PCB Bancorp Reports Record Earnings for Q3 2025

10/23/25 4:05:00 PM ET

Major Banks

Finance

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PCB Bancorp (the "Company") (NASDAQ:PCB), the holding company of PCB Bank (the "Bank"), today reported net income available to common shareholders of $11.3 million, or $0.78 per diluted common share, for the third quarter of 2025, compared with $9.0 million, or $0.62 per diluted common share, for the previous quarter and $7.5 million, or $0.52 per diluted common share, for the year-ago quarter.

Q3 2025 Highlights

Net income available to common shareholders totaled $11.3 million, or $0.78 per diluted common share, for the current quarter;
Provision (reversal) for credit losses was $(381) thousand for the current quarter compared with $1.8 million for the previous quarter and $50 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, 2025 compared with 1.20% at June 30, 2025, 1.16% at December 31, 2024 and 1.17% at September 30, 2024;
Net interest income was $27.0 million for the current quarter compared with $26.0 million for the previous quarter and $22.7 million for the year-ago quarter. Net interest margin was 3.28% for the current quarter compared with 3.33% for the previous quarter and 3.25% for the year-ago quarter;
Gain on sale of loans was $1.6 million for the current quarter compared with $1.5 million for the previous quarter and $750 thousand for the year-ago quarter;
Total assets were $3.36 billion at September 30, 2025, an increase of $57.9 million, or 1.8%, from $3.31 billion at June 30, 2025, an increase of $299.5 million, or 9.8%, from $3.06 billion at December 31, 2024, and an increase of $473.7 million, or 16.4%, from $2.89 billion at September 30, 2024;
Loans held-for-investment were $2.75 billion at September 30, 2025, a decrease of $42.8 million, or 1.5%, from $2.80 billion at June 30, 2025, but an increase of $123.1 million, or 4.7%, from $2.63 billion at December 31, 2024 and an increase of $286.3 million, or 11.6%, from $2.47 billion at September 30, 2024; and
Total deposits were $2.91 billion at September 30, 2025, an increase of $90.6 million, or 3.2%, from $2.82 billion at June 30, 2025, an increase of $297.7 million, or 11.4%, from $2.62 billion at December 31, 2024, and an increase of $453.8 million, or 18.5%, from $2.46 billion at September 30, 2024.

"We are pleased to report another great quarter with record earnings that is highlighted by solid credit quality and strong deposit growth. Our record earnings for the quarter is primarily from increases in our net interest income and gain on sale of SBA loans combined with well-controlled noninterest expenses and a reversal for credit losses," said Henry Kim, President and CEO. "Our loan pipeline remains stable, and we continue to build on our strong capital levels."

Mr. Kim continued, "Heading into the fourth quarter and into 2026, with the U.S. government currently shutdown and unable to resolve the ongoing budget dispute, we are cautiously optimistic in our ability to adapt and continue to serve and meet the unique needs of our customers and deliver consistent returns and long-term growth for our shareholders."

Financial Highlights (Unaudited)

($ in thousands, except per share data)	Three Months Ended													Nine Months Ended
($ in thousands, except per share data)	9/30/2025			6/30/2025			% Change		9/30/2024			% Change		9/30/2025			9/30/2024			% Change
Net income	$	11,412		$	9,071		25.8	%	$	7,814		46.0	%	$	28,218		$	18,780		50.3	%
Net income available to common shareholders	$	11,326		$	8,984		26.1	%	$	7,468		51.7	%	$	28,005		$	18,292		53.1	%
Diluted earnings per common share ("EPS")	$	0.78		$	0.62		25.8	%	$	0.52		50.0	%	$	1.94		$	1.27		52.8	%

Net interest income	$	26,978		$	25,990		3.8	%	$	22,719		18.7	%	$	77,251		$	65,453		18.0	%
Provision (reversal) for credit losses		(381	)		1,787		NA			50		NA			3,004			1,399		114.7	%
Noninterest income		3,414			3,297		3.5	%		2,620		30.3	%		9,291			8,050		15.4	%
Noninterest expense		14,869			14,829		0.3	%		14,602		1.8	%		44,172			46,129		(4.2	)%

Return on average assets ("ROAA") ⁽¹⁾		1.35	%		1.13	%				1.08	%				1.17	%		0.88	%
Return on average shareholders' equity ("ROAE") ⁽¹⁾		11.92	%		9.76	%				8.70	%				10.10	%		7.11	%
Return on average tangible common equity ("ROATCE") ^(1),(2)		14.46	%		11.87	%				10.31	%				12.30	%		8.61	%
Net interest margin ⁽¹⁾		3.28	%		3.33	%				3.25	%				3.29	%		3.17	%
Efficiency ratio ⁽³⁾		48.92	%		50.63	%				57.63	%				51.04	%		62.76	%

($ in thousands, except per share data)	9/30/2025			6/30/2025			% Change		12/31/2024			% Change		9/30/2024			% Change
Total assets	$	3,363,506		$	3,305,589		1.8	%	$	3,063,971		9.8	%	$	2,889,833		16.4	%
Net loans held-for-investment		2,719,554			2,761,755		(1.5	)%		2,598,759		4.6	%		2,437,244		11.6	%
Total deposits		2,913,502			2,822,915		3.2	%		2,615,791		11.4	%		2,459,682		18.5	%
Book value per common share ⁽⁴⁾	$	26.93		$	26.26				$	25.30				$	25.39
TCE per common share⁽²⁾	$	22.09		$	21.44				$	20.49				$	20.55
Tier 1 leverage ratio (consolidated)		11.57	%		11.81	%				12.45	%				12.79	%
Total shareholders' equity to total assets		11.43	%		11.39	%				11.87	%				12.54	%
TCE to total assets ^{(2), (5)}		9.38	%		9.30	%				9.62	%				10.14	%

(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 did not have any intangible asset component for the presented periods.

Result of Operations (Unaudited)

Net Interest Income and Net Interest Margin

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

	Three Months Ended													Nine Months Ended
($ in thousands)	9/30/2025			6/30/2025			% Change		9/30/2024			% Change		9/30/2025			9/30/2024			% Change
Interest income/expense on
Loans	$	46,193		$	45,478		1.6	%	$	42,115		9.7	%	$	134,697		$	121,992		10.4	%
Investment securities		1,474			1,462		0.8	%		1,384		6.5	%		4,344			3,940		10.3	%
Other interest-earning assets		3,804			2,368		60.6	%		2,499		52.2	%		8,630			8,566		0.7	%
Total interest-earning assets		51,471			49,308		4.4	%		45,998		11.9	%		147,671			134,498		9.8	%
Interest-bearing deposits		23,995			22,505		6.6	%		23,057		4.1	%		69,064			67,560		2.2	%
Borrowings		498			813		(38.7	)%		222		124.3	%		1,356			1,485		(8.7	)%
Total interest-bearing liabilities		24,493			23,318		5.0	%		23,279		5.2	%		70,420			69,045		2.0	%
Net interest income	$	26,978		$	25,990		3.8	%	$	22,719		18.7	%	$	77,251		$	65,453		18.0	%
Average balance of
Loans	$	2,784,148		$	2,782,200		0.1	%	$	2,456,015		13.4	%	$	2,738,957		$	2,413,777		13.5	%
Investment securities		152,084			151,055		0.7	%		147,528		3.1	%		149,914			143,283		4.6	%
Other interest-earning assets		327,637			200,875		63.1	%		175,711		86.5	%		246,396			201,951		22.0	%
Total interest-earning assets	$	3,263,869		$	3,134,130		4.1	%	$	2,779,254		17.4	%	$	3,135,267		$	2,759,011		13.6	%
Interest-bearing deposits	$	2,326,170		$	2,187,210		6.4	%	$	1,893,006		22.9	%	$	2,218,542		$	1,861,395		19.2	%
Borrowings		43,109			71,286		(39.5	)%		15,848		172.0	%		39,586			35,427		11.7	%
Total interest-bearing liabilities	$	2,369,279		$	2,258,496		4.9	%	$	1,908,854		24.1	%	$	2,258,128		$	1,896,822		19.0	%
Total funding ⁽¹⁾	$	2,910,522		$	2,792,026		4.2	%	$	2,443,615		19.1	%	$	2,788,686		$	2,434,504		14.5	%
Annualized average yield/cost of
Loans		6.58	%		6.56	%				6.82	%				6.58	%		6.75	%
Investment securities		3.85	%		3.88	%				3.73	%				3.87	%		3.67	%
Other interest-earning assets		4.61	%		4.73	%				5.66	%				4.68	%		5.67	%
Total interest-earning assets		6.26	%		6.31	%				6.58	%				6.30	%		6.51	%
Interest-bearing deposits		4.09	%		4.13	%				4.85	%				4.16	%		4.85	%
Borrowings		4.58	%		4.57	%				5.57	%				4.58	%		5.60	%
Total interest-bearing liabilities		4.10	%		4.14	%				4.85	%				4.17	%		4.86	%
Net interest margin		3.28	%		3.33	%				3.25	%				3.29	%		3.17	%
Cost of total funding ⁽¹⁾		3.34	%		3.35	%				3.79	%				3.38	%		3.79	%
Supplementary information
Net accretion of discount on loans	$	563		$	610		(7.7	)%	$	773		(27.2	)%	$	2,045		$	2,137		(4.3	)%
Net amortization of deferred loan fees	$	433		$	414		4.6	%	$	246		76.0	%	$	1,113		$	919		21.1	%

(1)

Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

Loans. The increase in average yield for the current quarter compared with the previous quarter was primarily due to increases in the weighted-average interest rate on newly originated loans and net amortization of deferred loan fees, partially offset by a decrease in net accretion of discount on loans. The decreases in average yield for the current quarter and year-to-date period compared with the same periods in 2024 were primarily due to decreases in market rates 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 with the weighted-average contractual rates as of the dates indicated:

	9/30/2025		6/30/2025		12/31/2024		9/30/2024
	% to Total Loans	Weighted- Average Contractual Rate	% to Total Loans	Weighted- Average Contractual Rate	% to Total Loans	Weighted- Average Contractual Rate	% to Total Loans	Weighted- Average Contractual Rate
Fixed rate loans	18.2%	5.60%	18.0%	5.51%	17.4%	5.23%	18.3%	5.06%
Hybrid rate loans	39.5%	5.51%	38.5%	5.43%	37.3%	5.27%	37.6%	5.14%
Variable rate loans	42.3%	7.38%	43.5%	7.53%	45.3%	7.63%	44.1%	8.10%

Investment Securities. The increases for the current quarter and year-to-date period compared with the same periods of 2024 were primarily due to higher yields on newly purchased investment securities.

Other Interest-Earning Assets. The decreases for the current quarter and year-to-date period compared with the same periods of 2024 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 Federal Home Loan Bank ("FHLB") stock.

Interest-Bearing Deposits. The decreases in average cost for the current quarter and year-to-date period were primarily due to a decrease 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)	9/30/2025			6/30/2025		% Change		9/30/2024			% Change	9/30/2025		9/30/2024			% Change
Provision (reversal) for credit losses on loans	$	(428	)	$	1,721	NA		$	193		NA	$	2,884	$	1,444		99.7	%
Provision (reversal) for credit losses on off-balance sheet credit exposure		47			66	(28.8	)%		(143	)	NA		120		(45	)	NA
Total provision (reversal) for credit losses	$	(381	)	$	1,787	NA		$	50		NA	$	3,004	$	1,399		114.7	%

The reversal for credit losses on loans for the current quarter was primarily due to a decrease in loans held-for-investment.

Noninterest Income

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

	Three Months Ended										Nine Months Ended
($ in thousands)	9/30/2025		6/30/2025		% Change		9/30/2024		% Change		9/30/2025		9/30/2024		% Change
Gain on sale of loans	$	1,617	$	1,465	10.4	%	$	750	115.6	%	$	3,969	$	2,591	53.2	%
Service charges and fees on deposits		377		375	0.5	%		399	(5.5	)%		1,124		1,141	(1.5	)%
Loan servicing income		719		760	(5.4	)%		786	(8.5	)%		2,204		2,504	(12.0	)%
Bank-owned life insurance ("BOLI") income		259		253	2.4	%		239	8.4	%		759		703	8.0	%
Other income		442		444	(0.5	)%		446	(0.9	)%		1,235		1,111	11.2	%
Total noninterest income	$	3,414	$	3,297	3.5	%	$	2,620	30.3	%	$	9,291	$	8,050	15.4	%

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

	Three Months Ended										Nine Months Ended
($ in thousands)	9/30/2025		6/30/2025		% Change		9/30/2024		% Change		9/30/2025		9/30/2024		% Change
Gain on sale of SBA loans
Sold loan balance	$	29,017	$	26,947	7.7	%	$	13,506	114.8	%	$	72,569	$	46,539	55.9	%
Premium received		1,852		1,750	5.8	%		1,185	56.3	%		4,810		3,837	25.4	%
Gain recognized		1,617		1,465	10.4	%		750	115.6	%		3,969		2,591	53.2	%
Gain on sale of residential mortgage loans
Sold loan balance	$	—	$	—	—	%	$	676	(100.0	)%	$	—	$	676	(100.0	)%
Gain recognized		—		—	—	%		—	—	%		—		—	—	%

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)	9/30/2025			6/30/2025			% Change		9/30/2024			% Change		9/30/2025			9/30/2024			% Change
Loan servicing income
Servicing income received	$	1,247		$	1,251		(0.3	)%	$	1,264		(1.3	)%	$	3,771		$	3,875		(2.7	)%
Servicing assets amortization		(528	)		(491	)	7.5	%		(478	)	10.5	%		(1,567	)		(1,371	)	14.3	%
Loan servicing income	$	719		$	760		(5.4	)%	$	786		(8.5	)%	$	2,204		$	2,504		(12.0	)%
Underlying loans at end of period	$	518,309		$	514,974		0.6	%	$	527,062		(1.7	)%	$	518,309		$	527,062		(1.7	)%

Noninterest Expense

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

	Three Months Ended										Nine Months Ended
($ in thousands)	9/30/2025		6/30/2025		% Change		9/30/2024		% Change		9/30/2025		9/30/2024		% Change
Salaries and employee benefits	$	9,293	$	8,844	5.1	%	$	8,801	5.6	%	$	27,212	$	27,244	(0.1	)%
Occupancy and equipment		2,372		2,379	(0.3	)%		2,261	4.9	%		7,040		6,919	1.7	%
Professional fees		541		805	(32.8	)%		599	(9.7	)%		1,974		2,656	(25.7	)%
Marketing and business promotion		669		597	12.1	%		667	0.3	%		1,509		1,304	15.7	%
Data processing		333		317	5.0	%		397	(16.1	)%		983		1,294	(24.0	)%
Director fees and expenses		223		225	(0.9	)%		226	(1.3	)%		674		679	(0.7	)%
Regulatory assessments		373		358	4.2	%		309	20.7	%		1,075		934	15.1	%
Other expense		1,065		1,304	(18.3	)%		1,342	(20.6	)%		3,705		5,099	(27.3	)%
Total noninterest expense	$	14,869	$	14,829	0.3	%	$	14,602	1.8	%	$	44,172	$	46,129	(4.2	)%

Salaries and Employee Benefits. The increase for the current quarter compared with the previous quarter was primarily due to increases in salaries and bonus accrual, and a decrease in direct loan origination cost, which offsets and defers the recognition of salaries and benefits expense. The increase for the current quarter compared with the year-ago quarter was primarily due to increases in salaries and bonus accrual, partially offset by an increase in direct loan origination cost. The decrease for the current year compared with the previous year-to-date period was primarily due to a decrease in salaries and an increase in direct loan origination cost, partially offset by an increase in bonus accrual. The number of full-time equivalent employees was 270, 266 and 264 as of September 30, 2025, June 30, 2025 and September 30, 2024, respectively.

Professional Fees. The decrease for the current quarter compared with the previous quarter was primarily due to professional fees related to evaluating the accounting for a preferred stock purchase option incurred during the previous quarter. The decrease for the current year-to-date period compared with the previous year-to-date period was primarily due to other professional fees for the 2024 periods related to a core system conversion that was completed in April 2024, partially offset the professional fees related to a preferred stock purchase option.

Marketing and Business Promotion. The increases for the current quarter and year-to-date periods were primarily due to an increase in advertising.

Data Processing. The decreases for the current quarter and year-to-date periods compared with the same periods of 2024 were primarily due to a decrease in overall service charges after the core system conversion.

Other Expense. The decrease for the current quarter compared with the previous quarter was primarily due to a decrease in impairment on operating lease assets. The Company recognized impairments on operating lease assets of $10 thousand and $228 thousand for the current and previous quarters, respectively, for sublease contracts. The decrease for the current year-to-date period compared with the previous year-to-date period was primarily due to a termination charge for the legacy core system of $508 thousand and an expense of $815 thousand for a reimbursement for an SBA loan guarantee previously paid by the SBA on a loan originated in 2014 that subsequently defaulted and was ultimately determined to be ineligible for the SBA guaranty during the previous year-to-date period, partially offset by the impairment on operating lease assets of $238 thousand and contingent accrual for legal settlements of $190 thousand for the current year-to-date period.

Balance Sheet (Unaudited)

Total assets were $3.36 billion at September 30, 2025, an increase of $57.9 million, or 1.8%, from $3.31 billion at June 30, 2025, an increase of $299.5 million, or 9.8%, from $3.06 billion at December 31, 2024, and an increase of $473.7 million, or 16.4%, from $2.89 billion at September 30, 2024. The increase for the current quarter was primarily due to an increase in cash and cash equivalents, partially offset by a decrease in loans held-for-investment. The increase for the current year-to-date period was primarily due to increases in loans held-for-investment and cash and cash equivalents.

Loans

The following table presents a composition of total loans (includes both loans held-for-sale and loans held-for-investment) as of the dates indicated:

($ in thousands)	9/30/2025			6/30/2025			% Change		12/31/2024			% Change		9/30/2024			% Change
Commercial real estate:
Commercial property	$	1,039,965		$	1,010,780		2.9	%	$	940,931		10.5	%	$	874,824		18.9	%
Business property		639,596			635,648		0.6	%		595,547		7.4	%		579,461		10.4	%
Multifamily		172,098			212,738		(19.1	)%		194,220		(11.4	)%		185,485		(7.2	)%
Construction		25,911			27,294		(5.1	)%		21,854		18.6	%		21,150		22.5	%
Total commercial real estate		1,877,570			1,886,460		(0.5	)%		1,752,552		7.1	%		1,660,920		13.0	%
Commercial and industrial		465,424			492,857		(5.6	)%		472,763		(1.6	)%		407,024		14.3	%
Consumer:
Residential mortgage		401,653			406,682		(1.2	)%		392,456		2.3	%		383,377		4.8	%
Other consumer		7,867			9,310		(15.5	)%		11,616		(32.3	)%		14,853		(47.0	)%
Total consumer		409,520			415,992		(1.6	)%		404,072		1.3	%		398,230		2.8	%
Loans held-for-investment		2,752,514			2,795,309		(1.5	)%		2,629,387		4.7	%		2,466,174		11.6	%
Loans held-for-sale		9,634			8,133		18.5	%		6,292		53.1	%		5,170		86.3	%
Total loans	$	2,762,148		$	2,803,442		(1.5	)%	$	2,635,679		4.8	%	$	2,471,344		11.8	%

SBA loans included in:
Loans held-for-investment	$	151,766		$	150,688		0.7	%	$	146,940		3.3	%	$	142,819		6.3	%
Loans held-for-sale	$	9,634		$	8,133		18.5	%	$	6,292		53.1	%	$	5,170		86.3	%

ACL on loans	$	32,960		$	33,554		(1.8	)%	$	30,628		7.6	%	$	28,930		13.9	%
ACL on loans to loans held-for-investment		1.20	%		1.20	%				1.16	%				1.17	%

The decrease in loans held-for-investment for the current quarter was primarily due to pay-downs and pay-offs of term loans of $103.4 million, net decrease of lines of credit of $36.1 million and charge-offs of $454 thousand, partially offset by new funding of term loans of $97.2 million. The increase for the current year-to-date period was primarily due to new funding of term loans of $443.1 million, partially offset by pay-downs and pay-offs of term loans of $299.8 million, net decrease of lines of credit of $19.3 million, and charge-offs of $927 thousand.

The increase in loans held-for-sale for the current quarter was primarily due to new funding of $30.6 million, partially offset by sales of $29.0 million and pay-downs of $82 thousand. The increase for the current year-to-date period was primarily due to new funding of $76.2 million, partially offset by sales of $72.6 million and pay-downs of $248 thousand.

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

($ in thousands)	9/30/2025		6/30/2025		% Change		12/31/2024		% Change		9/30/2024		% Change
Commercial property	$	13,772	$	10,851	26.9	%	$	8,888	55.0	%	$	3,291	318.5	%
Business property		10,740		10,364	3.6	%		11,058	(2.9	)%		12,441	(13.7	)%
Construction		7,688		8,985	(14.4	)%		14,423	(46.7	)%		17,810	(56.8	)%
Commercial and industrial		373,560		342,467	9.1	%		364,731	2.4	%		394,428	(5.3	)%
Other consumer		1,357		2,274	(40.3	)%		1,475	(8.0	)%		5,590	(75.7	)%
Total commitments to extend credit		407,117		374,941	8.6	%		400,575	1.6	%		433,560	(6.1	)%
Letters of credit		7,074		7,418	(4.6	)%		6,795	4.1	%		6,673	6.0	%
Total off-balance sheet credit exposure	$	414,191	$	382,359	8.3	%	$	407,370	1.7	%	$	440,233	(5.9	)%

Credit Quality

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

($ in thousands)	9/30/2025			6/30/2025			% Change		12/31/2024			% Change		9/30/2024			% Change
Nonaccrual loans
Commercial real estate:
Commercial property	$	1,448		$	1,497		(3.3	)%	$	1,851		(21.8	)%	$	1,633		(11.3	)%
Business property		962			1,654		(41.8	)%		2,336		(58.8	)%		2,367		(59.4	)%
Multifamily		—			—		—	%		—		—	%		2,038		(100.0	)%
Total commercial real estate		2,410			3,151		(23.5	)%		4,187		(42.4	)%		6,038		(60.1	)%
Commercial and industrial		378			255		48.2	%		79		378.5	%		124		204.8	%
Consumer:
Residential mortgage		5,370			5,526		(2.8	)%		403		1,232.5	%		414		1,197.1	%
Other consumer		—			—		—	%		24		(100.0	)%		38		(100.0	)%
Total consumer		5,370			5,526		(2.8	)%		427		1,157.6	%		452		1,088.1	%
Total nonaccrual loans held-for-investment		8,158			8,932		(8.7	)%		4,693		73.8	%		6,614		23.3	%
Loans past due 90 days or more and still accruing		—			—		—	%		—		—	%		—		—	%
Non-performing loans ("NPLs")		8,158			8,932		(8.7	)%		4,693		73.8	%		6,614		23.3	%
NPLs held-for-sale		—			—		—	%		—		—	%		—		—	%
Total NPLs		8,158			8,932		(8.7	)%		4,693		73.8	%		6,614		23.3	%
Other real estate owned ("OREO")		—			—		—	%		—		—	%		466		(100.0	)%
Non-performing assets ("NPAs")	$	8,158		$	8,932		(8.7	)%	$	4,693		73.8	%	$	7,080		15.2	%
Loans past due and still accruing
Past due 30 to 59 days	$	1,548		$	2,327		(33.5	)%	$	4,599		(66.3	)%	$	2,973		(47.9	)%
Past due 60 to 89 days		—			226		(100.0	)%		303		(100.0	)%		21		(100.0	)%
Past due 90 days or more		—			—		—	%		—		—	%		—		—	%
Total loans past due and still accruing	$	1,548		$	2,553		(39.4	)%		4,902		(68.4	)%	$	2,994		(48.3	)%
Special mention loans	$	6,477		$	6,838		(5.3	)%	$	5,034		28.7	%	$	5,057		28.1	%
Classified assets
Classified loans held-for-investment	$	10,172		$	16,433		(38.1	)%	$	6,930		46.8	%	$	8,860		14.8	%
Classified loans held-for-sale		—			—		—	%		—		—	%		—		—	%
OREO		—			—		—	%		—		—	%		466		(100.0	)%
Classified assets	$	10,172		$	16,433		(38.1	)%	$	6,930		46.8	%	$	9,326		9.1	%
NPLs to loans held-for-investment		0.30	%		0.32	%				0.18	%				0.27	%
NPAs to total assets		0.24	%		0.27	%				0.15	%				0.24	%
Classified assets to total assets		0.30	%		0.50	%				0.23	%				0.32	%

Allowance for Credit Losses

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

	Three Months Ended													Nine Months Ended
($ in thousands)	9/30/2025			6/30/2025			% Change		9/30/2024			% Change		9/30/2025			9/30/2024			% Change
ACL on loans
Balance at beginning of period	$	33,554		$	31,942		5.0	%	$	28,747		16.7	%	$	30,628		$	27,533		11.2	%
Charge-offs		(454	)		(120	)	278.3	%		(111	)	309.0	%		(927	)		(296	)	213.2	%
Recoveries		288			11		2,518.2	%		101		185.1	%		375			249		50.6	%
Provision (reversal) for credit losses on loans		(428	)		1,721		NA			193		NA			2,884			1,444		99.7	%
Balance at end of period	$	32,960		$	33,554		(1.8	)%	$	28,930		13.9	%	$	32,960		$	28,930		13.9	%
ACL on off-balance sheet credit exposure
Balance at beginning of period	$	1,263		$	1,197		5.5	%	$	1,375		(8.1	)%	$	1,190		$	1,277		(6.8	)%
Provision (reversal) for credit losses on off-balance sheet credit exposure		47			66		(28.8	)%		(143	)	NA			120			(45	)	NA
Balance at end of period	$	1,310		$	1,263		3.7	%	$	1,232		6.3	%	$	1,310		$	1,232		6.3	%

Investment Securities

Total investment securities were $150.3 million at September 30, 2025, a decrease of $4.3 million, or 2.8%, from $154.6 million at June 30, 2025, but an increase of $3.9 million, or 2.7%, from $146.3 million at December 31, 2024 and an increase of $2.6 million, or 1.8%, from $147.6 million at September 30, 2024.

The decrease for the current quarter was primarily due to principal pay-downs of $5.9 million and net premium amortization of $43 thousand, partially offset by a fair value increase of $1.6 million. The increase for the current year-to-date period was primarily due to purchases of $14.9 million and a fair value increase of $5.6 million, partially offset by principal pay-downs of $16.4 million and net premium amortization of $108 thousand.

Deposits

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

	9/30/2025				6/30/2025				12/31/2024				9/30/2024
($ in thousands)	Amount		% to Total		Amount		% to Total		Amount		% to Total		Amount		% to Total
Noninterest-bearing demand deposits	$	551,312	18.9	%	$	575,905	20.4	%	$	547,853	20.9	%	$	540,068	22.0	%
Interest-bearing deposits
Savings		5,287	0.2	%		5,695	0.2	%		5,765	0.2	%		5,718	0.2	%
NOW		13,411	0.5	%		12,765	0.5	%		13,761	0.5	%		15,873	0.6	%
Retail money market accounts		650,675	22.2	%		533,032	18.7	%		447,360	17.1	%		470,347	19.1	%
Brokered money market accounts		1	0.1	%		1	0.1	%		1	0.1	%		1	0.1	%
Retail time deposits of
$250,000 or less		580,300	19.9	%		555,357	19.7	%		493,644	18.9	%		492,430	20.0	%
More than $250,000		671,516	23.1	%		649,160	23.0	%		605,124	23.1	%		580,166	23.6	%
State and brokered time deposits		441,000	15.1	%		491,000	17.4	%		502,283	19.2	%		355,079	14.4	%
Total interest-bearing deposits		2,362,190	81.1	%		2,247,010	79.6	%		2,067,938	79.1	%		1,919,614	78.0	%
Total deposits	$	2,913,502	100.0	%	$	2,822,915	100.0	%	$	2,615,791	100.0	%	$	2,459,682	100.0	%

Estimated total deposits not covered by deposit insurance	$	1,275,127	43.8	%	$	1,164,592	41.3	%	$	1,036,451	39.6	%	$	1,042,366	42.4	%

Total retail deposits were $2.47 billion at September 30, 2025, an increase of $140.6 million, or 6.0%, from $2.33 billion at June 30, 2025, an increase of $359.0 million, or 17.0%, from $2.11 billion at December 31, 2024, and an increase of $367.9 million, or 17.5%, from $2.10 billion at September 30, 2024.

The increase in retail time deposits for the current quarter was primarily due to new accounts of $115.0 million, renewals of the matured accounts of $240.8 million and balance increases of $7.5 million, partially offset by matured and closed accounts of $316.0 million. The increase for the current year-to-date period was primarily due to new accounts of $394.8 million, renewals of the matured accounts of $845.2 million and balance increases of $31.9 million, partially offset by matured and closed accounts of $1.12 billion.

Liquidity

The following table presents a summary of the Company's liquidity position as of the dates indicated:

($ in thousands)	9/30/2025			12/31/2024			% Change
Cash and cash equivalents	$	369,498		$	198,792		85.9	%
Cash and cash equivalents to total assets		11.0	%		6.5	%

Available borrowing capacity
FHLB advances	$	826,136		$	722,439		14.4	%
Federal Reserve Discount Window		808,651			586,525		37.9	%
Overnight federal funds lines		65,000			50,000		30.0	%
Total	$	1,699,787		$	1,358,964		25.1	%
Total available borrowing capacity to total assets		50.5	%		44.4	%

Shareholders' Equity

Shareholders' equity was $384.5 million at September 30, 2025, an increase of $8.0 million, or 2.1%, from $376.5 million at June 30, 2025, an increase of $20.7 million, or 5.7%, from $363.8 million at December 31, 2024, and an increase of $22.2 million, or 6.1%, from $362.3 million at September 30, 2024. The increase for the current quarter was primarily due to net income, a decrease in accumulated other comprehensive loss of $1.1 million and proceeds from stock option exercises of $450 thousand, partially offset by repurchases of common stock of $2.2 million, cash dividends declared on common stock of $2.9 million and preferred stock dividends of $86 thousand. The increase for the current year-to-date period was primarily due to net income, a decrease in accumulated other comprehensive loss of $3.9 million and proceeds from stock option exercises of $1.7 million, partially offset by repurchases of common stock of $5.0 million, cash dividends declared on common stock of $8.6 million and preferred stock dividends of $213 thousand.

Stock Repurchases

During the current year-to-date period, the Company repurchased and retired 255,767 shares of common stock at a weighted-average price of $19.41, totaling $5.0 million. In 2024, the Company repurchased and retired 14,947 shares of common stock at a weighted-average price of $14.88, totaling $222 thousand. As of September 30, 2025, the Company is authorized to purchase 322,010 additional shares under its current stock repurchase program, which expires on July 31, 2026.

Series C Preferred Stock

The Company began paying quarterly dividends on the Series C Preferred Stock in the second quarter of 2024. The Company paid dividends of $86 thousand and $213 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:

	9/30/2025	6/30/2025	12/31/2024	9/30/2024	Well Capitalized Minimum Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)	11.52%	11.14%	11.44%	11.92%	6.50%
Total capital (to risk-weighted assets)	15.24%	14.84%	15.24%	15.88%	10.00%
Tier 1 capital (to risk-weighted assets)	14.00%	13.60%	14.04%	14.68%	8.00%
Tier 1 capital (to average assets)	11.57%	11.81%	12.45%	12.79%	5.00%
PCB Bank
Common tier 1 capital (to risk-weighted assets)	13.61%	13.23%	13.72%	14.33%	6.5%
Total capital (to risk-weighted assets)	14.85%	14.47%	14.92%	15.54%	10.0%
Tier 1 capital (to risk-weighted assets)	13.61%	13.23%	13.72%	14.33%	8.0%
Tier 1 capital (to average assets)	11.25%	11.50%	12.16%	12.49%	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 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 restatement of our consolidated financial statements at and for the quarter ended March 31, 2025; 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, that impact general sentiment regarding the stability and liquidity of banks that could affect the Company's liquidity, financial performance and stock price; changes to valuations of the Company's assets and liabilities including the allowance for credit losses, earning assets, and intangible assets; changes to the availability of liquidity sources including borrowing lines and the ability to pledge or sell certain assets; the Company's ability to attract and retain skilled employees; customers' service expectations; cyber security risks; the Company's ability to successfully deploy new technology; acquisitions and branch and loan production office expansions; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company's enterprise risk management framework; 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, 2024 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 does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

PCB Bancorp and Subsidiary Consolidated Balance Sheets (Unaudited) ($ in thousands, except share and per share data)

	9/30/2025			6/30/2025			% Change		12/31/2024			% Change		9/30/2024			% Change
Assets
Cash and due from banks	$	24,366		$	41,614		(41.4	)%	$	27,100		(10.1	)%	$	29,981		(18.7	)%
Interest-bearing deposits in other financial institutions		345,132			221,953		55.5	%		171,692		101.0	%		163,083		111.6	%
Total cash and cash equivalents		369,498			263,567		40.2	%		198,792		85.9	%		193,064		91.4	%
Securities available-for-sale, at fair value		150,279			154,620		(2.8	)%		146,349		2.7	%		147,635		1.8	%
Loans held-for-sale		9,634			8,133		18.5	%		6,292		53.1	%		5,170		86.3	%
Loans held-for-investment		2,752,514			2,795,309		(1.5	)%		2,629,387		4.7	%		2,466,174		11.6	%
Allowance for credit losses on loans		(32,960	)		(33,554	)	(1.8	)%		(30,628	)	7.6	%		(28,930	)	13.9	%
Net loans held-for-investment		2,719,554			2,761,755		(1.5	)%		2,598,759		4.6	%		2,437,244		11.6	%
Premises and equipment, net		8,604			8,942		(3.8	)%		8,280		3.9	%		8,414		2.3	%
Federal Home Loan Bank and other bank stock		14,978			14,978		—	%		14,042		6.7	%		14,042		6.7	%
Bank-owned life insurance		32,525			32,266		0.8	%		31,766		2.4	%		31,520		3.2	%
Deferred tax assets, net		7,164			7,032		1.9	%		7,249		(1.2	)%		—		NA
Servicing assets		5,883			5,756		2.2	%		5,837		0.8	%		5,902		(0.3	)%
Operating lease assets		17,136			17,861		(4.1	)%		17,254		(0.7	)%		17,932		(4.4	)%
Accrued interest receivable		10,829			10,879		(0.5	)%		10,466		3.5	%		9,896		9.4	%
Other assets		17,422			19,800		(12.0	)%		18,885		(7.7	)%		18,548		(6.1	)%
Total assets	$	3,363,506		$	3,305,589		1.8	%	$	3,063,971		9.8	%	$	2,889,833		16.4	%
Liabilities
Deposits
Noninterest-bearing demand	$	551,312		$	575,905		(4.3	)%	$	547,853		0.6	%	$	540,068		2.1	%
Savings, NOW and money market accounts		669,374			551,493		21.4	%		466,887		43.4	%		491,939		36.1	%
Time deposits of $250,000 or less		961,299			986,357		(2.5	)%		935,927		2.7	%		787,509		22.1	%
Time deposits of more than $250,000		731,517			709,160		3.2	%		665,124		10.0	%		640,166		14.3	%
Total deposits		2,913,502			2,822,915		3.2	%		2,615,791		11.4	%		2,459,682		18.5	%
Other short-term borrowings		—			—		—	%		15,000		(100.0	)%		—		—	%
Federal Home Loan Bank advances		—			45,000		(100.0	)%		—		—	%		—		—	%
Deferred tax liabilities, net		—			—		—	%		—		—	%		1,168		(100.0	)%
Operating lease liabilities		18,961			19,652		(3.5	)%		18,671		1.6	%		19,301		(1.8	)%
Accrued interest payable and other liabilities		46,542			41,522		12.1	%		50,695		(8.2	)%		47,382		(1.8	)%
Total liabilities		2,979,005			2,929,089		1.7	%		2,700,157		10.3	%		2,527,533		17.9	%
Commitments and contingent liabilities
Shareholders' equity
Preferred stock		69,141			69,141		—	%		69,141		—	%		69,141		—	%
Common stock		140,580			142,152		(1.1	)%		143,195		(1.8	)%		142,926		(1.6	)%
Retained earnings		180,189			171,735		4.9	%		160,797		12.1	%		156,680		15.0	%
Accumulated other comprehensive loss, net		(5,409	)		(6,528	)	(17.1	)%		(9,319	)	(42.0	)%		(6,447	)	(16.1	)%
Total shareholders' equity		384,501			376,500		2.1	%		363,814		5.7	%		362,300		6.1	%
Total liabilities and shareholders' equity	$	3,363,506		$	3,305,589		1.8	%	$	3,063,971		9.8	%	$	2,889,833		16.4	%

Outstanding common shares		14,277,164			14,336,602					14,380,651					14,266,725
Book value per common share ⁽¹⁾	$	26.93		$	26.26				$	25.30				$	25.39
TCE per common share⁽²⁾	$	22.09		$	21.44				$	20.49				$	20.55
Total loan to total deposit ratio		94.81	%		99.31	%				100.76	%				100.47	%
Noninterest-bearing deposits to total deposits		18.92	%		20.40	%				20.94	%				21.96	%

(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
	9/30/2025			6/30/2025			% Change		9/30/2024			% Change		9/30/2025			9/30/2024			% Change
Interest and dividend income
Loans, including fees	$	46,193		$	45,478		1.6	%	$	42,115		9.7	%	$	134,697		$	121,992		10.4	%
Investment securities		1,474			1,462		0.8	%		1,384		6.5	%		4,344			3,940		10.3	%
Other interest-earning assets		3,804			2,368		60.6	%		2,499		52.2	%		8,630			8,566		0.7	%
Total interest income		51,471			49,308		4.4	%		45,998		11.9	%		147,671			134,498		9.8	%
Interest expense
Deposits		23,995			22,505		6.6	%		23,057		4.1	%		69,064			67,560		2.2	%
Other borrowings		498			813		(38.7	)%		222		124.3	%		1,356			1,485		(8.7	)%
Total interest expense		24,493			23,318		5.0	%		23,279		5.2	%		70,420			69,045		2.0	%
Net interest income		26,978			25,990		3.8	%		22,719		18.7	%		77,251			65,453		18.0	%
Provision (reversal) for credit losses		(381	)		1,787		NA			50		NA			3,004			1,399		114.7	%
Net interest income after provision (reversal) for credit losses		27,359			24,203		13.0	%		22,669		20.7	%		74,247			64,054		15.9	%
Noninterest income
Gain on sale of loans		1,617			1,465		10.4	%		750		115.6	%		3,969			2,591		53.2	%
Service charges and fees on deposits		377			375		0.5	%		399		(5.5	)%		1,124			1,141		(1.5	)%
Loan servicing income		719			760		(5.4	)%		786		(8.5	)%		2,204			2,504		(12.0	)%
BOLI income		259			253		2.4	%		239		8.4	%		759			703		8.0	%
Other income		442			444		(0.5	)%		446		(0.9	)%		1,235			1,111		11.2	%
Total noninterest income		3,414			3,297		3.5	%		2,620		30.3	%		9,291			8,050		15.4	%
Noninterest expense
Salaries and employee benefits		9,293			8,844		5.1	%		8,801		5.6	%		27,212			27,244		(0.1	)%
Occupancy and equipment		2,372			2,379		(0.3	)%		2,261		4.9	%		7,040			6,919		1.7	%
Professional fees		541			805		(32.8	)%		599		(9.7	)%		1,974			2,656		(25.7	)%
Marketing and business promotion		669			597		12.1	%		667		0.3	%		1,509			1,304		15.7	%
Data processing		333			317		5.0	%		397		(16.1	)%		983			1,294		(24.0	)%
Director fees and expenses		223			225		(0.9	)%		226		(1.3	)%		674			679		(0.7	)%
Regulatory assessments		373			358		4.2	%		309		20.7	%		1,075			934		15.1	%
Other expense		1,065			1,304		(18.3	)%		1,342		(20.6	)%		3,705			5,099		(27.3	)%
Total noninterest expense		14,869			14,829		0.3	%		14,602		1.8	%		44,172			46,129		(4.2	)%
Income before income taxes		15,904			12,671		25.5	%		10,687		48.8	%		39,366			25,975		51.6	%
Income tax expense		4,492			3,600		24.8	%		2,873		56.4	%		11,148			7,195		54.9	%
Net income		11,412			9,071		25.8	%		7,814		46.0	%		28,218			18,780		50.3	%
Preferred stock dividends		86			87		(1.1	)%		346		(75.1	)%		213			488		(56.4	)%
Net income available to common shareholders	$	11,326		$	8,984		26.1	%	$	7,468		51.7	%	$	28,005		$	18,292		53.1	%
Earnings per common share
Basic	$	0.79		$	0.63				$	0.52				$	1.95		$	1.28
Diluted	$	0.78		$	0.62				$	0.52				$	1.94		$	1.27
Average common shares
Basic		14,201,054			14,213,032					14,241,014					14,228,524			14,237,851
Diluted		14,325,956			14,326,011					14,356,384					14,354,284			14,328,510

Dividend paid per common share	$	0.20		$	0.20				$	0.18				$	0.60		$	0.54
ROAA ⁽¹⁾		1.35	%		1.13	%				1.08	%				1.17	%		0.88	%
ROAE⁽¹⁾		11.92	%		9.76	%				8.70	%				10.10	%		7.11	%
ROATCE ^{(1), (2)}		14.46	%		11.87	%				10.31	%				12.30	%		8.61	%
Efficiency ratio⁽³⁾		48.92	%		50.63	%				57.63	%				51.04	%		62.76	%

(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
	9/30/2025							6/30/2025							9/30/2024
	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⁾	$	2,784,148		$	46,193	6.58	%	$	2,782,200		$	45,478	6.56	%	$	2,456,015		$	42,115	6.82	%
Mortgage-backed securities		120,226			1,167	3.85	%		117,987			1,145	3.89	%		111,350			1,000	3.57	%
Collateralized mortgage obligation		19,957			197	3.92	%		20,616			203	3.95	%		22,661			244	4.28	%
SBA loan pool securities		4,686			41	3.47	%		5,368			46	3.44	%		6,571			69	4.18	%
Municipal bonds ⁽²⁾		2,411			22	3.62	%		2,379			21	3.54	%		2,698			24	3.54	%
Corporate bonds		4,804			47	3.88	%		4,705			47	4.01	%		4,248			47	4.40	%
Other interest-earning assets		327,637			3,804	4.61	%		200,875			2,368	4.73	%		175,711			2,499	5.66	%
Total interest-earning assets		3,263,869			51,471	6.26	%		3,134,130			49,308	6.31	%		2,779,254			45,998	6.58	%
Noninterest-earning assets
Cash and due from banks		23,539							23,267							24,098
ACL on loans		(33,548	)						(31,932	)						(28,797	)
Other assets		100,728							100,930							92,152
Total noninterest-earning assets		90,719							92,265							87,453
Total assets	$	3,354,588						$	3,226,395						$	2,866,707
Liabilities and Shareholders' Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	612,527			5,698	3.69	%	$	532,842			4,772	3.59	%	$	496,158			5,129	4.11	%
Savings		5,519			3	0.22	%		5,334			4	0.30	%		6,204			4	0.26	%
Time deposits		1,708,124			18,294	4.25	%		1,649,034			17,729	4.31	%		1,390,644			17,924	5.13	%
Total interest-bearing deposits		2,326,170			23,995	4.09	%		2,187,210			22,505	4.13	%		1,893,006			23,057	4.85	%
Other borrowings		43,109			498	4.58	%		71,286			813	4.57	%		15,848			222	5.57	%
Total interest-bearing liabilities		2,369,279			24,493	4.10	%		2,258,496			23,318	4.14	%		1,908,854			23,279	4.85	%
Noninterest-bearing liabilities
Noninterest-bearing demand		541,243							533,530							534,761
Other liabilities		64,232							61,740							65,716
Total noninterest-bearing liabilities		605,475							595,270							600,477
Total liabilities		2,974,754							2,853,766							2,509,331
Total shareholders' equity		379,834							372,629							357,376
Total liabilities and shareholders' equity	$	3,354,588						$	3,226,395						$	2,866,707
Net interest income				$	26,978						$	25,990						$	22,719
Net interest spread⁽³⁾						2.16	%						2.17	%						1.73	%
Net interest margin ⁽⁴⁾						3.28	%						3.33	%						3.25	%
Total deposits	$	2,867,413		$	23,995	3.32	%	$	2,720,740		$	22,505	3.32	%	$	2,427,767		$	23,057	3.78	%
Total funding ⁽⁵⁾	$	2,910,522		$	24,493	3.34	%	$	2,792,026		$	23,318	3.35	%	$	2,443,615		$	23,279	3.79	%

(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
	9/30/2025							9/30/2024
	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⁾	$	2,738,957		$	134,697	6.58	%	$	2,413,777		$	121,992	6.75	%
Mortgage-backed securities		117,040			3,387	3.87	%		105,933			2,750	3.47	%
Collateralized mortgage obligation		20,530			610	3.97	%		23,137			747	4.31	%
SBA loan pool securities		5,322			141	3.54	%		6,925			221	4.26	%
Municipal bonds ⁽²⁾		2,405			65	3.61	%		3,077			81	3.52	%
Corporate bonds		4,617			141	4.08	%		4,211			141	4.47	%
Other interest-earning assets		246,396			8,630	4.68	%		201,951			8,566	5.67	%
Total interest-earning assets		3,135,267			147,671	6.30	%		2,759,011			134,498	6.51	%
Noninterest-earning assets
Cash and due from banks		23,817							22,845
ACL on loans		(32,063	)						(28,251	)
Other assets		100,101							89,784
Total noninterest-earning assets		91,855							84,378
Total assets	$	3,227,122						$	2,843,389
Liabilities and Shareholders' Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	543,570			14,767	3.63	%	$	474,584			14,670	4.13	%
Savings		5,488			10	0.24	%		6,432			12	0.25	%
Time deposits		1,669,484			54,287	4.35	%		1,380,379			52,878	5.12	%
Total interest-bearing deposits		2,218,542			69,064	4.16	%		1,861,395			67,560	4.85	%
Other borrowings		39,586			1,356	4.58	%		35,427			1,485	5.60	%
Total interest-bearing liabilities		2,258,128			70,420	4.17	%		1,896,822			69,045	4.86	%
Noninterest-bearing liabilities
Noninterest-bearing demand		530,558							537,682
Other liabilities		64,997							56,019
Total noninterest-bearing liabilities		595,555							593,701
Total liabilities		2,853,683							2,490,523
Total shareholders' equity		373,439							352,866
Total liabilities and shareholders' equity	$	3,227,122						$	2,843,389
Net interest income				$	77,251						$	65,453
Net interest spread⁽³⁾						2.13	%						1.65	%
Net interest margin ⁽⁴⁾						3.29	%						3.17	%
Total deposits	$	2,749,100		$	69,064	3.36	%	$	2,399,077		$	67,560	3.76	%
Total funding ⁽⁵⁾	$	2,788,686		$	70,420	3.38	%	$	2,434,504		$	69,045	3.79	%

(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 ($ in thousands)

Return on average tangible common equity, tangible common equity per common share and tangible common equity to total assets ratios

The Company's TCE is calculated by subtracting preferred stock from shareholders' equity. The Company 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
($ in thousands)		9/30/2025			6/30/2025			9/30/2024			9/30/2025			9/30/2024
Average total shareholders' equity	(a)	$	379,834		$	372,629		$	357,376		$	373,439		$	352,866
Less: average preferred stock	(b)		69,141			69,141			69,141			69,141			69,141
Average TCE	(c)=(a)-(b)		310,693			303,488			288,235			304,298			283,725
Net income	(d)	$	11,412		$	9,071		$	7,814		$	28,218		$	18,780
ROAE ⁽¹⁾	(d)/(a)		11.92	%		9.76	%		8.70	%		10.10	%		7.11	%
Net income available to common shareholders	(e)		11,326			8,984			7,468			28,005			18,292
ROATCE ⁽¹⁾	(e)/(c)		14.46	%		11.87	%		10.31	%		12.30	%		8.61	%

(1)

Annualized.

($ in thousands, except per share data)		9/30/2025			6/30/2025			12/31/2024			9/30/2024
Total shareholders' equity	(a)	$	384,501		$	376,500		$	363,814		$	362,300
Less: preferred stock	(b)		69,141			69,141			69,141			69,141
TCE	(c)=(a)-(b)		315,360			307,359			294,673			293,159
Outstanding common shares	(d)		14,277,164			14,336,602			14,380,651			14,266,725
Book value per common share	(a)/(d)	$	26.93		$	26.26		$	25.30		$	25.39
TCE per common share	(c)/(d)		22.09			21.44			20.49			20.55
Total assets	(e)	$	3,363,506		$	3,305,589		$	3,063,971		$	2,889,833
Total shareholders' equity to total assets	(a)/(e)		11.43	%		11.39	%		11.87	%		12.54	%
TCE to total assets	(c)/(e)		9.38	%		9.30	%		9.62	%		10.14	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20251023088870/en/

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000

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Date	Price Target	Rating	Analyst
6/16/2023	$17.00	Neutral	Piper Sandler
4/6/2022		Outperform → Mkt Perform	Raymond James
11/1/2021	$21.00 → $24.00	Outperform	Raymond James

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