5	%			11,895			(68.4	)%
Servicing assets			7,345				7,347			—	%			7,533			(2.5	)%
Operating lease assets			5,854				6,358			(7.9	)%			6,511			(10.1	)%
Accrued interest receivable			7,998				7,472			7.0	%			5,050			58.4	%
Other assets			11,390				15,755			(27.7	)%			5,886			93.5	%
Total assets		$	2,500,524			$	2,420,036			3.3	%		$	2,199,742			13.7	%
Liabilities
Deposits
Noninterest-bearing demand		$	653,970			$	734,989			(11.0	)%		$	891,797			(26.7	)%
Savings, NOW and money market accounts			460,187				514,741			(10.6	)%			463,638			(0.7	)%
Time deposits of $250,000 or less			513,068				382,377			34.2	%			281,100			82.5	%
Time deposits of more than $250,000			514,464				413,876			24.3	%			273,844			87.9	%
Total deposits			2,141,689				2,045,983			4.7	%			1,910,379			12.1	%
Federal Home Loan Bank advances			—				20,000			(100.0	)%			10,000			(100.0	)%
Operating lease liabilities			6,238				6,809			(8.4	)%			7,176			(13.1	)%
Accrued interest payable and other liabilities			15,767				11,802			33.6	%			11,129			41.7	%
Total liabilities			2,163,694				2,084,594			3.8	%			1,938,684			11.6	%
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock			69,141				69,141			—	%			—			—	%
Common stock			143,356				149,631			(4.2	)%			155,614			(7.9	)%
Retained earnings			133,415				127,181			4.9	%			109,142			22.2	%
Accumulated other comprehensive loss, net			(9,082	)			(10,511	)		(13.6	)%			(3,698	)		145.6	%
Total shareholders’ equity			336,830				335,442			0.4	%			261,058			29.0	%
Total liabilities and shareholders’ equity		$	2,500,524			$	2,420,036			3.3	%		$	2,199,742			13.7	%
Outstanding common shares			14,297,870				14,625,474							14,944,663
Book value per common share (1)		$	23.56			$	22.94						$	17.47
TCE per common share (2)		$	18.72			$	18.21						$	17.47
Total loan to total deposit ratio			98.37	%			101.12	%						92.20	%
Noninterest-bearing deposits to total deposits			30.54	%			35.92	%						46.68	%

(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
		3/31/2023				12/31/2022				% Change			3/31/2022				% Change
Interest and dividend income
Loans, including fees		$	31,229			$	28,786			8.5	%		$	20,190			54.7	%
Investment securities			1,102				957			15.2	%			476			131.5	%
Other interest-earning assets			2,205				1,833			20.3	%			228			867.1	%
Total interest income			34,536				31,576			9.4	%			20,894			65.3	%
Interest expense
Deposits			11,913				7,295			63.3	%			850			1,301.5	%
Other borrowings			209				16			1,206.3	%			51			309.8	%
Total interest expense			12,122				7,311			65.8	%			901			1,245.4	%
Net interest income			22,414				24,265			(7.6	)%			19,993			12.1	%
Provision (reversal) for credit losses			(2,778	)			1,149			NM				(1,191	)		133.2	%
Net interest income after provision (reversal) for credit losses			25,192				23,116			9.0	%			21,184			18.9	%
Noninterest income
Gain on sale of loans			1,309				759			72.5	%			3,777			(65.3	)%
Service charges and fees on deposits			344				352			(2.3	)%			303			13.5	%
Loan servicing income			860				734			17.2	%			700			22.9	%
Bank-owned life insurance income			180				181			(0.6	)%			172			4.7	%
Other income			328				363			(9.6	)%			334			(1.8	)%
Total noninterest income			3,021				2,389			26.5	%			5,286			(42.8	)%
Noninterest expense
Salaries and employee benefits			8,928				7,879			13.3	%			8,595			3.9	%
Occupancy and equipment			1,896				1,897			(0.1	)%			1,397			35.7	%
Professional fees			732				607			20.6	%			403			81.6	%
Marketing and business promotion			372				724			(48.6	)%			207			79.7	%
Data processing			412				434			(5.1	)%			404			2.0	%
Director fees and expenses			180				176			2.3	%			169			6.5	%
Regulatory assessments			155				159			(2.5	)%			141			9.9	%
Other expense			1,079				1,239			(12.9	)%			755			42.9	%
Total noninterest expense			13,754				13,115			4.9	%			12,071			13.9	%
Income before income taxes			14,459				12,390			16.7	%			14,399			0.4	%
Income tax expense			4,162				3,688			12.9	%			4,159			0.1	%
Net income		$	10,297			$	8,702			18.3	%		$	10,240			0.6	%
Earnings per common share
Basic		$	0.71			$	0.59						$	0.69
Diluted		$	0.70			$	0.58						$	0.67
Average common shares
Basic			14,419,155				14,700,010							14,848,014
Diluted			14,574,929				14,904,106							15,141,693
Dividend paid per common share		$	0.15			$	0.15						$	0.15
Return on average assets (1)			1.69	%			1.44	%						1.92	%
Return on average shareholders’ equity (1)			12.46	%			10.31	%						16.01	%
Return on average TCE (1), (2)			15.70	%			12.99	%						16.01	%
Efficiency ratio (3)			54.08	%			49.20	%						47.75	%

(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
		3/31/2023										12/31/2022										3/31/2022
		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)		$	2,072,415			$	31,229		6.11	%		$	2,004,220			$	28,786		5.70	%		$	1,773,376			$	20,190		4.62	%
Mortgage-backed securities			97,578				683		2.84	%			90,346				585		2.57	%			84,223				307		1.48	%
Collateralized mortgage obligation			26,743				256		3.88	%			25,570				221		3.43	%			18,242				48		1.07	%
SBA loan pool securities			9,027				82		3.68	%			9,545				71		2.95	%			10,095				38		1.53	%
Municipal bonds (2)			4,221				34		3.27	%			4,050				33		3.23	%			5,632				36		2.59	%
Corporate bonds			4,510				47		4.23	%			4,555				47		4.09	%			5,038				47		3.78	%
Other interest-earning assets			186,809				2,205		4.79	%			182,018				1,833		4.00	%			198,918				228		0.46	%
Total interest-earning assets			2,401,303				34,536		5.83	%			2,320,304				31,576		5.40	%			2,095,524				20,894		4.04	%
Noninterest-earning assets
Cash and due from banks			21,155										21,139										20,385
ACL on loans			(26,757	)									(23,800	)									(22,377	)
Other assets			75,175										78,069										67,600
Total noninterest-earning assets			69,573										75,408										65,608
Total assets		$	2,470,876									$	2,395,712									$	2,161,132
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts		$	485,962				3,445		2.87	%		$	540,312				2,852		2.09	%		$	431,981				313		0.29	%
Savings			8,099				5		0.25	%			10,692				3		0.11	%			15,644				2		0.05	%
Time deposits			916,751				8,463		3.74	%			718,735				4,440		2.45	%			586,387				535		0.37	%
Total interest-bearing deposits			1,410,812				11,913		3.42	%			1,269,739				7,295		2.28	%			1,034,012				850		0.33	%
Other borrowings			15,811				209		5.36	%			1,739				16		3.65	%			10,400				51		1.99	%
Total interest-bearing liabilities			1,426,623				12,122		3.45	%			1,271,478				7,311		2.28	%			1,044,412				901		0.35	%
Noninterest-bearing liabilities
Noninterest-bearing demand			687,575										771,632										840,626
Other liabilities			21,509										17,770										16,727
Total noninterest-bearing liabilities			709,084										789,402										857,353
Total liabilities			2,135,707										2,060,880										1,901,765
Total shareholders’ equity			335,169										334,832										259,367
Total liabilities and shareholders’ equity		$	2,470,876									$	2,395,712									$	2,161,132
Net interest income						$	22,414									$	24,265									$	19,993
Net interest spread (3)									2.38	%									3.12	%									3.69	%
Net interest margin (4)									3.79	%									4.15	%									3.87	%
Total deposits		$	2,098,387			$	11,913		2.30	%		$	2,041,371			$	7,295		1.42	%		$	1,874,638			$	850		0.18	%
Total funding (5)		$	2,114,198			$	12,122		2.33	%		$	2,043,110			$	7,311		1.42	%		$	1,885,038			$	901		0.19	%

(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)

Adjusted ACL on loans to loans held-for-investment ratio

Adjusted ACL on loans to loans held-for-investment ratio is calculated by removing SBA PPP loans from loans held-for-investment from the ACL on loans to loans held-for-investment ratio calculation. Management believed this non-GAAP measure enhanced comparability to prior periods and provided supplemental information regarding the Company’s credit trends; however, this non-GAAP measure had become less significant as most of SBA PPP loan balance were forgiven or paid off during 2022. This disclosure should not be viewed as a substitute for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. The following table provides reconciliations of this non-GAAP measure with financial measure defined by GAAP.

($ in thousands)			3/31/2023				12/31/2022				3/31/2022
Loans held-for-investment	(a)		$	2,092,442			$	2,046,063			$	1,742,955
Less: SBA PPP loans	(b)			1,100				1,197				22,926
Loans held-for-investment, excluding SBA PPP loans	(c)=(a)-(b)		$	2,091,342			$	2,044,866			$	1,720,029
ACL on Loans	(d)		$	24,694			$	24,942			$	21,198
ACL on loans to loans held-for-investment ratio	(d)/(a)			1.18	%			1.22	%			1.22	%
Adjusted ACL on loans to loans held-for-investment ratio	(d)/(c)			1.18	%			1.22	%			1.23	%

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 stockholders’ 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. This disclosure should not be viewed as a substitute for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance 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
			3/31/2023				12/31/2022				3/31/2022
Average total shareholders' equity	(a)		$	335,169			$	334,832			$	259,367
Less: average preferred stock	(b)			69,141				69,141				—
Average TCE	(c)=(a)-(b)		$	266,028			$	265,691			$	259,367
Net income	(d)		$	10,297			$	8,702			$	10,240
Return on average shareholder's equity (1)	(d)/(a)			12.46	%			10.31	%			16.01	%
Return on average TCE (1)	(d)/(c)			15.70	%			12.99	%			16.01	%
(1) Annualized.

($ in thousands, except per share data)			3/31/2023				12/31/2022				3/31/2022
Total shareholders' equity	(a)		$	336,830			$	335,442			$	261,058
Less: preferred stock	(b)			69,141				69,141				—
TCE	(c)=(a)-(b)		$	267,689			$	266,301			$	261,058
Outstanding common shares	(d)			14,297,870				14,625,474				14,944,663
Book value per common share	(a)/(d)		$	23.56			$	22.94			$	17.47
TCE per common share	(c)/(d)		$	18.72			$	18.21			$	17.47
Total assets	(e)		$	2,500,524			$	2,420,036			$	2,199,742
Total shareholders' equity to total assets	(a)/(e)			13.47	%			13.86	%			11.87	%
TCE to total assets	(c)/(e)			10.71	%			11.00	%			11.87	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230421005103/en/

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000

Source: PCB Bancorp

FAQ

What was PCB Bancorp's net income for Q1 2023?

PCB Bancorp reported a net income of $10.3 million for Q1 2023.

How much did PCB Bancorp's diluted earnings per share increase?

Diluted earnings per share increased by 20.7% to $0.70.

What is PCB Bancorp's total asset value as of March 31, 2023?

Total assets were $2.50 billion as of March 31, 2023.

How did PCB Bancorp's deposits change in Q1 2023?

Total deposits increased by 4.7% to $2.14 billion.

What was the common equity tier 1 capital ratio for PCB Bancorp?

The common equity tier 1 capital ratio was 16.03%.