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

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

 

18.9

%

 

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

Minimum

Requirements

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

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)

 

$

2,902,481

 

 

$

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

Balance

 

Interest

Income/

Expense

 

Avg.

Yield/

Rate(6)

 

Average

Balance

 

Interest

Income/

Expense

 

Avg.

Yield/

Rate(6)

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

Total loans (1)

 

$

2,876,614

 

 

$

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

%

 

 

 

 

 

 

 

 

 

 

 

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