LOS ANGELES--(BUSINESS WIRE)--PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income available to common shareholders of $12.1 million, or $0.85 per diluted common share, for the third quarter of 2026, compared with $10.4 million, or $0.73 per diluted common share, for the previous quarter and $11.3 million, or $0.78 per diluted common share, for the year-ago quarter.
Q3 2026 Highlights
- Net income available to common shareholders totaled $12.1 million, or $0.85 per diluted common share, for the current quarter;
- Provision (reversal) for credit losses was $(705) thousand for the current quarter compared with $926 thousand for the previous quarter and $(381) thousand for the year-ago quarter;
- Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment ratio was 1.20% at September 30, 2026 compared with 1.18% at June 30, 2026, and 1.20% at September 30, 2025;
- Net interest income was $28.8 million for the current quarter compared with $27.5 million for the previous quarter and $27.0 million for the year-ago quarter. Net interest margin was 3.35% for the current quarter compared with 3.33% for the previous quarter and 3.28% for the year-ago quarter;
- Gain on sale of loans was $1.6 million for the current quarter compared with $1.2 million for the previous quarter and $1.6 million for the year-ago quarter;
- Total assets were $3.54 billion at September 30, 2026, an increase of $67.5 million, or 1.9%, from $3.47 billion at June 30, 2026, an increase of $255.9 million, or 7.8%, from $3.28 billion at December 31, 2025, and an increase of $174.2 million, or 5.2%, from $3.36 billion at September 30, 2025;
- Loans held-for-investment were $2.84 billion at September 30, 2026, a decrease of $87.2 million, or 3.0%, from $2.93 billion at June 30, 2026, but an increase of $24.5 million, or 0.9%, from $2.82 billion at December 31, 2025 and an increase of $92.3 million, or 3.4%, from $2.75 billion at September 30, 2025; and
- Total deposits were $3.08 billion at September 30, 2026, an increase of $153.9 million, or 5.3%, from $2.92 billion at June 30, 2026, an increase of $281.2 million, or 10.1%, from $2.80 billion at December 31, 2025, and an increase of $163.1 million, or 5.6%, from $2.91 billion at September 30, 2025.
Henry Kim, President and CEO, commented, “We delivered another quarter of strong financial performance despite a competitive operating environment and continued interest rate volatility. Our results reflect disciplined execution across the organization, highlighted by record earnings, solid core deposit growth, and an improvement in net interest margin.
“During the quarter, we remained focused on prudent balance sheet management and long-term risk-adjusted returns. As part of that strategy, we selectively reduced certain large commercial lending relationships that no longer met our risk and return objectives. While these actions contributed to lower loan balances, they strengthened our liquidity position and reinforced the overall quality of our balance sheet.
“Our strong retail deposit growth, solid capital position, and disciplined credit culture continue to provide a foundation for sustainable growth. As we look ahead to the remainder of 2026 and into 2027, we believe we are well positioned to deploy our excess liquidity, capitalize on attractive growth opportunities, and continue delivering long-term value for our shareholders.”
Financial Highlights (Unaudited)
($ in thousands, except per share data) |
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||||||
9/30/2026 |
6/30/2026 |
% Change |
9/30/2025 |
% Change |
9/30/2026 |
9/30/2025 |
% Change |
||||||||||||||||||||||
Net income |
$ |
12,208 |
$ |
10,507 |
16.2 |
% |
$ |
11,412 |
7.0 |
% |
$ |
33,368 |
$ |
28,218 |
18.3 |
% |
|||||||||||||
Net income available to common shareholders |
$ |
12,122 |
$ |
10,420 |
16.3 |
% |
$ |
11,326 |
7.0 |
% |
$ |
33,109 |
$ |
28,005 |
18.2 |
% |
|||||||||||||
Diluted earnings per common share (“EPS”) |
$ |
0.85 |
$ |
0.73 |
16.4 |
% |
$ |
0.78 |
9.0 |
% |
$ |
2.32 |
$ |
1.94 |
19.6 |
% |
|||||||||||||
Net interest income |
$ |
28,819 |
$ |
27,494 |
4.8 |
% |
$ |
26,978 |
6.8 |
% |
$ |
83,123 |
$ |
77,251 |
7.6 |
% |
|||||||||||||
Provision (reversal) for credit losses |
(705 |
) |
926 |
NM |
(381 |
) |
85.0 |
% |
688 |
3,004 |
(77.1 |
)% |
|||||||||||||||||
Noninterest income |
3,573 |
3,203 |
11.6 |
% |
3,414 |
4.7 |
% |
10,150 |
9,291 |
9.2 |
% |
||||||||||||||||||
Noninterest expense |
16,052 |
15,113 |
6.2 |
% |
14,869 |
8.0 |
% |
45,979 |
44,172 |
4.1 |
% |
||||||||||||||||||
Return on average assets (“ROAA”) (1) |
1.38 |
% |
1.24 |
% |
1.35 |
% |
1.31 |
% |
1.17 |
% |
|||||||||||||||||||
Return on average shareholders’ equity (“ROAE”) (1) |
12.03 |
% |
10.55 |
% |
11.92 |
% |
11.18 |
% |
10.10 |
% |
|||||||||||||||||||
Return on average tangible common equity (“ROATCE”) (1),(2) |
14.42 |
% |
12.65 |
% |
14.46 |
% |
13.42 |
% |
12.30 |
% |
|||||||||||||||||||
Net interest margin (1) |
3.35 |
% |
3.33 |
% |
3.28 |
% |
3.35 |
% |
3.29 |
% |
|||||||||||||||||||
Efficiency ratio (3) |
49.56 |
% |
49.23 |
% |
48.92 |
% |
49.30 |
% |
51.04 |
% |
|||||||||||||||||||
($ in thousands, except per share data) |
9/30/2026 |
6/30/2026 |
% Change |
12/31/2025 |
% Change |
9/30/2025 |
% Change |
||||||||||||||||||
Total assets |
$ |
3,537,672 |
$ |
3,470,124 |
1.9 |
% |
$ |
3,281,771 |
7.8 |
% |
$ |
3,363,506 |
5.2 |
% |
|||||||||||
Net loans held-for-investment |
2,810,769 |
2,897,281 |
(3.0 |
)% |
2,787,019 |
0.9 |
% |
2,719,554 |
3.4 |
% |
|||||||||||||||
Total deposits |
3,076,593 |
2,922,659 |
5.3 |
% |
2,795,412 |
10.1 |
% |
2,913,502 |
5.6 |
% |
|||||||||||||||
Book value per common share (4) |
$ |
28.61 |
$ |
28.40 |
$ |
27.41 |
$ |
26.93 |
|||||||||||||||||
TCE per common share (2) |
$ |
23.69 |
$ |
23.49 |
$ |
22.55 |
$ |
22.09 |
|||||||||||||||||
Tier 1 leverage ratio (consolidated) |
11.77 |
% |
11.89 |
% |
11.89 |
% |
11.57 |
% |
|||||||||||||||||
Total shareholders’ equity to total assets |
11.37 |
% |
11.54 |
% |
11.88 |
% |
11.43 |
% |
|||||||||||||||||
TCE to total assets (2), (5) |
9.41 |
% |
9.55 |
% |
9.78 |
% |
9.38 |
% |
|||||||||||||||||
(1) |
Ratios are presented on an annualized basis. |
(2) |
Non-GAAP. See “Non-GAAP Financial Measures” for a 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 had no intangible asset component for the presented periods. |
Results of Operations (Unaudited)
Net Interest Income and Net Interest Margin
The following table presents the components of net interest income for the periods indicated:
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||||
($ in thousands) |
9/30/2026 |
6/30/2026 |
% Change |
9/30/2025 |
% Change |
9/30/2026 |
9/30/2025 |
% Change |
|||||||||||||||||||||
Interest income/expense on |
|||||||||||||||||||||||||||||
Loans |
$ |
47,154 |
$ |
45,886 |
2.8 |
% |
$ |
46,193 |
2.1 |
% |
$ |
137,524 |
$ |
134,697 |
2.1 |
% |
|||||||||||||
Investment securities |
2,073 |
1,795 |
15.5 |
% |
1,474 |
40.6 |
% |
5,442 |
4,344 |
25.3 |
% |
||||||||||||||||||
Other interest-earning assets |
3,255 |
2,359 |
38.0 |
% |
3,804 |
(14.4 |
)% |
8,387 |
8,630 |
(2.8 |
)% |
||||||||||||||||||
Total interest-earning assets |
52,482 |
50,040 |
4.9 |
% |
51,471 |
2.0 |
% |
151,353 |
147,671 |
2.5 |
% |
||||||||||||||||||
Interest-bearing deposits |
23,242 |
21,795 |
6.6 |
% |
23,995 |
(3.1 |
)% |
66,515 |
69,064 |
(3.7 |
)% |
||||||||||||||||||
Borrowings |
421 |
751 |
(43.9 |
)% |
498 |
(15.5 |
)% |
1,715 |
1,356 |
26.5 |
% |
||||||||||||||||||
Total interest-bearing liabilities |
23,663 |
22,546 |
5.0 |
% |
24,493 |
(3.4 |
)% |
68,230 |
70,420 |
(3.1 |
)% |
||||||||||||||||||
Net interest income |
$ |
28,819 |
$ |
27,494 |
4.8 |
% |
$ |
26,978 |
6.8 |
% |
$ |
83,123 |
$ |
77,251 |
7.6 |
% |
|||||||||||||
Average balance of |
|||||||||||||||||||||||||||||
Loans |
$ |
2,902,481 |
$ |
2,885,996 |
0.6 |
% |
$ |
2,784,148 |
4.3 |
% |
$ |
2,876,614 |
$ |
2,738,957 |
5.0 |
% |
|||||||||||||
Investment securities |
195,312 |
178,716 |
9.3 |
% |
152,084 |
28.4 |
% |
178,402 |
149,914 |
19.0 |
% |
||||||||||||||||||
Other interest-earning assets |
311,417 |
249,717 |
24.7 |
% |
327,637 |
(5.0 |
)% |
266,040 |
246,396 |
8.0 |
% |
||||||||||||||||||
Total interest-earning assets |
$ |
3,409,210 |
$ |
3,314,429 |
2.9 |
% |
$ |
3,263,869 |
4.5 |
% |
$ |
3,321,056 |
$ |
3,135,267 |
5.9 |
% |
|||||||||||||
Interest-bearing deposits |
$ |
2,445,630 |
$ |
2,326,163 |
5.1 |
% |
$ |
2,326,170 |
5.1 |
% |
$ |
2,350,909 |
$ |
2,218,542 |
6.0 |
% |
|||||||||||||
Borrowings |
42,000 |
76,374 |
(45.0 |
)% |
43,109 |
(2.6 |
)% |
58,073 |
39,586 |
46.7 |
% |
||||||||||||||||||
Total interest-bearing liabilities |
$ |
2,487,630 |
$ |
2,402,537 |
3.5 |
% |
$ |
2,369,279 |
5.0 |
% |
$ |
2,408,982 |
$ |
2,258,128 |
6.7 |
% |
|||||||||||||
Total funding (1) |
$ |
3,041,978 |
$ |
2,946,585 |
3.2 |
% |
$ |
2,910,522 |
4.5 |
% |
$ |
2,953,418 |
$ |
2,788,686 |
5.9 |
% |
|||||||||||||
Annualized average yield/cost of |
|||||||||||||||||||||||||||||
Loans |
6.45 |
% |
6.38 |
% |
6.58 |
% |
6.39 |
% |
6.58 |
% |
|||||||||||||||||||
Investment securities |
4.21 |
% |
4.03 |
% |
3.85 |
% |
4.08 |
% |
3.87 |
% |
|||||||||||||||||||
Other interest-earning assets |
4.15 |
% |
3.79 |
% |
4.61 |
% |
4.21 |
% |
4.68 |
% |
|||||||||||||||||||
Total interest-earning assets |
6.11 |
% |
6.06 |
% |
6.26 |
% |
6.09 |
% |
6.30 |
% |
|||||||||||||||||||
Interest-bearing deposits |
3.77 |
% |
3.76 |
% |
4.09 |
% |
3.78 |
% |
4.16 |
% |
|||||||||||||||||||
Borrowings |
3.98 |
% |
3.94 |
% |
4.58 |
% |
3.95 |
% |
4.58 |
% |
|||||||||||||||||||
Total interest-bearing liabilities |
3.77 |
% |
3.76 |
% |
4.10 |
% |
3.79 |
% |
4.17 |
% |
|||||||||||||||||||
Net interest margin |
3.35 |
% |
3.33 |
% |
3.28 |
% |
3.35 |
% |
3.29 |
% |
|||||||||||||||||||
Cost of total funding (1) |
3.09 |
% |
3.07 |
% |
3.34 |
% |
3.09 |
% |
3.38 |
% |
|||||||||||||||||||
Supplementary information |
|||||||||||||||||||||||||||||
Net accretion of discount on loans |
$ |
759 |
$ |
584 |
30.0 |
% |
$ |
563 |
34.8 |
% |
$ |
1,860 |
$ |
2,045 |
(9.0 |
)% |
|||||||||||||
Net amortization of deferred loan fees |
$ |
579 |
$ |
357 |
62.2 |
% |
$ |
433 |
33.7 |
% |
$ |
1,289 |
$ |
1,113 |
15.8 |
% |
|||||||||||||
(1) |
Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding. |
The increase in net interest margin for the current quarter compared with the previous quarter was primarily due to an increase in average yield on interest earning assets, partially offset by an increase in average cost of interest-bearing deposits. The increases for the current quarter and year-to-date period compared with the same periods of 2025 were primarily due to a decrease in average cost of interest-bearing deposits, partially offset by a decrease in average yield on interest earning assets.
Loans. The increase in average yield for the current quarter compared with the previous quarter was primarily due to increases in weighted-average interest rates on loans, net accretion of discount on loans and net amortization of deferred loan fees. The decrease for the current quarter compared with the year-ago quarter was primarily due to a decrease in weighted-average interest rates on loans, partially offset by increases in net accretion of discount on loans and net amortization of deferred loan fees. The decrease for the current year-to-date period compared with the previous year-to-date period was primarily due to decreases in weighted-average interest rates on loans and net accretion of discount on loans, partially offset by an increase in net amortization of deferred loan fees.
The following table presents a composition of total loans by interest rate type accompanied by the weighted-average contractual rates as of the dates indicated:
9/30/2026 |
6/30/2026 |
12/31/2025 |
9/30/2025 |
|||||||||||||||||||||
% to Total
|
Weighted-
|
% to Total
|
Weighted-
|
% to Total
|
Weighted-
|
% to Total
|
Weighted-
|
|||||||||||||||||
Fixed rate loans |
18.9 |
% |
5.82 |
% |
18.0 |
% |
5.76 |
% |
17.5 |
% |
5.60 |
% |
18.2 |
% |
5.60 |
% |
||||||||
Hybrid rate loans |
39.3 |
% |
5.84 |
% |
39.9 |
% |
5.67 |
% |
39.7 |
% |
5.57 |
% |
39.5 |
% |
5.51 |
% |
||||||||
Variable rate loans |
41.8 |
% |
7.00 |
% |
42.1 |
% |
6.82 |
% |
42.8 |
% |
6.93 |
% |
42.3 |
% |
7.38 |
% |
||||||||
Investment Securities. The increases in average yield for the current quarter and year-to-date period were primarily due to higher yields on newly purchased investment securities.
Other Interest-Earning Assets. The increase in average yield for the current quarter compared with the previous quarter was primarily due to a special dividend on Federal Home Loan Bank (“FHLB”) stock of $253 thousand. The decreases for the current quarter and year-to-date period compared with the same periods of 2025 were primarily due to a decrease in average interest rate on cash held at the Federal Reserve Bank, partially offset by an increase in dividends received on FHLB stock.
Interest-Bearing Deposits. The decreases in average cost for the current quarter and year-to-date period compared with the same periods of 2025 were primarily due to decreases in market rates.
Provision (reversal) for credit losses
The following table presents a composition of provision for credit losses for the periods indicated:
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
($ in thousands) |
9/30/2026 |
6/30/2026 |
% Change |
9/30/2025 |
% Change |
9/30/2026 |
9/30/2025 |
% Change |
|||||||||||||||||||
Provision (reversal) for credit losses on loans |
$ |
(651 |
) |
$ |
798 |
NM |
$ |
(428 |
) |
52.1 |
% |
$ |
765 |
$ |
2,884 |
(73.5 |
)% |
||||||||||
Provision (reversal) for credit losses on off-balance sheet credit exposure |
(54 |
) |
128 |
NM |
47 |
NM |
(77 |
) |
120 |
NM |
|||||||||||||||||
Total provision (reversal) for credit losses |
$ |
(705 |
) |
$ |
926 |
NM |
$ |
(381 |
) |
85.0 |
% |
$ |
688 |
$ |
3,004 |
(77.1 |
)% |
||||||||||
The reversal for credit losses on loans for the current quarter was primarily due to a decrease in loans held-for-investment, partially offset by an increase in nonaccrual loans held-for-investment.
Noninterest Income
The following table presents the components of noninterest income for the periods indicated:
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||
($ in thousands) |
9/30/2026 |
6/30/2026 |
% Change |
9/30/2025 |
% Change |
9/30/2026 |
9/30/2025 |
% Change |
|||||||||||||||||||
Gain on sale of loans |
$ |
1,626 |
$ |
1,182 |
37.6 |
% |
$ |
1,617 |
0.6 |
% |
$ |
4,217 |
$ |
3,969 |
6.2 |
% |
|||||||||||
Service charges and fees on deposits |
457 |
450 |
1.6 |
% |
377 |
21.2 |
% |
1,337 |
1,124 |
19.0 |
% |
||||||||||||||||
Loan servicing income |
650 |
802 |
(19.0 |
)% |
719 |
(9.6 |
)% |
2,253 |
2,204 |
2.2 |
% |
||||||||||||||||
Bank-owned life insurance (“BOLI”) income |
287 |
281 |
2.1 |
% |
259 |
10.8 |
% |
842 |
759 |
10.9 |
% |
||||||||||||||||
Other income |
553 |
488 |
13.3 |
% |
442 |
25.1 |
% |
1,501 |
1,235 |
21.5 |
% |
||||||||||||||||
Total noninterest income |
$ |
3,573 |
$ |
3,203 |
11.6 |
% |
$ |
3,414 |
4.7 |
% |
$ |
10,150 |
$ |
9,291 |
9.2 |
% |
|||||||||||
Gain on Sale of Loans. The following table presents information on gain (loss) on sale of loans for the periods indicated:
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||||
($ in thousands) |
9/30/2026 |
6/30/2026 |
% Change |
9/30/2025 |
% Change |
9/30/2026 |
9/30/2025 |
% Change |
|||||||||||||||||||||
Gain on sale of SBA loans |
|||||||||||||||||||||||||||||
Sold loan balance |
$ |
23,044 |
$ |
17,095 |
34.8 |
% |
$ |
29,017 |
(20.6 |
)% |
$ |
61,969 |
$ |
72,569 |
(14.6 |
)% |
|||||||||||||
Premium received |
1,798 |
1,430 |
25.7 |
% |
1,852 |
(2.9 |
)% |
4,809 |
4,810 |
— |
% |
||||||||||||||||||
Gain recognized |
1,626 |
1,219 |
33.4 |
% |
1,617 |
0.6 |
% |
4,254 |
3,969 |
7.2 |
% |
||||||||||||||||||
Percentage to sold loan balance |
|||||||||||||||||||||||||||||
Premium |
7.8 |
% |
8.4 |
% |
6.4 |
% |
7.8 |
% |
6.6 |
% |
|||||||||||||||||||
Gain |
7.1 |
% |
7.1 |
% |
5.6 |
% |
6.9 |
% |
5.5 |
% |
|||||||||||||||||||
Loss on sale of other loans |
|||||||||||||||||||||||||||||
Sold loan balance |
$ |
— |
$ |
1,071 |
(100.0 |
)% |
$ |
— |
— |
% |
$ |
1,071 |
$ |
— |
NA |
||||||||||||||
Loss recognized |
— |
(37 |
) |
(100.0 |
)% |
— |
— |
% |
(37 |
) |
— |
NA |
|||||||||||||||||
The other loan sold during the previous quarter of $1.1 million was a commercial property loan, which was transferred to loans held-for-sale from loans held-for-investment during the first quarter of 2026.
Loan Servicing Income. The Company services SBA loans and certain residential property loans sold to the secondary market. The following table presents information on loan servicing income for the periods indicated:
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||||
($ in thousands) |
9/30/2026 |
6/30/2026 |
% Change |
9/30/2025 |
% Change |
9/30/2026 |
9/30/2025 |
% Change |
|||||||||||||||||||||
Loan servicing income |
|||||||||||||||||||||||||||||
Servicing income received |
$ |
1,215 |
$ |
1,243 |
(2.3 |
)% |
$ |
1,247 |
(2.6 |
)% |
$ |
3,676 |
$ |
3,771 |
(2.5 |
)% |
|||||||||||||
Servicing assets amortization |
(565 |
) |
(441 |
) |
28.1 |
% |
(528 |
) |
7.0 |
% |
(1,423 |
) |
(1,567 |
) |
(9.2 |
)% |
|||||||||||||
Loan servicing income |
$ |
650 |
$ |
802 |
(19.0 |
)% |
$ |
719 |
(9.6 |
)% |
$ |
2,253 |
$ |
2,204 |
2.2 |
% |
|||||||||||||
Underlying loans at end of period |
$ |
497,197 |
$ |
503,429 |
(1.2 |
)% |
$ |
518,309 |
(4.1 |
)% |
$ |
497,197 |
$ |
518,309 |
(4.1 |
)% |
|||||||||||||
Noninterest Expense
The following table presents the components of noninterest expense for the periods indicated:
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||
($ in thousands) |
9/30/2026 |
6/30/2026 |
% Change |
9/30/2025 |
% Change |
9/30/2026 |
9/30/2025 |
% Change |
||||||||||||||||
Salaries and employee benefits |
$ |
10,026 |
$ |
9,551 |
5.0 |
% |
$ |
9,293 |
7.9 |
% |
$ |
29,297 |
$ |
27,212 |
7.7 |
% |
||||||||
Occupancy and equipment |
2,283 |
2,369 |
(3.6 |
)% |
2,372 |
(3.8 |
)% |
6,929 |
7,040 |
(1.6 |
)% |
|||||||||||||
Professional fees |
834 |
645 |
29.3 |
% |
541 |
54.2 |
% |
2,013 |
1,974 |
2.0 |
% |
|||||||||||||
Marketing and business promotion |
636 |
446 |
42.6 |
% |
669 |
(4.9 |
)% |
1,538 |
1,509 |
1.9 |
% |
|||||||||||||
Data processing |
359 |
342 |
5.0 |
% |
333 |
7.8 |
% |
1,038 |
983 |
5.6 |
% |
|||||||||||||
Director fees and expenses |
224 |
223 |
0.4 |
% |
223 |
0.4 |
% |
670 |
674 |
(0.6 |
)% |
|||||||||||||
Regulatory assessments |
386 |
368 |
4.9 |
% |
373 |
3.5 |
% |
1,115 |
1,075 |
3.7 |
% |
|||||||||||||
Other expense |
1,304 |
1,169 |
11.5 |
% |
1,065 |
22.4 |
% |
3,379 |
3,705 |
(8.8 |
)% |
|||||||||||||
Total noninterest expense |
$ |
16,052 |
$ |
15,113 |
6.2 |
% |
$ |
14,869 |
8.0 |
% |
$ |
45,979 |
$ |
44,172 |
4.1 |
% |
||||||||
Salaries and Employee Benefits. The increase for the current quarter compared with the previous quarter was primarily due to increases in wages, incentives tied to sales of SBA loans, vacation accrual and group insurance. The increases for the current quarter and year-to-date period compared with the same periods of 2025 were primarily due to increases in wages, incentives tied to sales of SBA loans, vacation accrual and group insurance, partially offset by an increase in direct loan origination cost, which offsets and defers the recognition of salaries and benefits expense. The number of full-time equivalent employees was 276, 274 and 270 as of September 30, 2026, June 30, 2026 and September 30, 2025, respectively.
Professional Fees. The increases for the current quarter compared with the previous and year-ago quarters were due to increases in legal fees and internal audit fees. The increase for the current year-to-date period compared with the previous year-to-date period was primarily due to the increases in legal fees and internal audit during the current year-to-date period, partially offset by additional professional fees incurred related to evaluating the accounting for a preferred stock purchase option during the previous year-to-date period.
Marketing and Business Promotion. The increase for the current quarter compared with the previous quarter was primarily due to an increase in advertising.
Other Expense. The increases for the current quarter compared with the previous and year-ago quarter were primarily due to an increase in legal settlements related expenses, partially offset by a decrease in office operating expense. The decrease for the current year-to-date period compared with the previous year-to-date period was primarily due to impairments on operating lease assets of $238 thousand for sublease contracts and a decrease in office operating expense, partially offset by an increase in legal settlement related expenses.
Balance Sheet (Unaudited)
Total assets were $3.54 billion at September 30, 2026, an increase of $67.5 million, or 1.9%, from $3.47 billion at June 30, 2026, an increase of $255.9 million, or 7.8%, from $3.28 billion at December 31, 2025, and an increase of $174.2 million, or 5.2%, from $3.36 billion at September 30, 2025. The increase for the current quarter was primarily due to an increase in total cash and cash equivalents, partially offset by a decrease in loans held-for-investment. The increase for the current year was primarily due to increases in total cash and cash equivalents, loans held-for-investment and other assets. During the current year, the Company invested $8.0 million in qualified affordable housing projects.
Loans
The following table presents a composition of total loans (includes both loans held-for-sale and loans held-for-investment) as of the dates indicated:
($ in thousands) |
9/30/2026 |
6/30/2026 |
% Change |
12/31/2025 |
% Change |
9/30/2025 |
% Change |
||||||||||||||||||
Commercial real estate: |
|||||||||||||||||||||||||
Commercial property |
$ |
1,100,476 |
$ |
1,120,171 |
(1.8 |
)% |
$ |
1,071,396 |
2.7 |
% |
$ |
1,039,965 |
5.8 |
% |
|||||||||||
Business property |
650,596 |
697,627 |
(6.7 |
)% |
638,063 |
2.0 |
% |
639,596 |
1.7 |
% |
|||||||||||||||
Multifamily |
213,592 |
208,797 |
2.3 |
% |
175,579 |
21.7 |
% |
172,098 |
24.1 |
% |
|||||||||||||||
Construction |
11,142 |
11,121 |
0.2 |
% |
18,561 |
(40.0 |
)% |
25,911 |
(57.0 |
)% |
|||||||||||||||
Total commercial real estate |
1,975,806 |
2,037,716 |
(3.0 |
)% |
1,903,599 |
3.8 |
% |
1,877,570 |
5.2 |
% |
|||||||||||||||
Commercial and industrial |
449,325 |
494,944 |
(9.2 |
)% |
508,662 |
(11.7 |
)% |
465,424 |
(3.5 |
)% |
|||||||||||||||
Consumer: |
|||||||||||||||||||||||||
Residential mortgage |
414,487 |
393,414 |
5.4 |
% |
401,337 |
3.3 |
% |
401,653 |
3.2 |
% |
|||||||||||||||
Other consumer |
5,238 |
5,945 |
(11.9 |
)% |
6,802 |
(23.0 |
)% |
7,867 |
(33.4 |
)% |
|||||||||||||||
Total consumer |
419,725 |
399,359 |
5.1 |
% |
408,139 |
2.8 |
% |
409,520 |
2.5 |
% |
|||||||||||||||
Loans held-for-investment |
2,844,856 |
2,932,019 |
(3.0 |
)% |
2,820,400 |
0.9 |
% |
2,752,514 |
3.4 |
% |
|||||||||||||||
Loans held-for-sale |
2,318 |
2,937 |
(21.1 |
)% |
12,077 |
(80.8 |
)% |
9,634 |
(75.9 |
)% |
|||||||||||||||
Total loans |
$ |
2,847,174 |
$ |
2,934,956 |
(3.0 |
)% |
$ |
2,832,477 |
0.5 |
% |
$ |
2,762,148 |
3.1 |
% |
|||||||||||
SBA loans included in: |
|||||||||||||||||||||||||
Loans held-for-investment |
$ |
148,641 |
$ |
145,457 |
2.2 |
% |
$ |
146,549 |
1.4 |
% |
$ |
151,766 |
(2.1 |
)% |
|||||||||||
Loans held-for-sale |
$ |
2,318 |
$ |
2,937 |
(21.1 |
)% |
$ |
12,077 |
(80.8 |
)% |
$ |
9,634 |
(75.9 |
)% |
|||||||||||
ACL on loans |
$ |
34,087 |
$ |
34,738 |
(1.9 |
)% |
$ |
33,381 |
2.1 |
% |
$ |
32,960 |
3.4 |
% |
|||||||||||
ACL on loans to loans held-for-investment |
1.20 |
% |
1.18 |
% |
1.18 |
% |
1.20 |
% |
|||||||||||||||||
The decrease in loans held-for-investment for the current quarter was primarily due to pay-downs and pay-offs of term loans of $175.2 million, net decrease of lines of credit of $37.6 million, and charge-offs of $35 thousand, partially offset by new funding of term loans of $125.6 million. The increase for the current year-to-date period was primarily due to new funding of term loans of $416.5 million, partially offset by pay-downs and pay-offs of term loans of $329.6 million, net decrease of lines of credit of $61.2 million, a loan transferred to loans held-for-sale of $1.1 million, and charge-offs of $130 thousand.
The decrease in loans held-for-sale for the current quarter was primarily due to sales of $23.0 million and pay-downs of $52 thousand, partially offset by new funding of $22.5 million. The decrease for the current year-to-date period was primarily due to sales of $63.0 million and pay-downs of $310 thousand, partially offset by new funding of $52.5 million and a loan transferred from loans held-for-investment of $1.1 million.
The following table presents a composition of off-balance sheet credit exposure as of the dates indicated:
($ in thousands) |
9/30/2026 |
6/30/2026 |
% Change |
12/31/2025 |
% Change |
9/30/2025 |
% Change |
||||||||||||||
Commercial property |
$ |
12,270 |
$ |
10,069 |
21.9 |
% |
$ |
11,344 |
8.2 |
% |
$ |
13,772 |
(10.9 |
)% |
|||||||
Business property |
7,425 |
8,297 |
(10.5 |
)% |
7,569 |
(1.9 |
)% |
10,740 |
(30.9 |
)% |
|||||||||||
Construction |
3,011 |
3,022 |
(0.4 |
)% |
5,229 |
(42.4 |
)% |
7,688 |
(60.8 |
)% |
|||||||||||
Commercial and industrial |
374,639 |
335,523 |
11.7 |
% |
342,593 |
9.4 |
% |
373,560 |
0.3 |
% |
|||||||||||
Other consumer |
1,535 |
1,536 |
(0.1 |
)% |
1,347 |
14.0 |
% |
1,357 |
13.1 |
% |
|||||||||||
Total commitments to extend credit |
398,880 |
358,447 |
11.3 |
% |
368,082 |
8.4 |
% |
407,117 |
(2.0 |
)% |
|||||||||||
Letters of credit |
15,733 |
7,984 |
97.1 |
% |
7,330 |
114.6 |
% |
7,074 |
122.4 |
% |
|||||||||||
Total off-balance sheet credit exposure |
$ |
414,613 |
$ |
366,431 |
13.1 |
% |
$ |
375,412 |
10.4 |
% |
$ |
414,191 |
0.1 |
% |
|||||||
Credit Quality
The following table presents a summary of non-performing loans and assets, and classified assets as of the dates indicated:
($ in thousands) |
9/30/2026 |
6/30/2026 |
% Change |
12/31/2025 |
% Change |
9/30/2025 |
% Change |
||||||||||||||||||
Nonaccrual loans |
|||||||||||||||||||||||||
Commercial real estate: |
|||||||||||||||||||||||||
Commercial property |
$ |
4,642 |
$ |
1,331 |
248.8 |
% |
$ |
1,403 |
230.9 |
% |
$ |
1,448 |
220.6 |
% |
|||||||||||
Business property |
1,598 |
1,330 |
20.2 |
% |
938 |
70.4 |
% |
962 |
66.1 |
% |
|||||||||||||||
Total commercial real estate |
6,240 |
2,661 |
134.5 |
% |
2,341 |
166.6 |
% |
2,410 |
158.9 |
% |
|||||||||||||||
Commercial and industrial |
652 |
607 |
7.4 |
% |
161 |
305.0 |
% |
378 |
72.5 |
% |
|||||||||||||||
Consumer: |
|||||||||||||||||||||||||
Residential mortgage |
5,355 |
5,446 |
(1.7 |
)% |
5,403 |
(0.9 |
)% |
5,370 |
(0.3 |
)% |
|||||||||||||||
Other consumer |
3 |
6 |
(50.0 |
)% |
5 |
(40.0 |
)% |
— |
NM |
||||||||||||||||
Total consumer |
5,358 |
5,452 |
(1.7 |
)% |
5,408 |
(0.9 |
)% |
5,370 |
(0.2 |
)% |
|||||||||||||||
Total nonaccrual loans held-for-investment |
12,250 |
8,720 |
40.5 |
% |
7,910 |
54.9 |
% |
8,158 |
50.2 |
% |
|||||||||||||||
Loans past due 90 days or more and still accruing |
— |
— |
— |
% |
— |
— |
% |
— |
— |
% |
|||||||||||||||
Non-performing loans (“NPLs”) |
12,250 |
8,720 |
40.5 |
% |
7,910 |
54.9 |
% |
8,158 |
50.2 |
% |
|||||||||||||||
NPLs held-for-sale |
— |
— |
— |
% |
— |
— |
% |
— |
— |
% |
|||||||||||||||
Total NPLs |
12,250 |
8,720 |
40.5 |
% |
7,910 |
54.9 |
% |
8,158 |
50.2 |
% |
|||||||||||||||
Other real estate owned (“OREO”) |
— |
— |
— |
% |
— |
— |
% |
— |
— |
% |
|||||||||||||||
Non-performing assets (“NPAs”) |
$ |
12,250 |
$ |
8,720 |
40.5 |
% |
$ |
7,910 |
54.9 |
% |
$ |
8,158 |
50.2 |
% |
|||||||||||
Loans past due and still accruing |
|||||||||||||||||||||||||
Past due 30 to 59 days |
$ |
604 |
$ |
339 |
78.2 |
% |
$ |
943 |
(35.9 |
)% |
$ |
1,548 |
(61.0 |
)% |
|||||||||||
Past due 60 to 89 days |
48 |
55 |
(12.7 |
)% |
12 |
300.0 |
% |
— |
NM |
||||||||||||||||
Past due 90 days or more |
— |
— |
— |
% |
— |
— |
% |
— |
— |
% |
|||||||||||||||
Total loans past due and still accruing |
$ |
652 |
$ |
394 |
65.5 |
% |
955 |
(31.7 |
)% |
$ |
1,548 |
(57.9 |
)% |
||||||||||||
Special mention loans |
$ |
6,368 |
$ |
6,412 |
(0.7 |
)% |
$ |
6,435 |
(1.0 |
)% |
$ |
6,477 |
(1.7 |
)% |
|||||||||||
Classified assets |
|||||||||||||||||||||||||
Classified loans held-for-investment |
$ |
13,633 |
$ |
10,525 |
29.5 |
% |
$ |
9,159 |
48.8 |
% |
$ |
10,172 |
34.0 |
% |
|||||||||||
Classified loans held-for-sale |
— |
— |
— |
% |
— |
— |
% |
— |
— |
% |
|||||||||||||||
OREO |
— |
— |
— |
% |
— |
— |
% |
— |
— |
% |
|||||||||||||||
Classified assets |
$ |
13,633 |
$ |
10,525 |
29.5 |
% |
$ |
9,159 |
48.8 |
% |
$ |
10,172 |
34.0 |
% |
|||||||||||
NPLs to loans held-for-investment |
0.43 |
% |
0.30 |
% |
0.28 |
% |
0.30 |
% |
|||||||||||||||||
NPAs to total assets |
0.35 |
% |
0.25 |
% |
0.24 |
% |
0.24 |
% |
|||||||||||||||||
Classified assets to total assets |
0.39 |
% |
0.30 |
% |
0.28 |
% |
0.30 |
% |
|||||||||||||||||
Allowance for Credit Losses
The following table presents activity in ACL for the periods indicated:
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||||
($ in thousands) |
9/30/2026 |
6/30/2026 |
% Change |
9/30/2025 |
% Change |
9/30/2026 |
9/30/2025 |
% Change |
|||||||||||||||||||||
ACL on loans |
|||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
34,738 |
$ |
33,943 |
2.3 |
% |
$ |
33,554 |
3.5 |
% |
$ |
33,381 |
$ |
30,628 |
9.0 |
% |
|||||||||||||
Charge-offs |
(35 |
) |
(19 |
) |
84.2 |
% |
(454 |
) |
(92.3 |
)% |
(130 |
) |
(927 |
) |
(86.0 |
)% |
|||||||||||||
Recoveries |
35 |
16 |
118.8 |
% |
288 |
(87.8 |
)% |
71 |
375 |
(81.1 |
)% |
||||||||||||||||||
Provision (reversal) for credit losses on loans |
(651 |
) |
798 |
NM |
(428 |
) |
52.1 |
% |
765 |
2,884 |
(73.5 |
)% |
|||||||||||||||||
Balance at end of period |
$ |
34,087 |
$ |
34,738 |
(1.9 |
)% |
$ |
32,960 |
3.4 |
% |
$ |
34,087 |
$ |
32,960 |
3.4 |
% |
|||||||||||||
ACL on off-balance sheet credit exposure |
|||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
1,520 |
$ |
1,392 |
9.2 |
% |
$ |
1,263 |
20.3 |
% |
$ |
1,543 |
$ |
1,190 |
29.7 |
% |
|||||||||||||
Provision (reversal) for credit losses on off-balance sheet credit exposure |
(54 |
) |
128 |
NM |
47 |
NM |
(77 |
) |
120 |
NM |
|||||||||||||||||||
Balance at end of period |
$ |
1,466 |
$ |
1,520 |
(3.6 |
)% |
$ |
1,310 |
11.9 |
% |
$ |
1,466 |
$ |
1,310 |
11.9 |
% |
|||||||||||||
Investment Securities
Total investment securities were $190.2 million at September 30, 2026, an increase of $5.9 million, or 3.2%, from $184.3 million at June 30, 2026, an increase of $30.2 million, or 18.9%, from $160.0 million at December 31, 2025, and an increase of $39.9 million, or 26.6%, from $150.3 million at September 30, 2025. The increase for the current quarter was primarily due to purchases of $25.9 million, partially offset by principal pay-downs of $11.7 million, a fair value decrease of $8.3 million and net premium amortization of $42 thousand. The increase for the current year-to-date period was primarily due to purchases of $66.9 million, partially offset by principal pay-downs of $26.5 million, a fair value decrease of $10.0 million and net premium amortization of $114 thousand.
Deposits
The following table presents the Company’s deposit mix as of the dates indicated:
9/30/2026 |
6/30/2026 |
12/31/2025 |
9/30/2025 |
|||||||||||||||||||||
($ in thousands) |
Amount |
% to Total |
Amount |
% to Total |
Amount |
% to Total |
Amount |
% to Total |
||||||||||||||||
Noninterest-bearing demand deposits |
$ |
579,783 |
18.8 |
% |
$ |
569,367 |
19.5 |
% |
$ |
555,645 |
19.9 |
% |
$ |
551,312 |
18.9 |
% |
||||||||
Interest-bearing deposits: |
||||||||||||||||||||||||
Savings, NOW and money market accounts |
||||||||||||||||||||||||
Retail |
816,128 |
26.4 |
% |
706,940 |
24.1 |
% |
676,074 |
24.1 |
% |
669,373 |
22.9 |
% |
||||||||||||
Wholesale - brokered |
1 |
0.1 |
% |
1 |
0.1 |
% |
1 |
0.1 |
% |
1 |
0.1 |
% |
||||||||||||
Time deposits of $250,000 or less |
||||||||||||||||||||||||
Retail |
587,744 |
19.2 |
% |
578,814 |
19.8 |
% |
574,519 |
20.6 |
% |
580,300 |
19.9 |
% |
||||||||||||
Wholesale - brokered |
245,829 |
7.9 |
% |
245,829 |
8.4 |
% |
280,540 |
10.1 |
% |
381,000 |
13.0 |
% |
||||||||||||
Time deposits of more than $250,000 |
||||||||||||||||||||||||
Retail |
727,108 |
23.7 |
% |
701,708 |
24.0 |
% |
648,633 |
23.1 |
% |
671,516 |
23.1 |
% |
||||||||||||
Wholesale - state |
120,000 |
3.9 |
% |
120,000 |
4.1 |
% |
60,000 |
2.1 |
% |
60,000 |
2.1 |
% |
||||||||||||
Total interest-bearing deposits |
2,496,810 |
81.2 |
% |
2,353,292 |
80.5 |
% |
2,239,767 |
80.1 |
% |
2,362,190 |
81.1 |
% |
||||||||||||
Total deposits |
$ |
3,076,593 |
100.0 |
% |
$ |
2,922,659 |
100.0 |
% |
$ |
2,795,412 |
100.0 |
% |
$ |
2,913,502 |
100.0 |
% |
||||||||
Total retail deposits |
$ |
2,710,763 |
88.1 |
% |
$ |
2,556,829 |
87.4 |
% |
$ |
2,454,871 |
87.7 |
% |
$ |
2,472,501 |
84.8 |
% |
||||||||
Total wholesale deposits |
$ |
365,830 |
11.9 |
% |
$ |
365,830 |
12.6 |
% |
$ |
340,541 |
12.3 |
% |
$ |
441,001 |
15.2 |
% |
||||||||
Estimated total deposits not covered by deposit insurance |
$ |
1,527,426 |
49.6 |
% |
$ |
1,363,432 |
46.7 |
% |
$ |
1,270,159 |
45.4 |
% |
$ |
1,275,127 |
43.8 |
% |
||||||||
The increase in retail time deposits for the current quarter was primarily due to new accounts of $115.6 million, renewals of matured accounts of $303.8 million and balance increases of $17.8 million, partially offset by matured and closed accounts of $402.9 million. The increase for the current year-to-date period was primarily due to new accounts of $325.0 million, renewals of the matured accounts of $997.8 million and balance increases of $45.3 million, partially offset by matured and closed accounts of $1.28 billion.
Liquidity
The following table presents a summary of the Company’s liquidity position as of the dates indicated:
($ in thousands) |
9/30/2026 |
12/31/2025 |
% Change |
||||||||
Cash and cash equivalents |
$ |
413,199 |
$ |
207,142 |
99.5 |
% |
|||||
Cash and cash equivalents to total assets |
11.7 |
% |
6.3 |
% |
|||||||
Available borrowing capacity |
|||||||||||
FHLB advances |
$ |
867,226 |
$ |
840,607 |
3.2 |
% |
|||||
Federal Reserve Discount Window |
941,227 |
841,563 |
11.8 |
% |
|||||||
Overnight federal funds lines |
65,000 |
65,000 |
— |
% |
|||||||
Total |
$ |
1,873,453 |
$ |
1,747,170 |
7.2 |
% |
|||||
Total available borrowing capacity to total assets |
53.0 |
% |
53.2 |
% |
|||||||
Shareholders’ Equity
Shareholders’ equity was $402.1 million at September 30, 2026, an increase of $1.7 million, or 0.4%, from $400.5 million at June 30, 2026, an increase of $12.1 million, or 3.1%, from $390.0 million at December 31, 2025, and an increase of $17.6 million, or 4.6%, from $384.5 million at September 30, 2025.
The increase for the current quarter was primarily due to net income and proceeds from stock option exercises of $341 thousand, partially offset by repurchases of common stock of $2.0 million, cash dividends declared on common stock of $3.1 million and preferred stock dividends of $86 thousand, and an increase in accumulated other comprehensive loss of $5.9 million. The increase for the current year-to-date period was primarily due to net income and proceeds from stock option exercises of $654 thousand, partially offset by cash dividends declared on common stock of $9.3 million, repurchases of common stock of $5.8 million and preferred stock dividends of $259 thousand, and an increase in accumulated other comprehensive loss of $7.2 million.
Stock Repurchases
During the current year-to-date period, the Company repurchased and retired 219,526 shares of common stock at a weighted-average price of $26.51, totaling $5.8 million under the stock repurchase program that was first announced in 2023 and extended in 2024 and 2025. This stock repurchase program had been completed as of July 23, 2026. On September 28, 2026, the Company’s Board of Directors approved a new stock repurchase program authorizing the repurchase of up to 700,000 shares of common stock through September 22, 2027. As of September 30, 2026, the Company is authorized to purchase 700,000 shares under this new stock repurchase program.
In 2025, the Company repurchased and retired 358,251 shares of common stock at a weighted-average price of $19.82, totaling $7.1 million.
Series C Preferred Stock
The Company paid dividends of $86 thousand and $259 thousand for the current quarter and year-to-date period, respectively.
Capital Ratios
The following table presents capital ratios for the Company and the Bank as of the dates indicated:
9/30/2026 |
6/30/2026 |
12/31/2025 |
9/30/2025 |
Well Capitalized
|
|||||||||||
PCB Bancorp |
|||||||||||||||
Common tier 1 capital (to risk-weighted assets) |
11.98 |
% |
11.41 |
% |
11.46 |
% |
11.52 |
% |
6.50 |
% |
|||||
Total capital (to risk-weighted assets) |
15.63 |
% |
14.98 |
% |
15.13 |
% |
15.24 |
% |
10.00 |
% |
|||||
Tier 1 capital (to risk-weighted assets) |
14.39 |
% |
13.75 |
% |
13.89 |
% |
14.00 |
% |
8.00 |
% |
|||||
Tier 1 capital (to average assets) |
11.77 |
% |
11.89 |
% |
11.89 |
% |
11.57 |
% |
5.00 |
% |
|||||
PCB Bank |
|||||||||||||||
Common tier 1 capital (to risk-weighted assets) |
13.96 |
% |
13.35 |
% |
13.49 |
% |
13.61 |
% |
6.50 |
% |
|||||
Total capital (to risk-weighted assets) |
15.20 |
% |
14.58 |
% |
14.72 |
% |
14.85 |
% |
10.00 |
% |
|||||
Tier 1 capital (to risk-weighted assets) |
13.96 |
% |
13.35 |
% |
13.49 |
% |
13.61 |
% |
8.00 |
% |
|||||
Tier 1 capital (to average assets) |
11.42 |
% |
11.54 |
% |
11.55 |
% |
11.25 |
% |
5.00 |
% |
|||||
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 phrases of similar meaning. We caution that 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 on the Company and its customers resulting from any adverse developments in real estate markets, inflation levels and interest rates; the impacts of the conflicts in the Middle East on the national and global economies and markets; the impact of governmental monetary policy; any material weaknesses in the Company’s internal control over financial reporting that we have identified or may identify; the impacts of sanctions, tariffs and other trade policies of the United States and its global trading partners and tensions related to the same; 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; changes to valuations of the Company’s assets and liabilities including the allowance for credit losses, earning assets, and intangible assets; the ability of the Company to manage liquidity; changes in 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; litigation costs and outcomes; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, wildfires and other disasters, 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, 2025 and other filings the Company makes with the SEC, which are available without charge at the SEC’s website (http://www.sec.gov) and on the investor relations section of the Company’s website at www.mypcbbank.com. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.
PCB Bancorp and Subsidiary Consolidated Balance Sheets (Unaudited) ($ in thousands, except share and per share data) |
|||||||||||||||||||||||||
9/30/2026 |
6/30/2026 |
% Change |
12/31/2025 |
% Change |
9/30/2025 |
% Change |
|||||||||||||||||||
Assets |
|||||||||||||||||||||||||
Cash and due from banks |
$ |
24,120 |
$ |
30,896 |
(21.9 |
)% |
$ |
25,319 |
(4.7 |
)% |
$ |
24,366 |
(1.0 |
)% |
|||||||||||
Interest-bearing deposits in other financial institutions |
389,079 |
234,301 |
66.1 |
% |
181,823 |
114.0 |
% |
345,132 |
12.7 |
% |
|||||||||||||||
Total cash and cash equivalents |
413,199 |
265,197 |
55.8 |
% |
207,142 |
99.5 |
% |
369,498 |
11.8 |
% |
|||||||||||||||
Securities available-for-sale, at fair value |
190,185 |
184,318 |
3.2 |
% |
160,009 |
18.9 |
% |
150,279 |
26.6 |
% |
|||||||||||||||
Loans held-for-sale |
2,318 |
2,937 |
(21.1 |
)% |
12,077 |
(80.8 |
)% |
9,634 |
(75.9 |
)% |
|||||||||||||||
Loans held-for-investment |
2,844,856 |
2,932,019 |
(3.0 |
)% |
2,820,400 |
0.9 |
% |
2,752,514 |
3.4 |
% |
|||||||||||||||
Allowance for credit losses on loans |
(34,087 |
) |
(34,738 |
) |
(1.9 |
)% |
(33,381 |
) |
2.1 |
% |
(32,960 |
) |
3.4 |
% |
|||||||||||
Net loans held-for-investment |
2,810,769 |
2,897,281 |
(3.0 |
)% |
2,787,019 |
0.9 |
% |
2,719,554 |
3.4 |
% |
|||||||||||||||
Premises and equipment, net |
7,021 |
7,296 |
(3.8 |
)% |
8,194 |
(14.3 |
)% |
8,604 |
(18.4 |
)% |
|||||||||||||||
Federal Home Loan Bank and other bank stock |
15,170 |
15,170 |
— |
% |
14,978 |
1.3 |
% |
14,978 |
1.3 |
% |
|||||||||||||||
Bank-owned life insurance |
33,638 |
33,351 |
0.9 |
% |
32,796 |
2.6 |
% |
32,525 |
3.4 |
% |
|||||||||||||||
Deferred tax assets, net |
10,140 |
9,977 |
1.6 |
% |
9,210 |
10.1 |
% |
7,164 |
41.5 |
% |
|||||||||||||||
Servicing assets |
5,644 |
5,655 |
(0.2 |
)% |
5,627 |
0.3 |
% |
5,883 |
(4.1 |
)% |
|||||||||||||||
Operating lease assets |
15,941 |
15,844 |
0.6 |
% |
17,158 |
(7.1 |
)% |
17,136 |
(7.0 |
)% |
|||||||||||||||
Accrued interest receivable |
10,951 |
10,574 |
3.6 |
% |
10,669 |
2.6 |
% |
10,829 |
1.1 |
% |
|||||||||||||||
Other assets |
22,696 |
22,524 |
0.8 |
% |
16,892 |
34.4 |
% |
17,422 |
30.3 |
% |
|||||||||||||||
Total assets |
$ |
3,537,672 |
$ |
3,470,124 |
1.9 |
% |
$ |
3,281,771 |
7.8 |
% |
$ |
3,363,506 |
5.2 |
% |
|||||||||||
Liabilities |
|||||||||||||||||||||||||
Deposits |
|||||||||||||||||||||||||
Noninterest-bearing demand |
$ |
579,783 |
$ |
569,367 |
1.8 |
% |
$ |
555,645 |
4.3 |
% |
$ |
551,312 |
5.2 |
% |
|||||||||||
Savings, NOW and money market accounts |
816,129 |
706,941 |
15.4 |
% |
676,075 |
20.7 |
% |
669,374 |
21.9 |
% |
|||||||||||||||
Time deposits of $250,000 or less |
833,573 |
824,643 |
1.1 |
% |
855,059 |
(2.5 |
)% |
961,299 |
(13.3 |
)% |
|||||||||||||||
Time deposits of more than $250,000 |
847,108 |
821,708 |
3.1 |
% |
708,633 |
19.5 |
% |
731,517 |
15.8 |
% |
|||||||||||||||
Total deposits |
3,076,593 |
2,922,659 |
5.3 |
% |
2,795,412 |
10.1 |
% |
2,913,502 |
5.6 |
% |
|||||||||||||||
Other short-term borrowings |
— |
10,000 |
(100.0 |
)% |
— |
— |
% |
— |
— |
% |
|||||||||||||||
Federal Home Loan Bank advances |
— |
80,000 |
(100.0 |
)% |
34,000 |
(100.0 |
)% |
— |
— |
% |
|||||||||||||||
Operating lease liabilities |
17,820 |
17,701 |
0.7 |
% |
18,996 |
(6.2 |
)% |
18,961 |
(6.0 |
)% |
|||||||||||||||
Accrued interest payable and other liabilities |
41,129 |
39,301 |
4.7 |
% |
43,337 |
(5.1 |
)% |
46,542 |
(11.6 |
)% |
|||||||||||||||
Total liabilities |
3,135,542 |
3,069,661 |
2.1 |
% |
2,891,745 |
8.4 |
% |
2,979,005 |
5.3 |
% |
|||||||||||||||
Commitments and contingent liabilities |
|||||||||||||||||||||||||
Shareholders’ equity |
|||||||||||||||||||||||||
Preferred stock |
69,141 |
69,141 |
— |
% |
69,141 |
— |
% |
69,141 |
— |
% |
|||||||||||||||
Common stock |
134,767 |
136,237 |
(1.1 |
)% |
139,256 |
(3.2 |
)% |
140,580 |
(4.1 |
)% |
|||||||||||||||
Retained earnings |
210,245 |
201,214 |
4.5 |
% |
186,485 |
12.7 |
% |
180,189 |
16.7 |
% |
|||||||||||||||
Accumulated other comprehensive loss, net |
(12,023 |
) |
(6,129 |
) |
96.2 |
% |
(4,856 |
) |
147.6 |
% |
(5,409 |
) |
122.3 |
% |
|||||||||||
Total shareholders’ equity |
402,130 |
400,463 |
0.4 |
% |
390,026 |
3.1 |
% |
384,501 |
4.6 |
% |
|||||||||||||||
Total liabilities and shareholders’ equity |
$ |
3,537,672 |
$ |
3,470,124 |
1.9 |
% |
$ |
3,281,771 |
7.8 |
% |
$ |
3,363,506 |
5.2 |
% |
|||||||||||
Outstanding common shares |
14,056,981 |
14,102,189 |
14,230,428 |
14,277,164 |
|||||||||||||||||||||
Book value per common share (1) |
$ |
28.61 |
$ |
28.40 |
$ |
27.41 |
$ |
26.93 |
|||||||||||||||||
TCE per common share (2) |
$ |
23.69 |
$ |
23.49 |
$ |
22.55 |
$ |
22.09 |
|||||||||||||||||
Total loan to total deposit ratio |
92.54 |
% |
100.42 |
% |
101.33 |
% |
94.81 |
% |
|||||||||||||||||
Noninterest-bearing deposits to total deposits |
18.84 |
% |
19.48 |
% |
19.88 |
% |
18.92 |
% |
|||||||||||||||||
(1) |
The ratios are calculated by dividing total shareholders’ equity by the number of outstanding common shares. The Company had no intangible equity components for the presented periods. |
(2) |
Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure. |
PCB Bancorp and Subsidiary Consolidated Statements of Income (Unaudited) ($ in thousands, except share and per share data) |
|||||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||||||||||
9/30/2026 |
6/30/2026 |
% Change |
9/30/2025 |
% Change |
9/30/2026 |
9/30/2025 |
% Change |
||||||||||||||||||||||
Interest and dividend income |
|||||||||||||||||||||||||||||
Loans, including fees |
$ |
47,154 |
$ |
45,886 |
2.8 |
% |
$ |
46,193 |
2.1 |
% |
$ |
137,524 |
$ |
134,697 |
2.1 |
% |
|||||||||||||
Investment securities |
2,073 |
1,795 |
15.5 |
% |
1,474 |
40.6 |
% |
5,442 |
4,344 |
25.3 |
% |
||||||||||||||||||
Other interest-earning assets |
3,255 |
2,359 |
38.0 |
% |
3,804 |
(14.4 |
)% |
8,387 |
8,630 |
(2.8 |
)% |
||||||||||||||||||
Total interest income |
52,482 |
50,040 |
4.9 |
% |
51,471 |
2.0 |
% |
151,353 |
147,671 |
2.5 |
% |
||||||||||||||||||
Interest expense |
|||||||||||||||||||||||||||||
Deposits |
23,242 |
21,795 |
6.6 |
% |
23,995 |
(3.1 |
)% |
66,515 |
69,064 |
(3.7 |
)% |
||||||||||||||||||
Other borrowings |
421 |
751 |
(43.9 |
)% |
498 |
(15.5 |
)% |
1,715 |
1,356 |
26.5 |
% |
||||||||||||||||||
Total interest expense |
23,663 |
22,546 |
5.0 |
% |
24,493 |
(3.4 |
)% |
68,230 |
70,420 |
(3.1 |
)% |
||||||||||||||||||
Net interest income |
28,819 |
27,494 |
4.8 |
% |
26,978 |
6.8 |
% |
83,123 |
77,251 |
7.6 |
% |
||||||||||||||||||
Provision (reversal) for credit losses |
(705 |
) |
926 |
NM |
(381 |
) |
85.0 |
% |
688 |
3,004 |
(77.1 |
)% |
|||||||||||||||||
Net interest income after provision (reversal) for credit losses |
29,524 |
26,568 |
11.1 |
% |
27,359 |
7.9 |
% |
82,435 |
74,247 |
11.0 |
% |
||||||||||||||||||
Noninterest income |
|||||||||||||||||||||||||||||
Gain on sale of loans |
1,626 |
1,182 |
37.6 |
% |
1,617 |
0.6 |
% |
4,217 |
3,969 |
6.2 |
% |
||||||||||||||||||
Service charges and fees on deposits |
457 |
450 |
1.6 |
% |
377 |
21.2 |
% |
1,337 |
1,124 |
19.0 |
% |
||||||||||||||||||
Loan servicing income |
650 |
802 |
(19.0 |
)% |
719 |
(9.6 |
)% |
2,253 |
2,204 |
2.2 |
% |
||||||||||||||||||
BOLI income |
287 |
281 |
2.1 |
% |
259 |
10.8 |
% |
842 |
759 |
10.9 |
% |
||||||||||||||||||
Other income |
553 |
488 |
13.3 |
% |
442 |
25.1 |
% |
1,501 |
1,235 |
21.5 |
% |
||||||||||||||||||
Total noninterest income |
3,573 |
3,203 |
11.6 |
% |
3,414 |
4.7 |
% |
10,150 |
9,291 |
9.2 |
% |
||||||||||||||||||
Noninterest expense |
|||||||||||||||||||||||||||||
Salaries and employee benefits |
10,026 |
9,551 |
5.0 |
% |
9,293 |
7.9 |
% |
29,297 |
27,212 |
7.7 |
% |
||||||||||||||||||
Occupancy and equipment |
2,283 |
2,369 |
(3.6 |
)% |
2,372 |
(3.8 |
)% |
6,929 |
7,040 |
(1.6 |
)% |
||||||||||||||||||
Professional fees |
834 |
645 |
29.3 |
% |
541 |
54.2 |
% |
2,013 |
1,974 |
2.0 |
% |
||||||||||||||||||
Marketing and business promotion |
636 |
446 |
42.6 |
% |
669 |
(4.9 |
)% |
1,538 |
1,509 |
1.9 |
% |
||||||||||||||||||
Data processing |
359 |
342 |
5.0 |
% |
333 |
7.8 |
% |
1,038 |
983 |
5.6 |
% |
||||||||||||||||||
Director fees and expenses |
224 |
223 |
0.4 |
% |
223 |
0.4 |
% |
670 |
674 |
(0.6 |
)% |
||||||||||||||||||
Regulatory assessments |
386 |
368 |
4.9 |
% |
373 |
3.5 |
% |
1,115 |
1,075 |
3.7 |
% |
||||||||||||||||||
Other expense |
1,304 |
1,169 |
11.5 |
% |
1,065 |
22.4 |
% |
3,379 |
3,705 |
(8.8 |
)% |
||||||||||||||||||
Total noninterest expense |
16,052 |
15,113 |
6.2 |
% |
14,869 |
8.0 |
% |
45,979 |
44,172 |
4.1 |
% |
||||||||||||||||||
Income before income taxes |
17,045 |
14,658 |
16.3 |
% |
15,904 |
7.2 |
% |
46,606 |
39,366 |
18.4 |
% |
||||||||||||||||||
Income tax expense |
4,837 |
4,151 |
16.5 |
% |
4,492 |
7.7 |
% |
13,238 |
11,148 |
18.7 |
% |
||||||||||||||||||
Net income |
12,208 |
10,507 |
16.2 |
% |
11,412 |
7.0 |
% |
33,368 |
28,218 |
18.3 |
% |
||||||||||||||||||
Preferred stock dividends |
86 |
87 |
(1.1 |
)% |
86 |
— |
% |
259 |
213 |
21.6 |
% |
||||||||||||||||||
Net income available to common shareholders |
$ |
12,122 |
$ |
10,420 |
16.3 |
% |
$ |
11,326 |
7.0 |
% |
$ |
33,109 |
$ |
28,005 |
18.2 |
% |
|||||||||||||
Earnings per common share |
|||||||||||||||||||||||||||||
Basic |
$ |
0.86 |
$ |
0.73 |
$ |
0.79 |
$ |
2.34 |
$ |
1.95 |
|||||||||||||||||||
Diluted |
$ |
0.85 |
$ |
0.73 |
$ |
0.78 |
$ |
2.32 |
$ |
1.94 |
|||||||||||||||||||
Average common shares |
|||||||||||||||||||||||||||||
Basic |
13,972,293 |
14,107,290 |
14,201,054 |
14,073,270 |
14,228,524 |
||||||||||||||||||||||||
Diluted |
14,095,095 |
14,220,414 |
14,325,956 |
14,193,697 |
14,354,284 |
||||||||||||||||||||||||
Dividend paid per common share |
$ |
0.22 |
$ |
0.22 |
$ |
0.20 |
$ |
0.66 |
$ |
0.60 |
|||||||||||||||||||
ROAA (1) |
1.38 |
% |
1.24 |
% |
1.35 |
% |
1.31 |
% |
1.17 |
% |
|||||||||||||||||||
ROAE (1) |
12.03 |
% |
10.55 |
% |
11.92 |
% |
11.18 |
% |
10.10 |
% |
|||||||||||||||||||
ROATCE (1), (2) |
14.42 |
% |
12.65 |
% |
14.46 |
% |
13.42 |
% |
12.30 |
% |
|||||||||||||||||||
Efficiency ratio (3) |
49.56 |
% |
49.23 |
% |
48.92 |
% |
49.30 |
% |
51.04 |
% |
|||||||||||||||||||
(1) |
Ratios are presented on an annualized basis. |
(2) |
Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure. |
(3) |
The ratios are calculated by dividing noninterest expense by the sum of net interest income and noninterest income. |
PCB Bancorp and Subsidiary Average Balance, Average Yield, and Average Rate (Unaudited) ($ in thousands) |
||||||||||||||||||||||||||||||
Three Months Ended |
||||||||||||||||||||||||||||||
9/30/2026 |
6/30/2026 |
9/30/2025 |
||||||||||||||||||||||||||||
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||
Interest-earning assets |
||||||||||||||||||||||||||||||
Total loans (1) |
$ |
2,902,481 |
$ |
47,154 |
6.45 |
% |
$ |
2,885,996 |
$ |
45,886 |
6.38 |
% |
$ |
2,784,148 |
$ |
46,193 |
6.58 |
% |
||||||||||||
Mortgage-backed securities |
164,122 |
1,754 |
4.24 |
% |
150,065 |
1,534 |
4.10 |
% |
120,226 |
1,167 |
3.85 |
% |
||||||||||||||||||
Collateralized mortgage obligation |
17,019 |
158 |
3.68 |
% |
17,713 |
163 |
3.69 |
% |
19,957 |
197 |
3.92 |
% |
||||||||||||||||||
SBA loan pool securities |
3,356 |
25 |
2.96 |
% |
3,695 |
29 |
3.15 |
% |
4,686 |
41 |
3.47 |
% |
||||||||||||||||||
Municipal bonds (2) |
2,446 |
22 |
3.57 |
% |
2,459 |
22 |
3.59 |
% |
2,411 |
22 |
3.62 |
% |
||||||||||||||||||
Corporate bonds |
8,369 |
114 |
5.40 |
% |
4,784 |
47 |
3.94 |
% |
4,804 |
47 |
3.88 |
% |
||||||||||||||||||
Other interest-earning assets |
311,417 |
3,255 |
4.15 |
% |
249,717 |
2,359 |
3.79 |
% |
327,637 |
3,804 |
4.61 |
% |
||||||||||||||||||
Total interest-earning assets |
3,409,210 |
52,482 |
6.11 |
% |
3,314,429 |
50,040 |
6.06 |
% |
3,263,869 |
51,471 |
6.26 |
% |
||||||||||||||||||
Noninterest-earning assets |
||||||||||||||||||||||||||||||
Cash and due from banks |
24,291 |
23,224 |
23,539 |
|||||||||||||||||||||||||||
ACL on loans |
(34,732 |
) |
(33,951 |
) |
(33,548 |
) |
||||||||||||||||||||||||
Other assets |
104,124 |
99,850 |
100,728 |
|||||||||||||||||||||||||||
Total noninterest-earning assets |
93,683 |
89,123 |
90,719 |
|||||||||||||||||||||||||||
Total assets |
$ |
3,502,893 |
$ |
3,403,552 |
$ |
3,354,588 |
||||||||||||||||||||||||
Liabilities and Shareholders’ Equity |
||||||||||||||||||||||||||||||
Interest-bearing liabilities |
||||||||||||||||||||||||||||||
Deposits |
||||||||||||||||||||||||||||||
NOW and money market accounts |
$ |
774,135 |
6,865 |
3.52 |
% |
$ |
683,731 |
5,872 |
3.44 |
% |
$ |
612,527 |
5,698 |
3.69 |
% |
|||||||||||||||
Savings |
4,904 |
3 |
0.24 |
% |
4,995 |
3 |
0.24 |
% |
5,519 |
3 |
0.22 |
% |
||||||||||||||||||
Time deposits |
1,666,591 |
16,374 |
3.90 |
% |
1,637,437 |
15,920 |
3.90 |
% |
1,708,124 |
18,294 |
4.25 |
% |
||||||||||||||||||
Total interest-bearing deposits |
2,445,630 |
23,242 |
3.77 |
% |
2,326,163 |
21,795 |
3.76 |
% |
2,326,170 |
23,995 |
4.09 |
% |
||||||||||||||||||
Other borrowings |
42,000 |
421 |
3.98 |
% |
76,374 |
751 |
3.94 |
% |
43,109 |
498 |
4.58 |
% |
||||||||||||||||||
Total interest-bearing liabilities |
2,487,630 |
23,663 |
3.77 |
% |
2,402,537 |
22,546 |
3.76 |
% |
2,369,279 |
24,493 |
4.10 |
% |
||||||||||||||||||
Noninterest-bearing liabilities |
||||||||||||||||||||||||||||||
Noninterest-bearing demand |
554,348 |
544,048 |
541,243 |
|||||||||||||||||||||||||||
Other liabilities |
58,254 |
57,499 |
64,232 |
|||||||||||||||||||||||||||
Total noninterest-bearing liabilities |
612,602 |
601,547 |
605,475 |
|||||||||||||||||||||||||||
Total liabilities |
3,100,232 |
3,004,084 |
2,974,754 |
|||||||||||||||||||||||||||
Total shareholders’ equity |
402,661 |
399,468 |
379,834 |
|||||||||||||||||||||||||||
Total liabilities and shareholders’ equity |
$ |
3,502,893 |
$ |
3,403,552 |
$ |
3,354,588 |
||||||||||||||||||||||||
Net interest income |
$ |
28,819 |
$ |
27,494 |
$ |
26,978 |
||||||||||||||||||||||||
Net interest spread (3) |
2.34 |
% |
2.30 |
% |
2.16 |
% |
||||||||||||||||||||||||
Net interest margin (4) |
3.35 |
% |
3.33 |
% |
3.28 |
% |
||||||||||||||||||||||||
Total deposits |
$ |
2,999,978 |
$ |
23,242 |
3.07 |
% |
$ |
2,870,211 |
$ |
21,795 |
3.05 |
% |
$ |
2,867,413 |
$ |
23,995 |
3.32 |
% |
||||||||||||
Total funding (5) |
$ |
3,041,978 |
$ |
23,663 |
3.09 |
% |
$ |
2,946,585 |
$ |
22,546 |
3.07 |
% |
$ |
2,910,522 |
$ |
24,493 |
3.34 |
% |
||||||||||||
(1) |
Total loans include both loans held-for-sale and loans held-for-investment. |
(2) |
The yield on municipal bonds has not been computed on a tax-equivalent basis. |
(3) |
Net interest spread is calculated by subtracting average rate on interest-bearing liabilities from average yield on interest-earning assets. |
(4) |
Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. |
(5) |
Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding. |
(6) |
Annualized. |
PCB Bancorp and Subsidiary Average Balance, Average Yield, and Average Rate (Unaudited) ($ in thousands) |
||||||||||||||||||||
Nine Months Ended |
||||||||||||||||||||
9/30/2026 |
9/30/2025 |
|||||||||||||||||||
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|||||||||||||||
Assets |
||||||||||||||||||||
Interest-earning assets |
||||||||||||||||||||
Total loans (1) |
$ |
2,876,614 |
$ |
137,524 |
6.39 |
% |
$ |
2,738,957 |
$ |
134,697 |
6.58 |
% |
||||||||
Mortgage-backed securities |
148,525 |
4,593 |
4.13 |
% |
117,040 |
3,387 |
3.87 |
% |
||||||||||||
Collateralized mortgage obligation |
17,720 |
490 |
3.70 |
% |
20,530 |
610 |
3.97 |
% |
||||||||||||
SBA loan pool securities |
3,701 |
85 |
3.07 |
% |
5,322 |
141 |
3.54 |
% |
||||||||||||
Municipal bonds (2) |
2,469 |
66 |
3.57 |
% |
2,405 |
65 |
3.61 |
% |
||||||||||||
Corporate bonds |
5,987 |
208 |
4.64 |
% |
4,617 |
141 |
4.08 |
% |
||||||||||||
Other interest-earning assets |
266,040 |
8,387 |
4.21 |
% |
246,396 |
8,630 |
4.68 |
% |
||||||||||||
Total interest-earning assets |
3,321,056 |
151,353 |
6.09 |
% |
3,135,267 |
147,671 |
6.30 |
% |
||||||||||||
Noninterest-earning assets |
||||||||||||||||||||
Cash and due from banks |
23,676 |
23,817 |
||||||||||||||||||
ACL on loans |
(34,014 |
) |
(32,063 |
) |
||||||||||||||||
Other assets |
100,853 |
100,101 |
||||||||||||||||||
Total noninterest-earning assets |
90,515 |
91,855 |
||||||||||||||||||
Total assets |
$ |
3,411,571 |
$ |
3,227,122 |
||||||||||||||||
Liabilities and Shareholders’ Equity |
||||||||||||||||||||
Interest-bearing liabilities |
||||||||||||||||||||
Deposits |
||||||||||||||||||||
NOW and money market accounts |
$ |
712,343 |
18,480 |
3.47 |
% |
$ |
543,570 |
14,767 |
3.63 |
% |
||||||||||
Savings |
5,085 |
9 |
0.24 |
% |
5,488 |
10 |
0.24 |
% |
||||||||||||
Time deposits |
1,633,481 |
48,026 |
3.93 |
% |
1,669,484 |
54,287 |
4.35 |
% |
||||||||||||
Total interest-bearing deposits |
2,350,909 |
66,515 |
3.78 |
% |
2,218,542 |
69,064 |
4.16 |
% |
||||||||||||
Other borrowings |
58,073 |
1,715 |
3.95 |
% |
39,586 |
1,356 |
4.58 |
% |
||||||||||||
Total interest-bearing liabilities |
2,408,982 |
68,230 |
3.79 |
% |
2,258,128 |
70,420 |
4.17 |
% |
||||||||||||
Noninterest-bearing liabilities |
||||||||||||||||||||
Noninterest-bearing demand |
544,436 |
530,558 |
||||||||||||||||||
Other liabilities |
59,222 |
64,997 |
||||||||||||||||||
Total noninterest-bearing liabilities |
603,658 |
595,555 |
||||||||||||||||||
Total liabilities |
3,012,640 |
2,853,683 |
||||||||||||||||||
Total shareholders’ equity |
398,931 |
373,439 |
||||||||||||||||||
Total liabilities and shareholders’ equity |
$ |
3,411,571 |
$ |
3,227,122 |
||||||||||||||||
Net interest income |
$ |
83,123 |
$ |
77,251 |
||||||||||||||||
Net interest spread (3) |
2.30 |
% |
2.13 |
% |
||||||||||||||||
Net interest margin (4) |
3.35 |
% |
3.29 |
% |
||||||||||||||||
Total deposits |
$ |
2,895,345 |
$ |
66,515 |
3.07 |
% |
$ |
2,749,100 |
$ |
69,064 |
3.36 |
% |
||||||||
Total funding (5) |
$ |
2,953,418 |
$ |
68,230 |
3.09 |
% |
$ |
2,788,686 |
$ |
70,420 |
3.38 |
% |
||||||||
(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 Financial Measures
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 had no intangible assets for the presented periods. ROATCE, TCE per common share, and TCE to total assets constitute supplemental financial information determined by methods other than in accordance with Generally Accepted Accounting Principles, or GAAP. These non-GAAP financial measures are used by management in its analysis of the Company's performance. These non-GAAP financial measures should not be viewed as substitutes for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. The following tables provide reconciliations of the non-GAAP financial measures with financial measures defined by GAAP.
($ in thousands) |
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
9/30/2026 |
6/30/2026 |
9/30/2025 |
9/30/2026 |
9/30/2025 |
|||||||||||||||||
Average total shareholders' equity |
(a) |
$ |
402,661 |
$ |
399,468 |
$ |
379,834 |
$ |
398,931 |
$ |
373,439 |
||||||||||
Less: average preferred stock |
(b) |
69,141 |
69,141 |
69,141 |
69,141 |
69,141 |
|||||||||||||||
Average TCE |
(c)=(a)-(b) |
333,520 |
330,327 |
310,693 |
329,790 |
304,298 |
|||||||||||||||
Net income |
(d) |
$ |
12,208 |
$ |
10,507 |
$ |
11,412 |
$ |
33,368 |
$ |
28,218 |
||||||||||
ROAE (1) |
(d)/(a) |
12.03 |
% |
10.55 |
% |
11.92 |
% |
11.18 |
% |
10.10 |
% |
||||||||||
Net income available to common shareholders |
(e) |
12,122 |
10,420 |
11,326 |
33,109 |
28,005 |
|||||||||||||||
ROATCE (1) |
(e)/(c) |
14.42 |
% |
12.65 |
% |
14.46 |
% |
13.42 |
% |
12.30 |
% |
||||||||||
(1) Annualized. |
|||||||||||||||||||||
($ in thousands, except per share data) |
9/30/2026 |
6/30/2026 |
12/31/2025 |
9/30/2025 |
|||||||||||||
Total shareholders' equity |
(a) |
$ |
402,130 |
$ |
400,463 |
$ |
390,026 |
$ |
384,501 |
||||||||
Less: preferred stock |
(b) |
69,141 |
69,141 |
69,141 |
69,141 |
||||||||||||
TCE |
(c)=(a)-(b) |
332,989 |
331,322 |
320,885 |
315,360 |
||||||||||||
Outstanding common shares |
(d) |
14,056,981 |
14,102,189 |
14,230,428 |
14,277,164 |
||||||||||||
Book value per common share |
(a)/(d) |
$ |
28.61 |
$ |
28.40 |
$ |
27.41 |
$ |
26.93 |
||||||||
TCE per common share |
(c)/(d) |
23.69 |
23.49 |
22.55 |
22.09 |
||||||||||||
Total assets |
(e) |
$ |
3,537,672 |
$ |
3,470,124 |
$ |
3,281,771 |
$ |
3,363,506 |
||||||||
Total shareholders' equity to total assets |
(a)/(e) |
11.37 |
% |
11.54 |
% |
11.88 |
% |
11.43 |
% |
||||||||
TCE to total assets |
(c)/(e) |
9.41 |
% |
9.55 |
% |
9.78 |
% |
9.38 |
% |
||||||||