Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): October 24, 2024

PCB BANCORP

(Exact name of registrant as specified in its charter)

California

(State or other jurisdiction of

incorporation)

001-38621

(Commission

File Number)

20-8856755

(I.R.S. Employer

Identification No.)

3701 Wilshire Boulevard, Suite 900

Los Angeles, California

(Address of principal offices)

90010

(Zip Code)

Registrant’s telephone number, including area code: (213) 210-2000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, no par value	PCB	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 24, 2024, PCB Bancorp, a California corporation (the “Company”), issued a press release concerning its unaudited results for the third quarter of 2024. A copy of the press release is attached as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

The information in this report set forth under this Item 2.02 and in Exhibit 99.1 shall not be treated as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly stated by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

Attached as Exhibit 99.2, and incorporated herein by reference, is a copy of an investor presentation that may be utilized by management at future discussions with investors. The information in this report set forth under this Item 7.01 and in Exhibit 99.2 shall not be treated as “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except expressly stated by specific reference in such filing.

Item 8.01 Other Events.

Common Stock Dividend

On October 24, 2024, the Company issued a press release announcing that on October 23, 2024, its Board of Directors declared a quarterly cash dividend of $0.18 per common share. The dividend will be paid on or about November 15, 2024, to shareholders of record as of the close of business on November 8, 2024. A copy of the press release is attached as Exhibit 99.3 to this Current Report and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release of PCB Bancorp, issued October 2 4 , 2024, concerning the results of operations and financial condition for the third quarter of 2024

99.2 Investor presentation of PCB Bancorp concerning the unaudited results for the third quarter of 2024

99.3 Press release of PCB Bancorp, issued October 2 4 , 2024, announcing the declaration of a quarterly cash dividend

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		PCB Bancorp

Date:	October 24, 2024	/s/ Timothy Chang
		Timothy Chang
		Executive Vice President and Chief Financial Officer

Exhibit 99.1

PCB Bancorp Reports Earnings for Q3 2024

Los Angeles, California - October 24, 2024 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income available to common shareholders of $7.5 million, or $0.52 per diluted common share, for the third quarter of 2024, compared with $6.1 million, or $0.43 per diluted common share, for the previous quarter and $7.0 million, or $0.49 per diluted common share, for the year-ago quarter.

Q3 2024 Highlights

•Net income available to common shareholders totaled $7.5 million, or $0.52 per diluted common share;

•Recorded a provision for credit losses of $50 thousand for the current quarter compared with $259 thousand for the previous quarter and $751 thousand for the year-ago quarter;

•Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment ratio was 1.17% at September 30, 2024 compared with 1.17% at June 30, 2024, 1.19% at December 31, 2023 and 1.18% at September 30, 2023;

•Net interest income was $22.7 million for the current quarter compared with $21.7 million for the previous quarter and $22.4 million for the year-ago quarter. Net interest margin was 3.25% for the current quarter compared with 3.16% for the previous quarter and 3.57% for the year-ago quarter;

•Gain on sale of loans was $750 thousand for the current quarter compared with $763 thousand for the previous quarter and $689 thousand for the year-ago quarter;

•Total assets were $2.89 billion at September 30, 2024, an increase of $36.9 million, or 1.3%, from $2.85 billion at June 30, 2024, an increase of $100.3 million, or 3.6%, from $2.79 billion at December 31, 2023 and an increase of $321.9 million, or 12.5%, from $2.57 billion at September 30, 2023;

•Loans held-for-investment were $2.47 billion at September 30, 2024, an increase of $17.1 million, or 0.7%, from $2.45 billion at June 30, 2024, an increase of $142.7 million, or 6.1% from $2.32 billion at December 31, 2023, and an increase of $298.6 million, or 13.8%, from $2.17 billion at September 30, 2023; and

•Total deposits were $2.46 billion at September 30, 2024, an increase of $53.4 million, or 2.2%, from $2.41 billion at June 30, 2024, an increase of $108.1 million, or 4.6%, from $2.35 billion at December 31, 2023, and an increase of $267.6 million, or 12.2%, from $2.19 billion at September 30, 2023.

“PCB’s third quarter was another solid quarter for us, highlighted by a 21.6% increase in net income available to common shareholders to $7.5 million that was benefited from our solid year-over-year loan growth combined with our expanded net interest margin,” said Henry Kim, President and Chief Executive Officer. “Additionally, we continue to maintain strong credit metrics, solid ACL, and robust capital ratios.”

“During the third quarter, our loan balance increased 0.8% to $2.5 billion, deposits increased 2.2% to $2.5 billion, and we maintained our ACL to loan ratio at 1.17%, while reducing our non-performing assets and classified assets to total assets ratios to 0.24% and 0.32%, respectively.”

Mr. Kim added, “As we look ahead to the fourth quarter and next year, our strategic expansion of our footprint and branch network optimizations will provide us with continued strong balance sheet growth with solid financial results.”

Financial Highlights (Unaudited)


($ in thousands, except per share data)	Three Months Ended													Nine Months Ended
	9/30/2024			6/30/2024			% Change		9/30/2023			% Change		9/30/2024			9/30/2023			% Change
Net income	$	7,814		$	6,281		24.4	%	$	7,023		11.3	%	$	18,780		$	24,797		(24.3)	%
Net income available to common shareholders	$	7,468		$	6,139		21.6	%	$	7,023		6.3	%	$	18,292		$	24,797		(26.2)	%
Diluted earnings per common share	$	0.52		$	0.43		20.9	%	$	0.49		6.1	%	$	1.27		$	1.71		(25.7)	%

Net interest income	$	22,719		$	21,735		4.5	%	$	22,449		1.2	%	$	65,453		$	66,580		(1.7)	%
Provision (reversal) for credit losses	50			259			(80.7)	%	751			(93.3)	%	1,399			(1,830)			NM
Noninterest income	2,620			2,485			5.4	%	2,502			4.7	%	8,050			8,180			(1.6)	%
Noninterest expense	14,602			15,175			(3.8)	%	14,207			2.8	%	46,129			41,588			10.9	%

Return on average assets (1)	1.08		%	0.89		%			1.09		%			0.88		%	1.32		%
Return on average shareholders’ equity (1)	8.70		%	7.19		%			8.12		%			7.11		%	9.77		%
Return on average tangible common equity (“TCE”) (1),(2)	10.31		%	8.75		%			10.17		%			8.61		%	12.27		%
Net interest margin (1)	3.25		%	3.16		%			3.57		%			3.17		%	3.63		%
Efficiency ratio (3)	57.63		%	62.65		%			56.94		%			62.76		%	55.63		%


($ in thousands, except per share data)	9/30/2024			6/30/2024			% Change		12/31/2023			% Change		9/30/2023			% Change
Total assets	$	2,889,833		$	2,852,964		1.3	%	$	2,789,506		3.6	%	$	2,567,974		12.5	%
Net loans held-for-investment	2,437,244			2,420,327			0.7	%	2,295,919			6.2	%	2,142,006			13.8	%
Total deposits	2,459,682			2,406,254			2.2	%	2,351,612			4.6	%	2,192,129			12.2	%
Book value per common share (4)	$	25.39		$	24.80				$	24.46				$	23.87
TCE per common share (2)	$	20.55		$	19.95				$	19.62				$	19.05
Tier 1 leverage ratio (consolidated)	12.79		%	12.66		%			13.43		%			13.76		%
Total shareholders’ equity to total assets	12.54		%	12.39		%			12.51		%			13.31		%
TCE to total assets (2), (5)	10.14		%	9.97		%			10.03		%			10.62		%

(1)Ratios are presented on an annualized basis.

(2)Non-GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.

(3)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)	9/30/2024			6/30/2024			% Change		9/30/2023			% Change		9/30/2024			9/30/2023			% Change
Interest income/expense on
Loans	$	42,115		$	40,626		3.7	%	$	34,651		21.5	%	$	121,992		$	98,840		23.4	%
Investment securities	1,384			1,310			5.6	%	1,170			18.3	%	3,940			3,408			15.6	%
Other interest-earning assets	2,499			3,009			(16.9)	%	3,031			(17.6)	%	8,566			7,978			7.4	%
Total interest-earning assets	45,998			44,945			2.3	%	38,852			18.4	%	134,498			110,226			22.0	%
Interest-bearing deposits	23,057			22,536			2.3	%	16,403			40.6	%	67,560			43,437			55.5	%
Borrowings	222			674			(67.1)	%	—			NM		1,485			209			610.5	%
Total interest-bearing liabilities	23,279			23,210			0.3	%	16,403			41.9	%	69,045			43,646			58.2	%
Net interest income	$	22,719		$	21,735		4.5	%	$	22,449		1.2	%	$	65,453		$	66,580		(1.7)	%
Average balance of
Loans	$	2,456,015		$	2,414,824		1.7	%	$	2,137,184		14.9	%	$	2,413,777		$	2,102,600		14.8	%
Investment securities	147,528			141,816			4.0	%	138,993			6.1	%	143,283			141,057			1.6	%
Other interest-earning assets	175,711			213,428			(17.7)	%	219,115			(19.8)	%	201,951			206,720			(2.3)	%
Total interest-earning assets	$	2,779,254		$	2,770,068		0.3	%	$	2,495,292		11.4	%	$	2,759,011		$	2,450,377		12.6	%
Interest-bearing deposits	$	1,893,006		$	1,863,623		1.6	%	$	1,561,582		21.2	%	$	1,861,395		$	1,500,523		24.0	%
Borrowings	15,848			48,462			(67.3)	%	—			NM		35,427			5,212			579.7	%
Total interest-bearing liabilities	$	1,908,854		$	1,912,085		(0.2)	%	$	1,561,582		22.2	%	$	1,896,822		$	1,505,735		26.0	%
Total funding (1)	$	2,443,615		$	2,447,593		(0.2)	%	$	2,188,320		11.7	%	$	2,434,504		$	2,152,993		13.1	%
Annualized average yield/cost of
Loans	6.82		%	6.77		%			6.43		%			6.75		%	6.29		%
Investment securities	3.73		%	3.72		%			3.34		%			3.67		%	3.23		%
Other interest-earning assets	5.66		%	5.67		%			5.49		%			5.67		%	5.16		%
Total interest-earning assets	6.58		%	6.53		%			6.18		%			6.51		%	6.01		%
Interest-bearing deposits	4.85		%	4.86		%			4.17		%			4.85		%	3.87		%
Borrowings	5.57		%	5.59		%			—		%			5.60		%	5.36		%
Total interest-bearing liabilities	4.85		%	4.88		%			4.17		%			4.86		%	3.88		%
Net interest margin	3.25		%	3.16		%			3.57		%			3.17		%	3.63		%
Cost of total funding (1)	3.79		%	3.81		%			2.97		%			3.79		%	2.71		%
Supplementary information
Net accretion of discount on loans	$	773		$	791		(2.3)	%	$	775		(0.3)	%	$	2,137		$	2,197		(2.7)	%
Net amortization of deferred loan fees	$	246		$	339		(27.4)	%	$	226		8.8	%	$	919		$	648		41.8	%

(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.

Loans. The increase in average yield for the current quarter was primarily due to a higher average loan rate throughout the current quarter, partially offset by a decrease in net amortization of deferred loan fees. The increase for the current year-to-date period was primarily due to increases in overall interest rates on loans and 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:


	9/30/2024				6/30/2024				12/31/2023				9/30/2023
	% 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	18.3	%	5.06	%	18.8	%	5.04	%	21.2	%	4.86	%	22.4	%	4.75	%
Hybrid rate loans	37.6	%	5.14	%	37.2	%	5.04	%	39.0	%	4.93	%	38.8	%	4.71	%
Variable rate loans	44.1	%	8.10	%	44.0	%	8.45	%	39.8	%	8.51	%	38.8	%	8.52	%

On September 18, 2024, the Federal Open Market Committee decreased the Fed Funds rate by 50 bps and this change resulted in an overall decrease in weighted-average contractual rates on variable rate loans in September 2024.

Investment Securities. The increases in average yield for the current quarter and year-to-date periods were primarily due to higher yield on newly purchased investment securities.

Other Interest-Earning Assets. The increases in average yield for the current quarter and year-to-date period compared with the same periods of 2023 were primarily due to increases in interest rate on cash held at the Federal Reserve Bank and dividends received on Federal Home Loan Bank stock.

Interest-Bearing Deposits. The increases in average cost for the current quarter and year-to-date period compared with the same periods of 2023 were primarily due to an increase in market rates.

Provision (Reversal) for Credit Losses

The following table presents a composition of provision (reversal) for credit losses for the periods indicated:


	Three Months Ended										Nine Months Ended
($ in thousands)	9/30/2024		6/30/2024		% Change		9/30/2023		% Change		9/30/2024		9/30/2023		% Change
Provision (reversal) for credit losses on loans	$	193	$	329	(41.3)	%	$	822	(76.5)	%	$	1,444	$	(1,438)	NM
Provision (reversal) for credit losses on off-balance sheet credit exposure	(143)		(70)		104.3	%	(71)		101.4	%	(45)		(392)		(88.5)	%
Total provision (reversal) for credit losses	$	50	$	259	(80.7)	%	$	751	(93.3)	%	$	1,399	$	(1,830)	NM

The provision for credit losses on loans for the current quarter was primarily due to an increase 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)	9/30/2024		6/30/2024		% Change		9/30/2023		% Change		9/30/2024		9/30/2023		% Change
Gain on sale of loans	$	750	$	763	(1.7)	%	$	689	8.9	%	$	2,591	$	2,767	(6.4)	%

Service charges and fees on deposits	399		364		9.6	%	371		7.5	%	1,141		1,084		5.3	%
Loan servicing income	786		799		(1.6)	%	851		(7.6)	%	2,504		2,579		(2.9)	%
Bank-owned life insurance income	239		236		1.3	%	187		27.8	%	703		551		27.6	%
Other income	446		323		38.1	%	404		10.4	%	1,111		1,199		(7.3)	%
Total noninterest income	$	2,620	$	2,485	5.4	%	$	2,502	4.7	%	$	8,050	$	8,180	(1.6)	%

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)	9/30/2024		6/30/2024		% Change		9/30/2023		% Change		9/30/2024		9/30/2023		% Change
Gain on sale of SBA loans
Sold loan balance	$	13,506	$	13,619	(0.8)	%	$	17,697	(23.7)	%	$	46,539	$	61,592	(24.4)	%
Premium received	1,185		1,056		12.2	%	1,112		6.6	%	3,837		4,362		(12.0)	%
Gain recognized	750		763		(1.7)	%	689		8.9	%	2,591		2,767		(6.4)	%
Gain on sale of residential mortgage loans
Sold loan balance	$	676	$	—	NM		$	—	NM		$	676	$	—	NM
Gain recognized	—		—		—	%	—		—	%	—		—		—	%

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


	Three Months Ended										Nine Months Ended
($ in thousands)	9/30/2024		6/30/2024		% Change		9/30/2023		% Change		9/30/2024		9/30/2023		% Change
Loan servicing income
Servicing income received	$	1,264	$	1,318	(4.1)	%	$	1,321	(4.3)	%	$	3,875	$	3,922	(1.2)	%
Servicing assets amortization	(478)		(519)		(7.9)	%	(470)		1.7	%	(1,371)		(1,343)		2.1	%
Loan servicing income	$	786	$	799	(1.6)	%	$	851	(7.6)	%	$	2,504	$	2,579	(2.9)	%
Underlying loans at end of period	$	527,062	$	527,458	(0.1)	%	$	536,424	(1.7)	%	$	527,062	$	536,424	(1.7)	%

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

Noninterest Expense

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


	Three Months Ended										Nine Months Ended
($ in thousands)	9/30/2024		6/30/2024		% Change		9/30/2023		% Change		9/30/2024		9/30/2023		% Change
Salaries and employee benefits	$	8,801	$	9,225	(4.6)	%	$	8,572	2.7	%	$	27,244	$	26,175	4.1	%
Occupancy and equipment	2,261		2,300		(1.7)	%	1,964		15.1	%	6,919		5,779		19.7	%
Professional fees	599		973		(38.4)	%	685		(12.6)	%	2,656		2,189		21.3	%
Marketing and business promotion	667		318		109.7	%	980		(31.9)	%	1,304		1,555		(16.1)	%
Data processing	397		495		(19.8)	%	367		8.2	%	1,294		1,159		11.6	%
Director fees and expenses	226		221		2.3	%	152		48.7	%	679		549		23.7	%
Regulatory assessments	309		327		(5.5)	%	281		10.0	%	934		818		14.2	%
Other expense	1,342		1,316		2.0	%	1,206		11.3	%	5,099		3,364		51.6	%
Total noninterest expense	$	14,602	$	15,175	(3.8)	%	$	14,207	2.8	%	$	46,129	$	41,588	10.9	%

Salaries and Employee Benefits. The decrease for the current quarter compared with the previous quarter was primarily due to decreases in bonus and vacation accruals. The increase for the current year-to-date period was primarily due to increases in salaries, bonus accrual, incentives tied to sales of SBA loans originated at loan production offices, and other employee benefits, partially offset by a decrease in vacation accrual. The number of full-time equivalent employees was 264, 265 and 270 as of September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

Occupancy and Equipment. The increases for the current quarter and year-to-date period compared with the same periods of 2023 were primarily due to an expansion of headquarters location in the second half of 2023 and a relocation of a regional office and two branches into one location in Orange County, California.

Professional Fees. During the first half of 2024, the Company incurred additional professional fees related to a core system conversion, which was completed in April 2024.

Marketing and Business Promotion. The increase for the current quarter compared with the previous quarter was primarily due

to an increase in advertisements. The decrease for the current quarter and year-to-date period compared with the same periods of 2023 was primarily due to an increase in advertisements in 2023 periods for the Company’s 20th anniversary celebration.

Other Expense. The increase for the 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 quarter. The Company has retained a law firm specializing in SBA recovery demands to seek that SBA reconsider the evidence and allow the Company to recoup all or part of the reimbursement.

Balance Sheet (Unaudited)

Total assets were $2.89 billion at September 30, 2024, an increase of $36.9 million, or 1.3%, from $2.85 billion at June 30, 2024, an increase of $100.3 million, or 3.6%, from $2.79 billion at December 31, 2023, and an increase of $321.9 million, or 12.5%, from $2.57 billion at September 30, 2023. The increases for the current quarter and year-to-date period were primarily due to increases in loans held-for-investment and other assets. During the current quarter, the Company invested $5.0 million in a qualified affordable housing project for lower income tenants in California. The recorded investment amount of the investment is included in Other Assets on the Consolidated Balance Sheets (unaudited).

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)	9/30/2024		6/30/2024		% Change		12/31/2023		% Change		9/30/2023		% Change
Commercial real estate:
Commercial property	$	874,824	$	852,677	2.6	%	$	855,270	2.3	%	$	814,547	7.4	%
Business property	579,461		572,643		1.2	%	558,772		3.7	%	537,351		7.8	%
Multifamily	185,485		177,657		4.4	%	132,500		40.0	%	132,558		39.9	%
Construction	21,150		28,316		(25.3)	%	24,843		(14.9)	%	19,246		9.9	%
Total commercial real estate	1,660,920		1,631,293		1.8	%	1,571,385		5.7	%	1,503,702		10.5	%
Commercial and industrial	407,024		417,333		(2.5)	%	342,002		19.0	%	279,608		45.6	%
Consumer:
Residential mortgage	383,377		384,905		(0.4)	%	389,420		(1.6)	%	363,369		5.5	%
Other consumer	14,853		15,543		(4.4)	%	20,645		(28.1)	%	20,926		(29.0)	%
Total consumer	398,230		400,448		(0.6)	%	410,065		(2.9)	%	384,295		3.6	%
Loans held-for-investment	2,466,174		2,449,074		0.7	%	2,323,452		6.1	%	2,167,605		13.8	%
Loans held-for-sale	5,170		2,959		74.7	%	5,155		0.3	%	6,693		(22.8)	%
Total loans	$	2,471,344	$	2,452,033	0.8	%	$	2,328,607	6.1	%	$	2,174,298	13.7	%

SBA loans included in:
Loans held-for-investment	$	142,819	$	144,440	(1.1)	%	$	145,603	(1.9)	%	$	129,866	10.0	%
Loans held-for-sale	$	5,170	$	2,959	74.7	%	$	5,155	0.3	%	$	16,272	(68.2)	%

The increase in loans held-for-investment for the current quarter was primarily due to new funding and advances on lines of credit of $764.7 million, partially offset by pay-downs and pay-offs of $746.8 million. The increase for the current year-to-date period was primarily due to new funding and advances on lines of credit of $1.83 billion, partially offset by pay-downs and pay-offs of $1.69 billion.

The increase in loans held-for-sale for the current quarter was primarily due to new funding of $15.9 million and a loan transferred from loan held-for-investment of $676 thousand, partially offset by sales of $14.2 million, and pay-downs and pay-offs of $174 thousand. The increase for the current year-to-date period was primarily due to new funding of $48.3 million and a loan transferred from loan held-for-investment of $676 thousand, partially offset by sales of $47.2 million, and pay-downs and pay-offs of $1.8 million.

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


($ in thousands)	9/30/2024		6/30/2024		% Change		12/31/2023		% Change		9/30/2023		% Change
Commercial property	$	3,291	$	6,309	(47.8)	%	$	11,634	(71.7)	%	$	9,827	(66.5)	%
Business property	12,441		11,607		7.2	%	9,899		25.7	%	8,388		48.3	%
Multifamily	—		1,800		(100.0)	%	1,800		(100.0)	%	1,800		(100.0)	%
Construction	17,810		22,030		(19.2)	%	23,739		(25.0)	%	29,293		(39.2)	%
Commercial and industrial	394,428		336,121		17.3	%	351,025		12.4	%	283,119		39.3	%
Other consumer	5,590		5,192		7.7	%	3,421		63.4	%	271		1,962.7	%
Total commitments to extend credit	433,560		383,059		13.2	%	401,518		8.0	%	332,698		30.3	%
Letters of credit	6,673		6,808		(2.0)	%	6,583		1.4	%	6,083		9.7	%
Total off-balance sheet credit exposure	$	440,233	$	389,867	12.9	%	$	408,101	7.9	%	$	338,781	29.9	%

Credit Quality

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


($ in thousands)	9/30/2024			6/30/2024			% Change		12/31/2023			% Change		9/30/2023			% Change
Nonaccrual loans
Commercial real estate:
Commercial property	$	1,633		$	1,804		(9.5)	%	$	958		70.5	%	$	686		138.0	%
Business property	2,367			2,440			(3.0)	%	2,865			(17.4)	%	2,964			(20.1)	%
Multifamily	2,038			2,038			—	%	—			NM		—			NM

Total commercial real estate	6,038			6,282			(3.9)	%	3,823			57.9	%	3,650			65.4	%
Commercial and industrial	124			112			10.7	%	68			82.4	%	72			72.2	%
Consumer:
Residential mortgage	414			1,100			(62.4)	%	—			NM		—			NM
Other consumer	38			6			533.3	%	25			52.0	%	8			375.0	%
Total consumer	452			1,106			(59.1)	%	25			1,708.0	%	8			5,550.0	%
Total nonaccrual loans held-for-investment	6,614			7,500			(11.8)	%	3,916			68.9	%	3,730			77.3	%
Loans past due 90 days or more and still accruing	—			—			—	%	—			—	%	—			—	%
Non-performing loans (“NPLs”)	6,614			7,500			(11.8)	%	3,916			68.9	%	3,730			77.3	%
NPLs held-for-sale	—			—			—	%	—			—	%	—			—	%
Total NPLs	6,614			7,500			(11.8)	%	3,916			68.9	%	3,730			77.3	%
Other real estate owned (“OREO”)	466			—			NM		2,558			(81.8)	%	—			NM
Non-performing assets (“NPAs”)	$	7,080		$	7,500		(5.6)	%	$	6,474		9.4	%	$	3,730		89.8	%
Loans past due and still accruing
Past due 30 to 59 days	$	2,973		$	2,245		32.4	%	$	1,394		113.3	%	$	654		354.6	%
Past due 60 to 89 days	21			41			(48.8)	%	34			(38.2)	%	54			(61.1)	%
Past due 90 days or more	—			—			—	%	—			—	%	—			—	%
Total loans past due and still accruing	$	2,994		$	2,286		31.0	%	1,428			109.7	%	$	708		322.9	%
Special mention loans	$	5,057		$	5,080		(0.5)	%	$	5,156		(1.9)	%	$	5,281		(4.2)	%
Classified assets
Classified loans held-for-investment	$	8,860		$	9,752		(9.1)	%	$	7,000		26.6	%	$	6,742		31.4	%
Classified loans held-for-sale	—			—			—	%	—			—	%	—			—	%
OREO	466			—			NM		2,558			(81.8)	%	—			NM
Classified assets	$	9,326		$	9,752		(4.4)	%	$	9,558		(2.4)	%	$	6,742		38.3	%
NPLs to loans held-for-investment	0.27		%	0.31		%			0.17		%			0.17		%
NPAs to total assets	0.24		%	0.26		%			0.23		%			0.15		%
Classified assets to total assets	0.32		%	0.34		%			0.34		%			0.26		%

Allowance for Credit Losses

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


	Three Months Ended													Nine Months Ended
($ in thousands)	9/30/2024			6/30/2024			% Change		9/30/2023			% Change		9/30/2024			9/30/2023			% Change
ACL on loans
Balance at beginning of period	$	28,747		$	28,332		1.5	%	$	24,867		15.6	%	$	27,533		$	24,942		10.4	%
Impact of ASC 326 adoption	—			—			NM		—			NM		—			1,067			NM
Charge-offs	(111)			—			—	%	(112)			(0.9)	%	(296)			(119)			148.7	%
Recoveries	101			86			17.4	%	22			359.1	%	249			1,147			(78.3)	%
Provision (reversal) for credit losses on loans	193			329			(41.3)	%	822			(76.5)	%	1,444			(1,438)			(200.4)	%
Balance at end of period	$	28,930		$	28,747		0.6	%	$	25,599		13.0	%	$	28,930		$	25,599		13.0	%
Percentage to loans held-for-investment at end of period	1.17		%	1.17		%			1.18		%			1.17		%	1.18		%
ACL on off-balance sheet credit exposure
Balance at beginning of period	$	1,375		$	1,445		(4.8)	%	$	1,585		(13.2)	%	$	1,277		$	299		327.1	%
Impact of ASC 326 adoption	—			—			NM		—			NM		—			1,607			NM
Provision (reversal) for credit losses on off-balance sheet credit exposure	(143)			(70)			104.3	%	(71)			101.4	%	(45)			(392)			(88.5)	%
Balance at end of period	$	1,232		$	1,375		(10.4)	%	$	1,514		(18.6)	%	$	1,232		$	1,514		(18.6)	%

On January 1, 2023, the Company adopted the provisions of ASC 326 through the application of the modified retrospective transition approach. The initial adjustment to the ACL reflected the expected lifetime credit losses associated with the composition of financial assets within the scope of ASC 326 as of January 1, 2023, as well as management’s current expectation of future economic conditions. The Company recorded a net decrease of $1.9 million to the beginning balance of retained earnings as of January 1, 2023 for the cumulative effect adjustment, reflecting an initial adjustment to the ACL on loans of $1.1 million and the ACL on off-balance sheet credit exposures of $1.6 million, net of related deferred tax assets arising from temporary differences of $788 thousand.

Investment Securities

Total investment securities were $147.6 million at September 30, 2024, a decrease of $374 thousand, or 0.3%, from $148.0 million at June 30, 2024, but an increase of $4.3 million, 3.0%, from $143.3 million at December 31, 2023 and an increase of $8.4 million, or 6.0%, from $139.2 million at September 30, 2023. The decrease for the current quarter was primarily due to principal pay-downs of $5.6 million and net premium amortization of $41 thousand, partially offset by a fair value increase of $5.3 million. The increase for the current year-to-date period was primarily due to purchases of $14.8 million and a fair value increase of $3.5 million, partially offset by principal pay-downs of $13.9 million and net premium amortization of $123 thousand.

Deposits

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


	9/30/2024				6/30/2024				12/31/2023				9/30/2023
($ in thousands)	Amount		% to Total		Amount		% to Total		Amount		% to Total		Amount		% to Total
Noninterest-bearing demand deposits	$	540,068	22.0	%	$	543,538	22.6	%	$	594,673	25.3	%	$	611,021	27.9	%
Interest-bearing deposits
Savings	5,718		0.2	%	7,821		0.3	%	6,846		0.3	%	6,846		0.3	%
NOW	15,873		0.6	%	18,346		0.8	%	16,825		0.7	%	16,076		0.7	%
Retail money market accounts	470,347		19.1	%	457,760		18.9	%	397,531		16.8	%	436,115		19.8	%
Brokered money market accounts	1		0.1	%	1		0.1	%	1		0.1	%	1		0.1	%
Retail time deposits of
$250,000 or less	492,430		20.0	%	475,923		19.8	%	456,293		19.4	%	406,407		18.5	%
More than $250,000	580,166		23.6	%	559,832		23.2	%	515,702		21.9	%	454,406		20.8	%

State and brokered time deposits	355,079		14.4	%	343,033		14.3	%	363,741		15.5	%	261,257		11.9	%
Total interest-bearing deposits	1,919,614		78.0	%	1,862,716		77.4	%	1,756,939		74.7	%	1,581,108		72.1	%
Total deposits	$	2,459,682	100.0	%	$	2,406,254	100.0	%	$	2,351,612	100.0	%	$	2,192,129	100.0	%

Estimated total deposits not covered by deposit insurance	$	1,042,366	42.4	%	$	1,020,963	42.4	%	$	954,591	40.6	%	$	983,851	44.9	%

Total retail deposits were $2.10 billion at September 30, 2024, an increase of $41.4 million, or 2.0%, from $2.06 billion at June 30, 2024, an increase of $116.7 million, or 5.9%, from $1.99 billion at December 31, 2023, and an increase of $173.7 million, or 9.0%, from $1.93 billion at September 30, 2023.

The increase in retail time deposits for the current quarter was primarily due to new accounts of $76.6 million, renewals of the matured accounts of $117.9 million and balance increases of $9.5 million, partially offset by matured and closed accounts of $167.1 million. The increase for the current year-to-date period was primarily due to new accounts of $272.7 million, renewals of the matured accounts of $560.4 million and balance increases of $28.4 million, partially offset by matured and closed accounts of $760.8 million.

Liquidity

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


($ in thousands)	9/30/2024			12/31/2023			% Change
Cash and cash equivalents	$	193,064		$	242,342		(20.3)	%
Cash and cash equivalents to total assets	6.7		%	8.7		%

Available borrowing capacity
FHLB advances	$	702,986		$	602,976		16.6	%
Federal Reserve Discount Window	578,713			528,893			9.4	%
Overnight federal funds lines	65,000			65,000			—	%
Total	$	1,346,699		$	1,196,869		12.5	%
Total available borrowing capacity to total assets	46.6		%	42.9		%

Shareholders’ Equity

Shareholders’ equity was $362.3 million at September 30, 2024, an increase of $8.8 million, or 2.5%, from $353.5 million at June 30, 2024, an increase of $13.4 million, or 3.8%, from $348.9 million at December 31, 2023, and an increase of $20.4 million, or 6.0%, from $341.9 million at September 30, 2023. The increase for the current quarter was primarily due to net income and a decrease in accumulated other comprehensive loss of $3.7 million, partially offset by cash dividends declared on common stock of $2.6 million and preferred stock dividends of $346 thousand. The increase for the current year-to-date period was primarily due to net income and a decrease in accumulated other comprehensive loss of $2.5 million, partially offset by cash dividends declared on common stock of $7.7 million, preferred stock dividends of $488 thousand, and repurchase of common stock of $222 thousand.

Stock Repurchases

In 2023, the Company repurchased and retired 512,657 shares of common stock at a weighted-average price of $17.22, totaling $8.8 million. During the current year-to-date period, 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, 2024, the Company is authorized to purchase 577,777 additional shares under its current stock repurchase program, which expires on August 2, 2025.

Series C Preferred Stock

On May 24, 2022, the Company issued 69,141 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference of $1,000 per share (“Series C Preferred Stock”) for the capital investment of $69.1 million from the U.S. Treasury under the Emergency Capital Investment Program (“ECIP”). The ECIP investment is treated as tier 1 capital for regulatory capital purposes.

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

The Company began paying quarterly dividends on the Series C Preferred Stock at an annualized dividend rate of 2% in the second quarter of 2024. The dividends totaled $346 thousand and $488 thousand for the current quarter and year-to-date period, respectively.

Capital Ratios

Based on the Federal Reserve’s Small Bank Holding Company policy, the Company is not currently subject to consolidated minimum capital measurements. At such time as the Company reaches the $3 billion asset level, it will be subject to consolidated capital requirements independent of the Bank. For comparison purposes, the Company’s capital ratios are included in following table, which presents capital ratios for the Company and the Bank as of the dates indicated:


	9/30/2024		6/30/2024		12/31/2023		9/30/2023		Well Capitalized Minimum Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)	11.92	%	11.91	%	12.23	%	13.07	%	N/A
Total capital (to risk-weighted assets)	15.88	%	15.94	%	16.39	%	17.48	%	N/A
Tier 1 capital (to risk-weighted assets)	14.68	%	14.71	%	15.16	%	16.24	%	N/A
Tier 1 capital (to average assets)	12.79	%	12.66	%	13.43	%	13.76	%	N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets)	14.33	%	14.38	%	14.85	%	15.87	%	6.5	%
Total capital (to risk-weighted assets)	15.54	%	15.60	%	16.07	%	17.11	%	10.0	%
Tier 1 capital (to risk-weighted assets)	14.33	%	14.38	%	14.85	%	15.87	%	8.0	%
Tier 1 capital (to average assets)	12.49	%	12.37	%	13.16	%	13.44	%	5.0	%

About PCB Bancorp

PCB Bancorp is the bank holding company for PCB Bank, a California state chartered bank, offering a full suite of commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control, including but not limited to the health of the national and local economies including the impact to the Company and its customers resulting from changes to, and the level of, inflation and interest rates; 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; costs related to litigation; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, 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, 2023 and other filings the Company makes with the SEC, which are available at the SEC’s Internet site (http://www.sec.gov) or from the Company without charge. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and 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.

Contact:

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000

PCB Bancorp and Subsidiary

Consolidated Balance Sheets (Unaudited)

($ in thousands, except share and per share data)


	9/30/2024			6/30/2024			% Change		12/31/2023			% Change		9/30/2023			% Change
Assets
Cash and due from banks	$	29,981		$	23,247		29.0	%	$	26,518		13.1	%	$	22,691		32.1	%
Interest-bearing deposits in other financial institutions	163,083			154,383			5.6	%	215,824			(24.4)	%	169,659			(3.9)	%
Total cash and cash equivalents	193,064			177,630			8.7	%	242,342			(20.3)	%	192,350			0.4	%
Securities available-for-sale, at fair value	147,635			148,009			(0.3)	%	143,323			3.0	%	139,218			6.0	%
Loans held-for-sale	5,170			2,959			74.7	%	5,155			0.3	%	6,693			(22.8)	%
Loans held-for-investment	2,466,174			2,449,074			0.7	%	2,323,452			6.1	%	2,167,605			13.8	%
Allowance for credit losses on loans	(28,930)			(28,747)			0.6	%	(27,533)			5.1	%	(25,599)			13.0	%
Net loans held-for-investment	2,437,244			2,420,327			0.7	%	2,295,919			6.2	%	2,142,006			13.8	%
Premises and equipment, net	8,414			8,923			(5.7)	%	5,999			40.3	%	6,229			35.1	%
Federal Home Loan Bank and other bank stock	14,042			14,042			—	%	12,716			10.4	%	12,716			10.4	%
Other real estate owned, net	466			—			NM		2,558			(81.8)	%	—			NM
Bank-owned life insurance	31,520			31,281			0.8	%	30,817			2.3	%	30,615			3.0	%
Deferred tax assets, net	—			—			—	%	—			—	%	4,486			(100.0)	%
Servicing assets	5,902			6,205			(4.9)	%	6,666			(11.5)	%	6,920			(14.7)	%
Operating lease assets	17,932			17,609			1.8	%	18,913			(5.2)	%	5,626			218.7	%
Accrued interest receivable	9,896			10,464			(5.4)	%	9,468			4.5	%	8,731			13.3	%
Other assets	18,548			15,515			19.5	%	15,630			18.7	%	12,384			49.8	%
Total assets	$	2,889,833		$	2,852,964		1.3	%	$	2,789,506		3.6	%	$	2,567,974		12.5	%
Liabilities
Deposits
Noninterest-bearing demand	$	540,068		$	543,538		(0.6)	%	$	594,673		(9.2)	%	$	611,021		(11.6)	%
Savings, NOW and money market accounts	491,939			483,928			1.7	%	421,203			16.8	%	459,038			7.2	%
Time deposits of $250,000 or less	787,509			758,956			3.8	%	760,034			3.6	%	607,664			29.6	%
Time deposits of more than $250,000	640,166			619,832			3.3	%	575,702			11.2	%	514,406			24.4	%
Total deposits	2,459,682			2,406,254			2.2	%	2,351,612			4.6	%	2,192,129			12.2	%
Other short-term borrowings	—			4,000			(100.0)	%	—			—	%	—			—	%
Federal Home Loan Bank advances	—			32,000			(100.0)	%	39,000			(100.0)	%	—			—	%
Deferred tax liabilities, net	1,168			577			102.4	%	876			33.3	%	—			NM
Operating lease liabilities	19,301			18,939			1.9	%	20,137			(4.2)	%	5,852			229.8	%
Accrued interest payable and other liabilities	47,382			37,725			25.6	%	29,009			63.3	%	28,141			68.4	%
Total liabilities	2,527,533			2,499,495			1.1	%	2,440,634			3.6	%	2,226,122			13.5	%
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock	69,141			69,141			—	%	69,141			—	%	69,141			—	%
Common stock	142,926			142,698			0.2	%	142,563			0.3	%	143,401			(0.3)	%
Retained earnings	156,680			151,781			3.2	%	146,092			7.2	%	142,750			9.8	%
Accumulated other comprehensive loss, net	(6,447)			(10,151)			(36.5)	%	(8,924)			(27.8)	%	(13,440)			(52.0)	%
Total shareholders’ equity	362,300			353,469			2.5	%	348,872			3.8	%	341,852			6.0	%
Total liabilities and shareholders’ equity	$	2,889,833		$	2,852,964		1.3	%	$	2,789,506		3.6	%	$	2,567,974		12.5	%

Outstanding common shares	14,266,725			14,254,024					14,260,440					14,319,014
Book value per common share (1)	$	25.39		$	24.80				$	24.46				$	23.87
TCE per common share (2)	$	20.55		$	19.95				$	19.62				$	19.05
Total loan to total deposit ratio	100.47		%	101.90		%			99.02		%			99.19		%
Noninterest-bearing deposits to total deposits	21.96		%	22.59		%			25.29		%			27.87		%

(1)The ratios are calculated by dividing total shareholders’ equity by the number of outstanding common shares. The Company did not have any intangible equity components for the presented periods.

(2)Non-GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.

PCB Bancorp and Subsidiary

Consolidated Statements of Income (Unaudited)

($ in thousands, except share and per share data)


	Three Months Ended													Nine Months Ended
	9/30/2024			6/30/2024			% Change		9/30/2023			% Change		9/30/2024			9/30/2023			% Change
Interest and dividend income
Loans, including fees	$	42,115		$	40,626		3.7	%	$	34,651		21.5	%	$	121,992		$	98,840		23.4	%
Investment securities	1,384			1,310			5.6	%	1,170			18.3	%	3,940			3,408			15.6	%
Other interest-earning assets	2,499			3,009			(16.9)	%	3,031			(17.6)	%	8,566			7,978			7.4	%
Total interest income	45,998			44,945			2.3	%	38,852			18.4	%	134,498			110,226			22.0	%
Interest expense
Deposits	23,057			22,536			2.3	%	16,403			40.6	%	67,560			43,437			55.5	%
Other borrowings	222			674			(67.1)	%	—			NM		1,485			209			610.5	%
Total interest expense	23,279			23,210			0.3	%	16,403			41.9	%	69,045			43,646			58.2	%
Net interest income	22,719			21,735			4.5	%	22,449			1.2	%	65,453			66,580			(1.7)	%
Provision (reversal) for credit losses	50			259			(80.7)	%	751			(93.3)	%	1,399			(1,830)			NM
Net interest income after provision (reversal) for credit losses	22,669			21,476			5.6	%	21,698			4.5	%	64,054			68,410			(6.4)	%
Noninterest income
Gain on sale of loans	750			763			(1.7)	%	689			8.9	%	2,591			2,767			(6.4)	%

Service charges and fees on deposits	399			364			9.6	%	371			7.5	%	1,141			1,084			5.3	%
Loan servicing income	786			799			(1.6)	%	851			(7.6)	%	2,504			2,579			(2.9)	%
Bank-owned life insurance income	239			236			1.3	%	187			27.8	%	703			551			27.6	%
Other income	446			323			38.1	%	404			10.4	%	1,111			1,199			(7.3)	%
Total noninterest income	2,620			2,485			5.4	%	2,502			4.7	%	8,050			8,180			(1.6)	%
Noninterest expense
Salaries and employee benefits	8,801			9,225			(4.6)	%	8,572			2.7	%	27,244			26,175			4.1	%
Occupancy and equipment	2,261			2,300			(1.7)	%	1,964			15.1	%	6,919			5,779			19.7	%
Professional fees	599			973			(38.4)	%	685			(12.6)	%	2,656			2,189			21.3	%
Marketing and business promotion	667			318			109.7	%	980			(31.9)	%	1,304			1,555			(16.1)	%
Data processing	397			495			(19.8)	%	367			8.2	%	1,294			1,159			11.6	%
Director fees and expenses	226			221			2.3	%	152			48.7	%	679			549			23.7	%
Regulatory assessments	309			327			(5.5)	%	281			10.0	%	934			818			14.2	%
Other expense	1,342			1,316			2.0	%	1,206			11.3	%	5,099			3,364			51.6	%
Total noninterest expense	14,602			15,175			(3.8)	%	14,207			2.8	%	46,129			41,588			10.9	%
Income before income taxes	10,687			8,786			21.6	%	9,993			6.9	%	25,975			35,002			(25.8)	%
Income tax expense	2,873			2,505			14.7	%	2,970			(3.3)	%	7,195			10,205			(29.5)	%
Net income	7,814			6,281			24.4	%	7,023			11.3	%	18,780			24,797			(24.3)	%
Preferred stock dividends	346			142			143.7	%	—			NM		488			—			NM
Net income available to common shareholders	$	7,468		$	6,139		21.6	%	$	7,023		6.3	%	$	18,292		$	24,797		(26.2)	%

Earnings per common share
Basic	$	0.52		$	0.43				$	0.49				$	1.28		$	1.73
Diluted	$	0.52		$	0.43				$	0.49				$	1.27		$	1.71
Average common shares
Basic	14,241,014			14,237,083					14,294,802					14,237,851			14,327,930
Diluted	14,356,384			14,312,949					14,396,216					14,328,510			14,441,960

Dividend paid per common share	$	0.18		$	0.18				$	0.18				$	0.54		$	0.51
Return on average assets (1)	1.08		%	0.89		%			1.09		%			0.88		%	1.32		%
Return on average shareholders’ equity (1)	8.70		%	7.19		%			8.12		%			7.11		%	9.77		%
Return on average TCE (1), (2)	10.31		%	8.75		%			10.17		%			8.61		%	12.27		%
Efficiency ratio (3)	57.63		%	62.65		%			56.94		%			62.76		%	55.63		%

(1)Ratios are presented on an annualized basis.

(2)Non-GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.

(3)The ratios are calculated by dividing noninterest expense by the sum of net interest income and noninterest income.

PCB Bancorp and Subsidiary

Average Balance, Average Yield, and Average Rate (Unaudited)

($ in thousands)


	Three Months Ended
	9/30/2024						6/30/2024						9/30/2023
	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)	$	2,456,015	$	42,115	6.82	%	$	2,414,824	$	40,626	6.77	%	$	2,137,184	$	34,651	6.43	%
Mortgage-backed securities	111,350		1,000		3.57	%	104,538		911		3.50	%	98,534		750		3.02	%
Collateralized mortgage obligation	22,661		244		4.28	%	22,992		249		4.36	%	24,959		262		4.16	%
SBA loan pool securities	6,571		69		4.18	%	6,891		74		4.32	%	7,842		81		4.10	%
Municipal bonds (2)	2,698		24		3.54	%	3,238		29		3.60	%	3,602		30		3.30	%
Corporate bonds	4,248		47		4.40	%	4,157		47		4.55	%	4,056		47		4.60	%
Other interest-earning assets	175,711		2,499		5.66	%	213,428		3,009		5.67	%	219,115		3,031		5.49	%
Total interest-earning assets	2,779,254		45,998		6.58	%	2,770,068		44,945		6.53	%	2,495,292		38,852		6.18	%
Noninterest-earning assets
Cash and due from banks	24,098						23,057						21,298
ACL on loans	(28,797)						(28,372)						(24,869)
Other assets	92,152						88,399						71,512
Total noninterest-earning assets	87,453						83,084						67,941
Total assets	$	2,866,707					$	2,853,152					$	2,563,233
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	496,158	5,129		4.11	%	$	473,557	4,876		4.14	%	$	481,341	4,398		3.62	%
Savings	6,204		4		0.26	%	6,899		4		0.23	%	7,197		4		0.22	%
Time deposits	1,390,644		17,924		5.13	%	1,383,167		17,656		5.13	%	1,073,044		12,001		4.44	%
Total interest-bearing deposits	1,893,006		23,057		4.85	%	1,863,623		22,536		4.86	%	1,561,582		16,403		4.17	%
Other borrowings	15,848		222		5.57	%	48,462		674		5.59	%	—		—		—	%
Total interest-bearing liabilities	1,908,854		23,279		4.85	%	1,912,085		23,210		4.88	%	1,561,582		16,403		4.17	%
Noninterest-bearing liabilities
Noninterest-bearing demand	534,761						535,508						626,738
Other liabilities	65,716						54,338						31,769
Total noninterest-bearing liabilities	600,477						589,846						658,507
Total liabilities	2,509,331						2,501,931						2,220,089
Total shareholders’ equity	357,376						351,221						343,144
Total liabilities and shareholders’ equity	$	2,866,707					$	2,853,152					$	2,563,233
Net interest income			$	22,719					$	21,735					$	22,449
Net interest spread (3)					1.73	%					1.65	%					2.01	%
Net interest margin (4)					3.25	%					3.16	%					3.57	%
Total deposits	$	2,427,767	$	23,057	3.78	%	$	2,399,131	$	22,536	3.78	%	$	2,188,320	$	16,403	2.97	%
Total funding (5)	$	2,443,615	$	23,279	3.79	%	$	2,447,593	$	23,210	3.81	%	$	2,188,320	$	16,403	2.97	%

(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
	9/30/2024						9/30/2023
	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)	$	2,413,777	$	121,992	6.75	%	$	2,102,600	$	98,840	6.29	%
Mortgage-backed securities	105,933		2,750		3.47	%	98,364		2,146		2.92	%
Collateralized mortgage obligation	23,137		747		4.31	%	25,970		780		4.02	%
SBA loan pool securities	6,925		221		4.26	%	8,406		244		3.88	%
Municipal bonds (2)	3,077		81		3.52	%	4,017		97		3.23	%
Corporate bonds	4,211		141		4.47	%	4,300		141		4.38	%
Other interest-earning assets	201,951		8,566		5.67	%	206,720		7,978		5.16	%
Total interest-earning assets	2,759,011		134,498		6.51	%	2,450,377		110,226		6.01	%
Noninterest-earning assets
Cash and due from banks	22,845						21,069
ACL on loans	(28,251)						(25,438)
Other assets	89,784						72,616
Total noninterest-earning assets	84,378						68,247
Total assets	$	2,843,389					$	2,518,624
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	474,584	14,670		4.13	%	$	477,605	11,772		3.30	%
Savings	6,432		12		0.25	%	7,684		14		0.24	%
Time deposits	1,380,379		52,878		5.12	%	1,015,234		31,651		4.17	%
Total interest-bearing deposits	1,861,395		67,560		4.85	%	1,500,523		43,437		3.87	%
Other borrowings	35,427		1,485		5.60	%	5,212		209		5.36	%
Total interest-bearing liabilities	1,896,822		69,045		4.86	%	1,505,735		43,646		3.88	%
Noninterest-bearing liabilities
Noninterest-bearing demand	537,682						647,258
Other liabilities	56,019						26,208
Total noninterest-bearing liabilities	593,701						673,466
Total liabilities	2,490,523						2,179,201
Total shareholders’ equity	352,866						339,423
Total liabilities and shareholders’ equity	$	2,843,389					$	2,518,624
Net interest income			$	65,453					$	66,580
Net interest spread (3)					1.65	%					2.13	%
Net interest margin (4)					3.17	%					3.63	%
Total deposits	$	2,399,077	$	67,560	3.76	%	$	2,147,781	$	43,437	2.70	%
Total funding (5)	$	2,434,504	$	69,045	3.79	%	$	2,152,993	$	43,646	2.71	%

(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.

(6)Annualized.

PCB Bancorp and Subsidiary

Non-GAAP 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 does not have any intangible assets for the presented periods. Return on average TCE, TCE per common share, and TCE to total assets constitute supplemental financial information determined by methods other than in accordance with GAAP. These non-GAAP measures are used by management in its analysis of the Company's performance. These non-GAAP measures should not be viewed as substitutes for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. The following tables provide reconciliations of the non-GAAP measures with financial measures defined by GAAP.


($ in thousands)		Three Months Ended									Nine Months Ended
		9/30/2024			6/30/2024			9/30/2023			9/30/2024			9/30/2023
Average total shareholders' equity	(a)	$	357,376		$	351,221		$	343,144		$	352,866		$	339,423
Less: average preferred stock	(b)	69,141			69,141			69,141			69,141			69,141
Average TCE	(c)=(a)-(b)	$	288,235		$	282,080		$	274,003		$	283,725		$	270,282
Net income	(d)	$	7,814		$	6,281		$	7,023		$	18,780		$	24,797
Return on average shareholder's equity (1)	(d)/(a)	8.70		%	7.19		%	8.12		%	7.11		%	9.77		%
Net income available to common shareholders	(e)	$	7,468		$	6,139		$	7,023		$	18,292		$	24,797
Return on average TCE (1)	(e)/(c)	10.31		%	8.75		%	10.17		%	8.61		%	12.27		%

(1) Annualized.


($ in thousands, except per share data)		9/30/2024			6/30/2024			12/31/2023			9/30/2023
Total shareholders' equity	(a)	$	362,300		$	353,469		$	348,872		$	341,852
Less: preferred stock	(b)	69,141			69,141			69,141			69,141
TCE	(c)=(a)-(b)	$	293,159		$	284,328		$	279,731		$	272,711
Outstanding common shares	(d)	14,266,725			14,254,024			14,260,440			14,319,014
Book value per common share	(a)/(d)	$	25.39		$	24.80		$	24.46		$	23.87
TCE per common share	(c)/(d)	$	20.55		$	19.95		$	19.62		$	19.05
Total assets	(e)	$	2,889,833		$	2,852,964		$	2,789,506		$	2,567,974
Total shareholders' equity to total assets	(a)/(e)	12.54		%	12.39		%	12.51		%	13.31		%
TCE to total assets	(c)/(e)	10.14		%	9.97		%	10.03		%	10.62		%

Earnings Results 3Q24 October 24, 2024 PCB BANCORP

2 Forward-Looking Statement & Non-GAAP Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control, including but not limited to the health of the national and local economies including the impact to the Company and its customers resulting from changes to, and the level of, inflation and interest rates; 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 our financial performance and our 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; the success of acquisitions and branch expansion; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company’s enterprise risk management framework; costs related to litigation; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, other public health crises, acts of war or terrorism, and other external events on our business. These and other important factors are detailed in various securities law filings made periodically by the Company, copies of which are available without charge on the SEC’s website at www.sec.gov and the 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 presentation, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law. Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes amounts or is subject to adjustments that have the effect of excluding amounts that are included in the most directly comparable measure calculated and presented in accordance with GAAP. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are provided in the Non-GAAP Measures section of this presentation. References to the “Company,” “we,” or “us” refer to PCB Bancorp and references to the “Bank” refer to the Company’s subsidiary, PCB Bank.

Market Information 10/22/24 Market Cap $258.4 million Stock Price Per Share $18.11 52-Week Range $14.50 - $20.22 Dividend Yield 3.98% Dividend Payout Ratio (4Q23 – 3Q24) 42.60% Outstanding Shares 14,266,725 Stock Information 3Q24 or 9/30/24 Diluted Earnings Per Share (“Diluted EPS”) $0.52 Cash Dividend Per Share $0.18 Book Value (“BV”) Per Share $25.39 Tangible Common Equity (“TCE”) Per Share (1) $20.55 Number of Repurchased Shares (2) 0 (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure (2) The Company is authorized to purchased additional shares of 577,777 shares under the 2023 stock repurchase program as of 9/30/24. PCB Footprint Corporate Profile 3

Historical Performance $1.45 $1.58 $1.73 $2.05 $2.32 $2.47 0.000 0.500 1.000 1.500 2.000 2.500 3.000 2019 2020 2021 2022 2023 Sep-24 Held-For-Investment Loans ($bn) $1.48 $1.59 $1.87 $2.05 $2.35 $2.46 0.000 0.500 1.000 1.500 2.000 2.500 3.000 2019 2020 2021 2022 2023 Sep-24 Deposits ($bn) $24.1 $16.2 $40.1 $35.0 $30.7 $18.8 $38.6 $36.2 $52.4 $53.0 $43.1 $27.4 0.000 10.000 20.000 30.000 40.000 50.000 60.000 2019 2020 2021 2022 2023 09/24 YTD Net Income/PTPP Income ($mm) Net Income PTPP Income CAGR +12.5% CAGR +12.3% $0.25 $0.40 $0.44 $0.60 $0.69 $0.54 $1.49 $1.05 $2.62 $2.31 $2.12 $1.27 $14.44 $15.19 $17.24 $22.94 $24.46 $25.39 $18.21 $19.62 $20.55 -$5.00 $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 2019 2020 2021 2022 2023 09/24 YTD Cash Dividend/Diluted EPS & BV/TCE Per Share Cash Dividend Per Share Diluted EPS BV Per Share TCE Per Share (1) At period end (2) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of these measures to their most comparable GAAP measures (1), (2)(1) (2) Annualized +8.2% Annualized +6.1% 4

3Q24 Highlights Operating Results • Net income available to common shareholders of $7.5 million, or $0.52 per diluted share • Provision for credit losses of $50 thousand • Return on Average Assets (“ROAA”) of 1.08%, Return on Average TCE (“ROATCE”) (1) of 10.31%, net interest margin of 3.25%, and efficiency ratio of 57.6% Loans • Loans held-for-investment (“HFI loans”) increased $17.1 million, or 0.7%, to $2.47 billion • Average loan yield was 6.82% compared to 6.77% for 2Q24 • Total loans to deposits ratio was 100.5% • Quarterly loan production was $186.6 million compared to $73.3 million for 2Q24 Asset Quality • ACL on loans was $28.9 million, or 1.17% to HFI loans • Past due loans were $3.0 million, or 0.12% of HFI loans and NPLs were $6.6 million, or 0.27% of HFI loans Deposits • Total deposits increased $53.6 million, or 2.2%, to $2.46 billion • Core deposits(1) were $1.52 billion, or 62.0% of total deposits • Non-interest bearing deposits were $540.1 million, or 22.0% of total deposits • Uninsured deposits were $1.04 billion, or 42.4% of total deposits • Cost of average interest-bearing deposits and total deposits were 4.85% and 3.78%, respectively Capital & Liquidity • Declared and paid quarterly cash dividend of $0.18 per share • TCE per share increased to $20.55 • Maintained available borrowing capacity of $1.35 billion, or 46.6% of total assets (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation to most comparable GAAP measure 5

Selected Financial As of or For the Three Months Ended Compared to 6/30/24 Compared to 9/30/23 ($ in Thousands, Except Per Share Data) 9/30/24 6/30/24 9/30/23 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 45,998 $ 44,945 $ 38,852 $ 1,053 2.3% $ 7,146 18.4% Interest Expense 23,279 23,210 16,403 69 0.3% 6,876 41.9% Net Interest Income 22,719 21,735 22,449 984 4.5% 270 1.2% Noninterest Income 2,620 2,485 2,502 135 5.4% 118 4.7% Noninterest Expense 14,602 15,175 14,207 (573) -3.8% 395 2.8% Provision (Reversal) for Credit Losses 50 259 751 (209) -80.7% (701) -93.3% Pretax Income 10,687 8,786 9,993 1,901 21.6% 694 6.9% Income Tax Expense 2,873 2,505 2,970 368 14.7% (97) -3.3% Net Income 7,814 6,281 7,023 1,533 24.4% 791 11.3% Preferred Stock Dividends 346 142 0 204 143.7% 346 NM Net Income Available to Common Shareholders 7,468 6,139 7,023 1,329 21.6% 445 6.3% Diluted EPS $ 0.52 $ 0.43 $ 0.49 $ 0.09 20.9% $ 0.03 6.1% Selected Balance Sheet Items: HFI loans $ 2,466,174 $ 2,449,074 $ 2,323,452 $ 17,100 0.7% $ 142,722 6.1% HFS loans 5,170 2,959 5,155 2,211 74.7% 15 0.3% Total Deposits 2,459,682 2,406,254 2,351,612 53,428 2.2% 108,070 4.6% Total Assets 2,889,833 2,852,964 2,789,506 36,869 1.3% 100,327 3.6% Shareholders’ Equity 362,300 353,469 348,872 8,831 2.5% 13,428 3.8% TCE (2) 293,159 284,328 279,731 8,831 3.1% 13,428 4.8% Key Metrics: BV Per Share $ 25.39 $ 24.80 $ 24.46 $ 0.59 2.4% $ 0.93 3.8% TCE Per Share (1) $ 20.55 $ 19.95 $ 19.62 $ 0.60 3.0% $ 0.93 4.7% ROAA (2) 1.08% 0.89% 1.09% 0.19% -0.01% Return on Average Equity (“ROAE”) (2) 8.70% 7.19% 8.12% 1.51% 0.58% ROATCE (1), (2) 10.31% 8.75% 10.17% 1.56% 0.14% Net Interest Margin (2) 3.25% 3.16% 3.57% 0.09% -0.32% Efficiency Ratio (3) 57.63% 62.65% 56.94% -5.02% 0.69% (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of these measures to their most comparable GAAP measures (2) Annualized (3) Calculated by dividing noninterest expense by the sum of net interest income and noninterest income 6

$1,440 $1,445 $1,469 $1,504 $1,571 $1,614 $1,631 $1,661 $249 $268 $272 $280 $342 $372 $417 $407$357 $379 $382 $384 $410 $412 $401 $398 $2,046 $2,092 $2,122 $2,168 $2,323 $2,398 $2,449 $2,466 - 500 1,000 1,500 2,000 2,500 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 HFI Loan Trend ($mm) Commercial Real Estate Commercial & Industrial Consumer 7 Loan Overview YoY +13.8% (1) Per regulatory definition in the Commercial Real Estate (“CRE”) Concentration Guidance $925 $943 $941 $961 $1,063 $1,103 $1,081 $1,100 254% 259% 255% 257% 281% 289% 281% 282% 0% 50% 100% 150% 200% 250% 300% 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0 1,100.0 1,200.0 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Commercial Real Estate(1) Loan Trend ($mm) CRE Loans % to the Bank's Total Risk-Based Capital Commercial Property 35% Business Property 24% Multifamily 8% Construction 1% Commercial & Industrial 16% Consumer 16% HFI Loan Composition September 30, 2024 $2.47B 3Q24 Highlights • HFI loans Increased $17.1 million, or 0.7%, to $2.47 billion • CRE loans increased $29.6 million (1.8%), but C&I loans decreased $10.3 million (2.5%) & consumer loans decreased $2.2 million (0.6%)

8 Loan Production & Rate/Yield Analysis (1) Total commitment basis (2) Include both HFI and HFS loans (3) Annualized $15 $14 $4 $17 $19 $11 $2 $64 $27 $37 $27 $77 $24 $7 $30 $110 $71 $83 $114 $194 $119 $66 $163 $190 $112 $123 $158 $290 $154 $73 $195 7.17% 8.04% 8.18% 7.95% 7.90% 8.40% 8.78% 7.56% -8% -6% -4% -2% 0% 2% 4% 6% 8% 0 50 100 150 200 250 300 350 400 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 New Production(1) by Rate Type ($mm) Fixed Hybrid Variable WA Rate Fixed (WA Rate: 5.06%) 18% Variable (WA Rate: 8.10%) 44% Hybrid (WA Rate: 5.14%) 38% HFI Loans Interest Rate Mix 23% 23% 23% 22% 21% 20% 19% 18% 39% 39% 39% 39% 39% 39% 37% 38% 38% 38% 38% 39% 40% 41% 44% 44% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 30-Sep HFI Loans Interest Rate Mix Trend Fixed Hybrid Variable September 30, 2024 HFI Loans WA Rate 6.43% Repricing Schedule (09/30/24) HFI Loans HFS Loans Total Loans ($ in thousands) Carrying Value WA Rate Carrying Value WA Rate Carrying Value WA Rate Less Than 3 Months $ 964,030 8.22% $ 5,170 9.59% $ 969,200 8.22% 3 to 12 Months 286,521 6.01% 0 286,521 6.01% 1 to 3 Years 752,887 4.34% 0 752,887 4.34% 3 to 5 Years 402,472 6.56% 0 402,472 6.56% More than 5 Years 60,264 4.75% 0 60,264 4.75% Total $ 2,466,174 6.43% $ 5,170 9.59% $ 2,471,344 6.43% Loan Yield Analysis 3Q24 09/24 YTD ($ in thousands) Amount(2) Yield(3) Amount(2) Yield(3) Average Carrying Value $ 2,456,015 $ 2,413,777 Interest on Loans $ 41,096 6.66% $ 118,936 6.54% Fee (Cost) 160 0.03% 692 0.04% Prepayment Penalty & Late Charges 86 0.01% 227 0.01% Discount (Premium) 773 0.13% 2,137 0.12% Total Interest & Fees $ 42,115 6.82% $ 121,992 6.75%

Carrying Value % to Total Count WA LTV(1) WA Rate Maturing ($ in thousands) <= 1 Year 2-3 Years 3-5 Years > 5 Years Retail (More Than 50%) $ 363,400 21.8% 310 47.9% 6.18% $ 81,378 $ 80,700 $ 110,409 $ 90,913 Industrial 265,223 16.0% 163 49.1% 5.87% 52,392 61,657 77,808 73,366 Mixed Use 175,540 10.6% 142 44.8% 5.98% 37,562 42,099 56,100 39,779 Apartments 166,845 10.0% 59 54.7% 6.01% 53,209 37,509 70,072 6,055 Motel & Hotel 135,709 8.2% 107 47.5% 7.31% 4,717 23,056 33,068 74,868 Gas Station 106,336 6.4% 119 53.5% 6.76% 2,141 15,474 39,895 48,826 Office 100,568 6.1% 58 53.4% 6.03% 20,168 17,870 29,635 32,895 Medical 55,343 3.3% 29 41.2% 7.61% 9,418 32,453 8,923 4,549 Auto (Sales, Repair, & etc.) 37,146 2.2% 32 53.7% 5.47% 10,211 310 21,987 4,638 Golf Course 35,875 2.2% 8 48.9% 5.06% 0 22,965 7,658 5,252 Car Wash 33,945 2.0% 27 48.9% 6.02% 10,808 7,533 8,364 7,240 Commercial Condominium 31,414 1.9% 40 50.5% 5.91% 4,662 7,061 10,193 9,498 Spa, Sauna, & Oher Self-Care 30,805 1.9% 7 49.2% 5.21% 13,384 0 8,432 8,989 Nursing Facility 26,832 1.6% 8 51.7% 7.16% 0 0 19,308 7,524 Construction 21,150 1.3% 6 54.4% 9.20% 21,150 0 0 0 Wholesale 19,178 1.2% 16 41.9% 5.37% 4,241 1,922 12,016 999 Others 55,611 3.3% 79 47.4% 6.44% 9,162 9,327 15,291 21,831 Total $ 1,660,920 100.0% 1,210 49.2% 6.25% $ 334,603 $ 359,936 $ 529,159 $ 437,222 Loan Concentration (1) Collateral value at origination Los Angeles County 61% Orange County 9% San Bernardino County 4% Northern CA Counties 3% Riverside County 3% Other Socal Counties 1% NY/NJ 7% Texas 5% Washington 3% Other States 4% Commercial Real Estate Loans Geographic Concentration (9/30/24) $1.66B CA: $1.34B (81%) Commercial Real Estate Loans by Property Type (9/30/24) ($ in thousands) Carrying Value WA LTV(1) WA FICO Residential Mortgage $ 383,377 59.5% 758 Residential Mortgage Loans (9/30/24) 9

Loan Concentration Carrying Value % to Total WA Rate WA Month to Maturity($ in thousands) Finance & Insurance $ 131,064 32.3% 7.21% 9 General Manufacturing & Wholesale Trade 88,068 21.7% 7.73% 12 Retail Trade 40,183 9.9% 8.57% 45 Food Services 36,807 9.0% 8.95% 56 Real Estate Related 30,264 7.4% 7.55% 16 Arts, Entertainment, & Recreation 25,362 6.2% 8.34% 21 Professional, Scientific, & Technical Services 16,594 4.1% 8.17% 17 Construction 10,332 2.5% 8.16% 4 Transportation & Warehousing 8,337 2.0% 8.74% 28 Health Care & Social Assistance 7,716 1.9% 8.45% 41 All Other 12,297 3.0% 8.20% 46 Total $ 407,024 100.0% 7.86% 21 Los Angeles County 46% Orange County 13% Northern CA Counties… Other Socal Counties 5% San Bernardino County 2% Riverside County 1% Georgia 9% NY/NJ 7% Texas 3% Other States 8% Commercial & Industrial Loans Geographic Concentration (9/30/24) Commercial & Industrial Loans by Industry Type (9/30/24) $407MM CA: $294MM (72%) 10

Credit Quality & Peer(1) Comparison $7.4 $3.0 $3.8 $3.7 $6.5 $4.9 $7.5 $7.1 0 1 2 3 4 5 6 7 8 9 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Non-Performing Assets (“NPAs”) ($mm) 0.30% 0.12% 0.15% 0.15% 0.23% 0.17% 0.26% 0.24% 0% 0% 0% 0% 0% 0% 0% 0% Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 NPAs to Total Assets 1.22% 1.18% 1.17% 1.18% 1.19% 1.18% 1.17% 1.17% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 ACL on Loans to HFI Loans 742% 834% 647% 686% 703% 574% 383% 437% -0.5 0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 ACL on Loans to Non-Performing HFI Loans 0.77% 0.57% 0.55% 0.54% 0.54% 0.32% 0.32% 0.29% 0.23% 0% 0% 0% 0% 0% 1% 1% 1% 1% 1% Hope Open CBB Peer Shinhan Hanmi USM PCB Woori NPAs / (Total Loans + OREO)(2) September 30, 2024 Peer Information: June 30, 2024 1.40% 0.77% 0.63% 0.46% 0.32% 0% 0% 0% 1% 1% 1% 1% 1% 2% Hope CBB Open Hanmi PCB Classified Assets to Total Assets(4) September 30, 2024 Peer Information: June 30, 2024 (1) Korean-American banks operating in Southern California (2) Source: UBPR (3) PCB Bank’s Peer Group per UBPR (4) Source: press releases concerning financial performance (3) 11

Deposits (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure. $735 $654 $635 $611 $595 $538 $544 $540 $515 $460 $489 $459 $421 $484 $484 $492 $649 $811 $844 $861 $972 $1,021 $1,036 $1,073 $147 $217 $220 $261 $364 $360 $343 $355 $2,046 $2,142 $2,188 $2,192 $2,352 $2,403 $2,407 $2,460 0 500 1,000 1,500 2,000 2,500 3,000 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Deposit Trend ($mm) Noninterest DDA Retail Other Interest-Bearing Retail Time Deposits Wholesale Deposits Noninterest DDA 22% Retail Other Interest-Bearing 20% Retail Time Deposits 44% Whoelsae Deposits 14% Deposit Composition $2.46B $1,545 $1,470 $1,516 $1,476 $1,472 $1,494 $1,503 $1,525 76% 69% 69% 67% 63% 62% 63% 62% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $500 $700 $900 $1,100 $1,300 $1,500 $1,700 $1,900 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Core Deposits(1) ($mm) Core Deposits % to Total Deposits Time Deposit Maturity Schedule (9/30/24) Retail Wholesale Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 398,341 5.23% $ 192,041 5.34% $ 590,382 5.27% 3 to 6 Months 371,741 5.11% 150,000 4.63% 521,741 4.97% 6 to 9 Months 160,631 5.01% 13,038 5.25% 173,669 5.02% 9 to 12 Months 136,170 4.65% 0 136,170 4.65% More than 12 Months 5,713 3.34% 0 5,713 3.34% Total $ 1,072,596 5.07% $ 355,079 5.04% $ 1,427,675 5.06% YoY +12.2% 3Q24 Highlight • Total deposits increased $53.4 million (2.2%) • Retail deposits increased $41.4 million (2.0%) and wholesale deposits increased $12.0 million (3.5%) • Uninsured deposits were $1.04 billion (42.4% of total deposits) compared to $1.02 billion (42.4% of total deposits) at 6/30/24 September 30, 2024 12

Profitability (1) PTPP (Pre-Tax Pre-Provision) income, and adjusted EPS, ROAA and ROAE for PTPP are not presented in accordance with GAAP. See “Non-GAAP measure” for reconciliations of these measures to their most comparable GAAP measures. $8.7 $10.3 $7.5 $7.0 $5.9 $4.7 $6.3 $7.8 $13.5 $11.7 $10.7 $10.7 $10.0 $7.6 $9.0 $10.7 -1 1 3 5 7 9 11 13 15 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Net Income PTPP Net Income & PTPP(1) Income ($mm) $0.58 $0.70 $0.52 $0.49 $0.41 $0.33 $0.43 $0.52 $0.91 $0.80 $0.75 $0.74 $0.69 $0.53 $0.62 $0.72 0.00 0.20 0.40 0.60 0.80 1.00 1.20 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Diluted EPS Adjusted Diluted EPS Diluted EPS & Adjusted Diluted EPS(1) 1.44% 1.69% 1.19% 1.09% 0.89% 0.67% 0.89% 1.08% 2.24% 1.92% 1.71% 1.66% 1.50% 1.09% 1.28% 1.49% 0% 1% 1% 2% 2% 3% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 ROAA Adjusted ROAA ROAA & Adjusted ROAA(1) 10.31% 12.46% 8.82% 8.12% 6.82% 5.39% 7.19% 8.70% 16.04% 14.13% 12.68% 12.42% 11.49% 8.73% 10.36% 11.95% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 ROAE Adjusted ROAE ROAE & Adjusted ROAE(1) 3Q24 Highlights • Net interest income increased $984 thousand and noninterest expense decreased $722 thousand, but noninterest income decreased $14 thousand. 13

Noninterest Income & Expense $17.4 $27.1 $16.8 $17.7 $20.8 $19.4 $13.6 $13.5 $22.3 $22.5 $19.2 $16.2 $25.1 $20.6 $12.7 $19.8 6.3% 7.5% 7.2% 6.3% 6.0% 8.2% 7.8% 8.8% 4.4% 4.8% 4.6% 3.9% 3.9% 5.6% 5.6% 5.6% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 0 5 10 15 20 25 30 35 40 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 SBA 7(A) Loans ($mm) Sold Production Premium % Gain % $7.9 $8.9 $8.7 $8.6 $8.4 $9.2 $9.2 $8.8 $5.2 $4.8 $4.9 $5.6 $6.1 $7.2 $6.0 $5.8 2.19% 2.23% 2.16% 2.22% 2.19% 2.33% 2.13% 2.04% 0% 1% 1% 2% 2% 3% 0 2 4 6 8 10 12 14 16 18 20 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Noninterest Expense Trend ($mm) Compensation All Other Expenses % to Average Total Assets 49.2% 54.1% 55.9% 56.9% 59.2% 68.3% 62.7% 57.6% 62.1% 61.0% 61.6% 62.1% 62.8% 66.1% 65.3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Efficiency Ratio (2) PCB Peer Average 272 276 272 272 270 272 265 264 258 260 262 264 266 268 270 272 274 276 278 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Number of FTE(3) Employees (1) Annualized (2) Calculated by dividing noninterest expense by the sum of net interest income and noninterest income. Peer average data from UBPR (3) Full-time equivalent (1) $1.6 $1.7 $1.9 $1.8 $1.7 $1.8 $1.7 $1.9 $0.8 $1.3 $0.8 $0.7 $0.8 $1.1 $0.8 $0.8 32% 43% 29% 28% 32% 37% 31% 30% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 0 1 1 2 2 3 3 4 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Noninterest Income Trend ($mm) All Other Income Gain on Sale of Loans % of Gain on Sale of Loans

Net Interest Margin (1) Annualized 5.70% 6.11% 6.30% 6.43% 6.58% 6.66% 6.77% 6.82% 4.15% 3.79% 3.55% 3.57% 3.40% 3.10% 3.16% 3.25%2.28% 3.45% 3.97% 4.17% 4.52% 4.85% 4.86% 4.85% 1.42% 2.33% 2.81% 2.97% 3.36% 3.76% 3.81% 3.79% 3.65% 4.52% 4.99% 5.26% 5.33% 5.33% 5.33% 5.26% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Yield & Cost(1) Loan Yield Net Interest Margin Cost of Interest-Bearing Liabilities Cost of Funds Average Fed Funds Rate 3.16% 3.25% +0.04% -0.01% 0.00% +0.06% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% 3.40% 2Q24 Loan Yield Other Earning Assets Yield Int-Bearing Liabilities Cost Balance Sheet Mix 3Q24 Quarter-over-Quarter Impact to Net Interest Margin(1) 3Q24 Highlights • Net interest income increased $984 thousand to $22.7 million from $21.7 million for 2Q24. • Net interest margin increased to 3.25% from 3.16% for 2Q24 mainly due to increases in loan yield and balance sheet mix. 15

Capital 12.49% 14.33% 15.54% 14.33% 5.00% 6.50% 8.00% 10.00% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Tier 1 Leverage CET 1 Capital Tier 1 Capital Total Capital Bank-Level Regulatory Capital Ratios Actual Minimum Requirement For Well-Capitalized $22.94 $23.56 $23.77 $23.87 $24.46 $24.54 $24.80 $25.39 $18.21 $18.72 $18.94 $19.05 $19.62 $19.69 $19.95 $20.55 $12 $14 $16 $18 $20 $22 $24 $26 $28 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Book Value/TCE(1) Per Share BV Per Share TCE Per Share September 30, 2024 13.86% 13.47% 13.32% 13.31% 12.51% 12.26% 12.39% 12.54% 11.00% 10.71% 10.61% 10.62% 10.03% 9.84% 9.97% 10.14% 8% 9% 10% 11% 12% 13% 14% 15% Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Total Equity/TCE(1) to Total Assets Total Equity to Total Assets TCE to Total Assets (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure. 16

Non-GAAP Measures To supplement the financial information presented in accordance with GAAP, we use certain non-GAAP financial measures. Management believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. Risks associated with non-GAAP measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently. In the information below, we provide reconciliations of the non-GAAP financial measures used in this presentation to the most direct comparable GAAP measures. Core Deposits Core Deposits are a non-GAAP measure that we use to measure the portion of our total deposits that are thought to be more stable, lower cost and reprice less frequently on average in a rising rate environment. We calculate core deposits as total deposits less time deposits greater than $250,000 and brokered deposits. Management tracks its core deposits because management believes it is a useful measure to help assess the Company’s deposit base and, among other things, potential volatility therein. ROATCE, TCE Per Share and TCE to Total Assets ROATCE, TCE per share and TCE to total assets measures that we use to measure the Company’s performance. We calculated TCE as total shareholders’ equity excluding preferred stock. Management believes the non-GAAP measures provide useful supplemental information, and a clearer understanding of the Company’s performance. PTPP Income, and Adjusted ROAA, ROAE and Diluted EPS for PTPP PTPP income, and adjusted ROAA, ROAE and Diluted EPS are non-GAAP measures that we use to measure the Company’s performance and believe these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. We calculated PTPP income as net income excluding income tax provision and provision for loan losses. 17

Non-GAAP Measures The following table reconciles core deposits to its most comparable GAAP measure: ($ in thousands) Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Total Deposits (d) $ 2,045,983 $ 2,141,689 $ 2,188,231 $ 2,192,129 $ 2,351,612 $ 2,402,840 $ 2,406,254 $ 2,459,682 Less: Time Deposits Greater Than $250K (413,876) (514,464) (511,590) (514,406) (575,702) (609,550) (619,832) (640,166) Less: Brokered Deposits (87,031) (157,020) (160,149) (201,258) (303,742) (299,776) (283,033) (295,080) Core Deposits (e) $ 1,545,076 $ 1,470,205 $ 1,516,492 $ 1,476,465 $ 1,472,168 $ 1,493,514 $ 1,503,389 $ 1,524,436 Core Deposits to Total Deposits (e)/(d) 75.5% 68.6% 69.3% 67.4% 62.6% 62.2% 62.5% 62.0% The following table reconciles ROATCE to its most comparable GAAP measure: ($ in thousands) 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Average Total Shareholders' Equity (a) $ 334,832 $ 335,169 $ 339,869 $ 343,144 $ 343,735 $ 349,644 $ 351,221 $ 357,376 Less: Average Preferred Stock 69,141 69,141 69,141 69,141 69,141 69,141 69,141 69,141 Average TCE (Non-GAAP) (b) $ 265,691 $ 266,028 $ 270,728 $ 274,003 $ 274,594 $ 280,503 $ 282,080 $ 288,235 Net Income (c) $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,281 $ 7,814 ROAE (1) (c)/(a) 10.31% 12.46% 8.82% 8.12% 6.82% 5.32% 7.19% 8.70% Net Income Available to Common Shareholders (d) $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,139 $ 7,468 ROATCE (Non-GAAP)(1) (d)/(b) 12.99% 15.70% 11.08% 10.17% 8.54% 6.63% 8.75% 10.31% The following table reconciles TCE per share and TCE to total assets to their most comparable GAAP measures: ($ in thousands, except per share data) Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Total Shareholders' Equity (a) $ 335,442 $ 336,830 $ 340,411 $ 341,852 $ 348,872 $ 350,005 $ 353,469 $ 362,300 Less: Preferred Stock 69,141 69,141 69,141 69,141 69,141 69,141 69,141 69,141 TCE (Non-GAAP) (b) $ 266,301 $ 267,689 $ 271,270 $ 272,711 $ 279,731 $ 280,864 $ 284,328 $ 293,159 Outstanding Shares (c) 14,625,474 14,297,870 14,318,890 14,319,014 14,260,440 14,263,791 14,254,024 14,266,725 Book Value Per Share (a)/(c) $ 22.94 $ 23.56 $ 23.77 $ 23.87 $ 24.46 $ 24.54 $ 24.80 $ 25.39 TCE Per Share (Non-GAAP) (b)/(c) $ 18.21 $ 18.72 $ 18.94 $ 19.05 $ 19.62 $ 19.69 $ 19.95 $ 20.55 Total Assets (d) $ 2,420,036 $ 2,500,524 $ 2,556,345 $ 2,567,974 $ 2,789,506 $ 2,854,292 $ 2,852,964 $ 2,889,833 Total Shareholders’ Equity to Total Assets (a)/(d) 13.86% 13.47% 13.32% 13.31% 12.51% 12.26% 12.39% 12.54% TCE to Total Assets (Non-GAAP) (b)/(d) 11.00% 10.71% 10.61% 10.62% 10.03% 9.84% 9.97% 10.14% (1) Annualized 18

Non-GAAP Measures (1) Provision (reversal) for credit losses does not include provision (reversal) for off-balance sheet credit exposures for periods prior to January 1, 2023. (2) Annualized. The following table reconciles PTPP income, and adjusted ROAA, ROAE and diluted EPS for PTPP to their most comparable GAAP measures: ($ in thousands) 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Net Income (a) $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,281 $ 7,814 Add: Provision (Reversal) for Credit Losses(1) 1,149 (2,778) 197 751 1,698 1,090 259 50 Add: Income Tax Provision 3,688 4,162 3,073 2,970 2,352 1,817 2,505 2,873 PTPP Income (Non-GAAP) (b) $ 13,539 $ 11,681 $ 10,747 $ 10,744 $ 9,958 $ 7,592 $ 9,045 $ 10,737 Average Total Assets (c) $ 2,395,712 $ 2,470,876 $ 2,520,752 $ 2,563,233 $ 2,642,175 $ 2,809,808 $ 2,853,152 $ 2,866,707 ROAA (2) (a)/(c) 1.44% 1.69% 1.19% 1.09% 0.89% 0.67% 0.89% 1.08% Adjusted ROAA (Non-GAAP)(2) (b)/(c) 2.24% 1.92% 1.71% 1.66% 1.50% 1.09% 1.28% 1.49% Average Total Shareholders' Equity (d) $ 334,832 $ 335,169 $ 339,869 $ 343,144 $ 343,735 $ 349,644 $ 351,221 $ 357,376 ROAE (2) (a)/(d) 10.31% 12.46% 8.82% 8.12% 6.82% 5.39% 7.19% 8.70% Adjusted ROAE (Non-GAAP)(2) (b)/(d) 16.04% 14.13% 12.68% 12.42% 11.49% 8.73% 10.36% 11.95% Net Income available to common shareholders $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,139 $ 7,468 Less: Income Allocated to Participating Securities (37) (33) (24) (21) (17) (9) (11) (11) Net Income Allocated to Common Stock (e) 8,665 10,264 7,453 7,002 5,891 4,676 6,128 7,457 Add: Provision for Loan Losses 1,149 (2,778) 197 751 1,698 1,090 259 50 Add: Income Tax Provision 3,688 4,162 3,073 2,970 2,352 1,817 2,505 2,873 PTPP Income Allocated to Common Stock (f) $ 13,502 $ 11,648 $ 10,723 $ 10,723 $ 9,941 $ 7,583 $ 8,892 $ 10,380 WA common shares outstanding, diluted (g) 14,904,106 14,574,929 14,356,776 14,396,216 14,316,581 14,330,204 14,312,949 14,356,384 Diluted EPS (e)/(g) $ 0.58 $ 0.70 $ 0.52 $ 0.49 $ 0.41 $ 0.33 $ 0.43 $ 0.52 Adjusted Diluted EPS (Non-GAAP) (f)/(g) $ 0.91 $ 0.80 $ 0.75 $ 0.74 $ 0.69 $ 0.53 $ 0.62 $ 0.72 ($ in thousands) 2019 2020 2021 2022 2023 09/24 YTD Net Income $ 24,108 $ 16,175 $ 40,103 $ 34,987 $ 30,705 $ 18,780 Add: Provision (Reversal) for Credit Losses(1) 4,237 13,219 (4,596) 3,602 (132) 1,399 Add: Income Tax Provision 10,243 6,836 16,856 14,416 12,557 7,195 PTPP Income (Non-GAAP) $ 38,588 $ 36,230 $ 52,363 $ 53,005 $ 43,130 $ 27,374 19

Exhibit 99.3

PCB Bancorp Declares Quarterly Cash Dividend of $0.18 Per Common Share

Los Angeles, California - October 24, 2024 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank, announced that on October 24, 2024, its Board of Directors declared a quarterly cash dividend of $0.18 per common share. The dividend will be paid on or about November 15, 2024, to shareholders of record as of the close of business on November 8, 2024.

About PCB Bancorp

Contact:

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000

Document and Entity Information Document	Oct. 24, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 24, 2024
Entity Registrant Name	PCB BANCORP
Entity Central Index Key	0001423869
Amendment Flag	false
Entity Incorporation, State or Country Code	CA
Entity File Number	001-38621
Entity Tax Identification Number	20-8856755
Entity Address, Address Line One	3701 Wilshire Boulevard
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90010
City Area Code	213
Local Phone Number	210-2000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, no par value
Trading Symbol	PCB
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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