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): July 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 July 25, 2024, PCB Bancorp, a California corporation (the “Company”), issued a press release concerning its unaudited results for the second 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 July 25, 2024, the Company issued a press release announcing that on July 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 August 16, 2024, to shareholders of record as of the close of business on August 16, 2024. A copy of the press release is attached as Exhibit 99.3 to this Current Report and is incorporated herein by reference.

Extension of Stock Repurchase Program

On July 25, 2024, the Company issued a press release announcing that on July 24, 2024, its Board of Directors extend the Company’s current stock repurchase program that was set to expire on August 2, 2024 to expire on August 1, 2025. As originally approved and announced on August 2, 2023, the stock repurchase program authorizes the repurchase of up to 720,000 shares of the Company’s outstanding common stock, which was approximately 5% of the outstanding share as of that date The Company has repurchased and retired 142,223 shares of its common stock under the stock repurchase program, leaving an aggregate of 577,777 shares authorized for repurchase.

Under the stock repurchase program, the Company may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at the Company’s discretion. Factors include, but are not limited to, stock price, trading volume and general market conditions, along with the Company’s general business conditions. The program may be suspended or discontinued at any time and does not obligate the company to acquire any specific number of shares of its common stock.

As part of the stock repurchase program, the Company intends to enter into a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The 10b5-1 trading plan would permit common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan will be administered by an independent broker and will be subject to price, market volume and timing restrictions. A copy of the press release is attached as Exhibit 99.4 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 July 25, 2024, concerning the results of operations and financial condition for the second quarter of 2024

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

99.3 Press release of PCB Bancorp, issued July 25, 2024, announcing the declaration of a quarterly cash dividend

99.4 Pre ss release of PCB Ban corp, issued July 25, 20 24, a nnouncing the amendment to the stock repurchase program

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:	July 25, 2024	/s/ Timothy Chang
		Timothy Chang
		Executive Vice President and Chief Financial Officer

Exhibit 99.1

PCB Bancorp Reports Earnings of $6.3 million for Q2 2024

Los Angeles, California - July 25, 2024 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income of $6.3 million, or $0.43 per diluted common share, for the second quarter of 2024, compared with $4.7 million, or $0.33 per diluted common share, for the previous quarter and $7.5 million, or $0.52 per diluted common share, for the year-ago quarter.

Q2 2024 Highlights

•Net income totaled $6.3 million, or $0.43 per diluted common share;

•Recorded a provision for credit losses of $259 thousand for the current quarter compared with $1.1 million for the previous quarter and $197 thousand for the year-ago quarter;

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

•Net interest income was $21.7 million for the current quarter compared with $21.0 million for the previous quarter and $21.7 million for the year-ago quarter. Net interest margin was 3.16% for the current quarter compared with 3.10% for the previous quarter and 3.55% for the year-ago quarter;

•Gain on sale of loans was $763 thousand for the current quarter compared with $1.1 million for the previous quarter and $769 thousand for the year-ago quarter;

•Total assets were $2.85 billion at June 30, 2024, a decrease of $1.3 million, or 0.1%, from $2.85 billion at March 31, 2024, but an increase of $63.5 million, or 2.3%, from $2.79 billion at December 31, 2023 and an increase of $296.6 million, or 11.6%, from $2.56 billion at June 30, 2023;

•Loans held-for-investment were $2.45 billion at June 30, 2024, an increase of $51.1 million, or 2.1%, from $2.40 billion at March 31, 2024, an increase of $125.6 million, or 5.4% from $2.32 billion at December 31, 2023, and an increase of $326.6 million, or 15.4%, from $2.12 billion at June 30, 2023;

•Total deposits were $2.41 billion at June 30, 2024, an increase of $3.4 million, or 0.1%, from $2.40 billion at March 31, 2024, an increase of $54.6 million, or 2.3%, from $2.35 billion at December 31, 2023, and an increase of $218.0 million, or 10.0%, from $2.19 billion at June 30, 2023; and

•The Company paid the initial quarterly preferred stock dividend at an annualized dividend rate of 2% during the current quarter. Preferred stock dividend for the current quarter was $142 thousand.

“We are pleased to share our strong second quarter results led by solid loan growth and stabilization of core deposit balance which gave rise to an improvement in our net interest margin,” said Henry Kim, President and Chief Executive Officer. Our commitment to focus on relationship banking and strategic expansions, while maintaining our conservative credit culture, has resulted in continued positive results.”

“During the second quarter our loan balance increased 2.1% to $2.5 billion, deposits increased 0.1% to $2.4 billion, and we slightly reduced the brokered deposits. We continued to maintain solid ACL to loan ratio of 1.17%, and non-performing assets and classified assets to total assets ratios of 0.26% and 0.34%, respectively. Even with the challenging high interest rate environment and its effect on our funding costs, our net interest margin expanded during the quarter. We believe our funding costs are currently near the peak and our net interest margin is showing positive sign of coming out from the bottom.”

Mr. Kim added, “As we look ahead into the second half of the year, our expanding bi-coastal branch network is well positioned to deliver continued strong balance sheet growth with solid financial results and sound asset quality that is further strengthened by our robust capital levels.”

Financial Highlights (Unaudited)


($ in thousands, except per share data)	Three Months Ended													Six Months Ended
	6/30/2024			3/31/2024			% Change		6/30/2023			% Change		6/30/2024			6/30/2023			% Change
Net income	$	6,281		$	4,685		34.1	%	$	7,477		(16.0)	%	$	10,966		$	17,774		(38.3)	%
Net income available to common shareholders	$	6,139		$	4,685		31.0	%	$	7,477		(17.9)	%	$	10,824		$	17,774		(39.1)	%
Diluted earnings per common share	$	0.43		$	0.33		30.3	%	$	0.52		(17.3)	%	$	0.75		$	1.22		(38.5)	%

Net interest income	$	21,735		$	20,999		3.5	%	$	21,717		0.1	%	$	42,734		$	44,131		(3.2)	%
Provision (reversal) for credit losses	259			1,090			(76.2)	%	197			31.5	%	1,349			(2,581)			NM
Noninterest income	2,485			2,945			(15.6)	%	2,657			(6.5)	%	5,430			5,678			(4.4)	%
Noninterest expense	15,175			16,352			(7.2)	%	13,627			11.4	%	31,527			27,381			15.1	%

Return on average assets (1)	0.89		%	0.67		%			1.19		%			0.78		%	1.44		%
Return on average shareholders’ equity (1)	7.19		%	5.39		%			8.82		%			6.29		%	10.62		%
Return on average tangible common equity (“TCE”) (1),(2)	8.96		%	6.72		%			11.08		%			7.84		%	13.35		%
Net interest margin (1)	3.16		%	3.10		%			3.55		%			3.13		%	3.67		%
Efficiency ratio (3)	62.65		%	68.29		%			55.91		%			65.46		%	54.97		%


($ in thousands, except per share data)	6/30/2024			3/31/2024			% Change		12/31/2023			% Change		6/30/2023			% Change
Total assets	$	2,852,964		$	2,854,292		(0.1)	%	$	2,789,506		2.3	%	$	2,556,345		11.6	%
Net loans held-for-investment	2,420,327			2,369,632			2.1	%	2,295,919			5.4	%	2,097,560			15.4	%
Total deposits	2,406,254			2,402,840			0.1	%	2,351,612			2.3	%	2,188,232			10.0	%
Book value per common share (4)	$	24.80		$	24.54				$	24.46				$	23.77
TCE per common share (2)	$	19.95		$	19.69				$	19.62				$	18.94
Tier 1 leverage ratio (consolidated)	12.66		%	12.73		%			13.43		%			13.84		%
Total shareholders’ equity to total assets	12.39		%	12.26		%			12.51		%			13.32		%
TCE to total assets (2), (5)	9.97		%	9.84		%			10.03		%			10.61		%

(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													Six Months Ended
($ in thousands)	6/30/2024			3/31/2024			% Change		6/30/2023			% Change		6/30/2024			6/30/2023			% Change
Interest income/expense on
Loans	$	40,626		$	39,251		3.5	%	$	32,960		23.3	%	$	79,877		$	64,189		24.4	%
Investment securities	1,310			1,246			5.1	%	1,136			15.3	%	2,556			2,238			14.2	%
Other interest-earning assets	3,009			3,058			(1.6)	%	2,742			9.7	%	6,067			4,947			22.6	%
Total interest-earning assets	44,945			43,555			3.2	%	36,838			22.0	%	88,500			71,374			24.0	%
Interest-bearing deposits	22,536			21,967			2.6	%	15,121			49.0	%	44,503			27,034			64.6	%
Borrowings	674			589			14.4	%	—			—	%	1,263			209			504.3	%
Total interest-bearing liabilities	23,210			22,556			2.9	%	15,121			53.5	%	45,766			27,243			68.0	%
Net interest income	$	21,735		$	20,999		3.5	%	$	21,717		0.1	%	$	42,734		$	44,131		(3.2)	%
Average balance of
Loans	$	2,414,824		$	2,370,027		1.9	%	$	2,097,489		15.1	%	$	2,392,426		$	2,085,021		14.7	%
Investment securities	141,816			140,459			1.0	%	142,136			(0.2)	%	141,137			142,107			(0.7)	%
Other interest-earning assets	213,428			217,002			(1.6)	%	213,883			(0.2)	%	215,215			200,420			7.4	%
Total interest-earning assets	$	2,770,068		$	2,727,488		1.6	%	$	2,453,508		12.9	%	$	2,748,778		$	2,427,548		13.2	%
Interest-bearing deposits	$	1,863,623		$	1,827,209		2.0	%	$	1,527,522		22.0	%	$	1,845,417		$	1,469,490		25.6	%
Borrowings	48,462			42,187			14.9	%	—			—	%	45,324			7,862			476.5	%
Total interest-bearing liabilities	$	1,912,085		$	1,869,396		2.3	%	$	1,527,522		25.2	%	$	1,890,741		$	1,477,352		28.0	%
Total funding (1)	$	2,447,593		$	2,412,207		1.5	%	$	2,155,649		13.5	%	$	2,429,900		$	2,135,039		13.8	%
Annualized average yield/cost of
Loans	6.77		%	6.66		%			6.30		%			6.71		%	6.21		%
Investment securities	3.72		%	3.57		%			3.21		%			3.64		%	3.18		%
Other interest-earning assets	5.67		%	5.67		%			5.14		%			5.67		%	4.98		%
Total interest-earning assets	6.53		%	6.42		%			6.02		%			6.47		%	5.93		%
Interest-bearing deposits	4.86		%	4.84		%			3.97		%			4.85		%	3.71		%
Borrowings	5.59		%	5.62		%			—		%			5.60		%	5.36		%
Total interest-bearing liabilities	4.88		%	4.85		%			3.97		%			4.87		%	3.72		%
Net interest margin	3.16		%	3.10		%			3.55		%			3.13		%	3.67		%
Cost of total funding (1)	3.81		%	3.76		%			2.81		%			3.79		%	2.57		%
Supplementary information
Net accretion of discount on loans	$	791		$	573		38.0	%	$	751		5.3	%	$	1,364		$	1,422		(4.1)	%
Net amortization of deferred loan fees	$	339		$	334		1.5	%	$	247		37.2	%	$	673		$	422		59.5	%

(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 increases in overall interest rates on loans, accretion of discount on loans and prepayment 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:


	6/30/2024				3/31/2024				12/31/2023				6/30/2023
	% 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	18.8	%	5.04	%	20.0	%	4.92	%	21.2	%	4.86	%	22.6	%	4.64	%
Hybrid rate loans	37.2	%	5.04	%	38.6	%	5.01	%	39.0	%	4.93	%	39.2	%	4.62	%
Variable rate loans	44.0	%	8.45	%	41.4	%	8.46	%	39.8	%	8.51	%	38.2	%	8.39	%

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 increase 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 increase in average cost for the current quarter and year-to-date period 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										Six Months Ended
($ in thousands)	6/30/2024		3/31/2024		% Change		6/30/2023		% Change		6/30/2024		6/30/2023		% Change
Provision (reversal) for credit losses on loans	$	329	$	922	(64.3)	%	$	157	109.6	%	$	1,251	$	(2,260)	NM
Provision (reversal) for credit losses on off-balance sheet credit exposure	(70)		168		NM		40		NM		98		(321)		NM
Total provision (reversal) for credit losses	$	259	$	1,090	(76.2)	%	$	197	31.5	%	$	1,349	$	(2,581)	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										Six Months Ended
($ in thousands)	6/30/2024		3/31/2024		% Change		6/30/2023		% Change		6/30/2024		6/30/2023		% Change
Gain on sale of loans	$	763	$	1,078	(29.2)	%	$	769	(0.8)	%	$	1,841	$	2,078	(11.4)	%

Service charges and fees on deposits	364		378		(3.7)	%	369		(1.4)	%	742		713		4.1	%
Loan servicing income	799		919		(13.1)	%	868		(7.9)	%	1,718		1,728		(0.6)	%
Bank-owned life insurance income	236		228		3.5	%	184		28.3	%	464		364		27.5	%
Other income	323		342		(5.6)	%	467		(30.8)	%	665		795		(16.4)	%
Total noninterest income	$	2,485	$	2,945	(15.6)	%	$	2,657	(6.5)	%	$	5,430	$	5,678	(4.4)	%

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


	Three Months Ended										Six Months Ended
($ in thousands)	6/30/2024		3/31/2024		% Change		6/30/2023		% Change		6/30/2024		6/30/2023		% Change
Gain on sale of SBA loans
Sold loan balance	$	13,619	$	19,414	(29.8)	%	$	16,762	(18.8)	%	$	33,033	$	43,895	(24.7)	%
Premium received	1,056		1,596		(33.8)	%	1,209		(12.7)	%	2,652		3,250		(18.4)	%
Gain recognized	763		1,078		(29.2)	%	769		(0.8)	%	1,841		2,078		(11.4)	%

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


	Three Months Ended										Six Months Ended
($ in thousands)	6/30/2024		3/31/2024		% Change		6/30/2023		% Change		6/30/2024		6/30/2023		% Change
Loan servicing income
Servicing income received	$	1,318	$	1,293	1.9	%	$	1,317	0.1	%	$	2,611	$	2,601	0.4	%
Servicing assets amortization	(519)		(374)		38.8	%	(449)		15.6	%	(893)		(873)		2.3	%
Loan servicing income	$	799	$	919	(13.1)	%	$	868	(7.9)	%	$	1,718	$	1,728	(0.6)	%
Underlying loans at end of period	$	527,458	$	540,039	(2.3)	%	$	539,160	(2.2)	%	$	527,458	$	539,160	(2.2)	%

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										Six Months Ended
($ in thousands)	6/30/2024		3/31/2024		% Change		6/30/2023		% Change		6/30/2024		6/30/2023		% Change
Salaries and employee benefits	$	9,225	$	9,218	0.1	%	$	8,675	6.3	%	$	18,443	$	17,603	4.8	%
Occupancy and equipment	2,300		2,358		(2.5)	%	1,919		19.9	%	4,658		3,815		22.1	%
Professional fees	973		1,084		(10.2)	%	772		26.0	%	2,057		1,504		36.8	%
Marketing and business promotion	318		319		(0.3)	%	203		56.7	%	637		575		10.8	%
Data processing	495		402		23.1	%	380		30.3	%	897		792		13.3	%
Director fees and expenses	221		232		(4.7)	%	217		1.8	%	453		397		14.1	%
Regulatory assessments	327		298		9.7	%	382		(14.4)	%	625		537		16.4	%
Other expense	1,316		2,441		(46.1)	%	1,079		22.0	%	3,757		2,158		74.1	%
Total noninterest expense	$	15,175	$	16,352	(7.2)	%	$	13,627	11.4	%	$	31,527	$	27,381	15.1	%

Salaries and Employee Benefits. The increase for the current quarter compared with the year-ago quarter was primarily due to increases in salaries, and bonus and vacation accruals. The increase for the current year-to-date period was primarily due to increases in salaries and incentives tied to sales of SBA loans originated at loan production offices, partially offset by decreases in bonus and vacation accruals. The number of full-time equivalent employees was 265, 272 and 272 as of June 30, 2024, March 31, 2024 and June 30, 2023, respectively.

Occupancy and Equipment. The increases for the current quarter and year-to-date period 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. The decrease for the current quarter compared with the previous quarter was primarily due to a decrease in professional fees related to a core system conversion completed in April 2024. The increase for the current year-to-date period was primarily due to the aforementioned.

Other Expense. The decrease for the current quarter compared with the previous quarter 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. The increase for the current year-to-date period was primarily due to the two aforementioned matters.

Balance Sheet (Unaudited)

Total assets were $2.85 billion at June 30, 2024, a decrease of $1.3 million, or 0.1%, from $2.85 billion at March 31, 2024, an increase of $63.5 million, or 2.3%, from $2.79 billion at December 31, 2023, and an increase of $296.6 million, or 11.6%, from $2.56 billion at June 30, 2023. The increases for the current quarter and year-to-date period were primarily due to increases in loans held-for-investment and securities available-for-sale, partially offset by a decrease in cash and cash equivalents.

Loans

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


($ in thousands)	6/30/2024		3/31/2024		% Change		12/31/2023		% Change		6/30/2023		% Change
Commercial real estate:
Commercial property	$	852,677	$	874,300	(2.5)	%	$	855,270	(0.3)	%	$	793,946	7.4	%
Business property	572,643		578,903		(1.1)	%	558,772		2.5	%	533,592		7.3	%
Multifamily	177,657		131,742		34.9	%	132,500		34.1	%	124,029		43.2	%
Construction	28,316		29,212		(3.1)	%	24,843		14.0	%	16,942		67.1	%
Total commercial real estate	1,631,293		1,614,157		1.1	%	1,571,385		3.8	%	1,468,509		11.1	%
Commercial and industrial	417,333		371,934		12.2	%	342,002		22.0	%	272,278		53.3	%
Consumer:
Residential mortgage	384,905		389,888		(1.3)	%	389,420		(1.2)	%	359,655		7.0	%
Other consumer	15,543		21,985		(29.3)	%	20,645		(24.7)	%	21,985		(29.3)	%
Total consumer	400,448		411,873		(2.8)	%	410,065		(2.3)	%	381,640		4.9	%
Loans held-for-investment	2,449,074		2,397,964		2.1	%	2,323,452		5.4	%	2,122,427		15.4	%
Loans held-for-sale	2,959		3,256		(9.1)	%	5,155		(42.6)	%	13,065		(77.4)	%
Total loans	$	2,452,033	$	2,401,220	2.1	%	$	2,328,607	5.3	%	$	2,135,492	14.8	%

SBA loans included in:
Loans held-for-investment	$	144,440	$	148,316	(2.6)	%	$	145,603	(0.8)	%	$	147,357	(2.0)	%
Loans held-for-sale	$	2,959	$	3,256	(9.1)	%	$	5,155	(42.6)	%	$	13,065	(77.4)	%

The increase in loans held-for-investment for the current quarter was primarily due to new funding and advances on lines of credit of $597.8 million, partially offset by pay-downs and pay-offs of $546.7 million. The increase for the current year-to-date period was primarily due to new funding and advances on lines of credit of $1.07 billion, partially offset by pay-downs and pay-offs of $940.6 million.

The decrease in loans held-for-sale for the current quarter was primarily due to sales of $13.6 million, and pay-downs and pay-offs of $40 thousand, partially offset by new funding of $13.4 million. The decrease for the current year-to-date period was primarily due to sales of $33.0 million, and pay-downs and pay-offs of $1.6 million, partially offset by new funding of $32.4 million

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


($ in thousands)	6/30/2024		3/31/2024		% Change		12/31/2023		% Change		6/30/2023		% Change
Commercial property	$	6,309	$	8,687	(27.4)	%	$	11,634	(45.8)	%	$	11,118	(43.3)	%
Business property	11,607		10,196		13.8	%	9,899		17.3	%	9,487		22.3	%
Multifamily	1,800		1,800		—	%	1,800		—	%	4,500		(60.0)	%
Construction	22,030		22,895		(3.8)	%	23,739		(7.2)	%	30,865		(28.6)	%
Commercial and industrial	336,121		384,034		(12.5)	%	351,025		(4.2)	%	279,584		20.2	%
Other consumer	5,192		992		423.4	%	3,421		51.8	%	445		1,066.7	%
Total commitments to extend credit	383,059		428,604		(10.6)	%	401,518		(4.6)	%	335,999		14.0	%
Letters of credit	6,808		6,558		3.8	%	6,583		3.4	%	6,027		13.0	%
Total off-balance sheet credit exposure	$	389,867	$	435,162	(10.4)	%	$	408,101	(4.5)	%	$	342,026	14.0	%

Credit Quality

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


($ in thousands)	6/30/2024			3/31/2024			% Change		12/31/2023			% Change		6/30/2023			% Change
Nonaccrual loans
Commercial real estate:
Commercial property	$	1,804		$	932		93.6	%	$	958		88.3	%	$	699		158.1	%
Business property	2,440			3,455			(29.4)	%	2,865			(14.8)	%	3,007			(18.9)	%
Multifamily	2,038			—			NM		—			NM		—			NM

Total commercial real estate	6,282			4,387			43.2	%	3,823			64.3	%	3,706			69.5	%
Commercial and industrial	112			111			0.9	%	68			64.7	%	88			27.3	%
Consumer:
Residential mortgage	1,100			436			152.3	%	—			NM		—			NM
Other consumer	6			6			—	%	25			(76.0)	%	51			(88.2)	%
Total consumer	1,106			442			150.2	%	25			4,324.0	%	51			2,068.6	%
Total nonaccrual loans held-for-investment	7,500			4,940			51.8	%	3,916			91.5	%	3,845			95.1	%
Loans past due 90 days or more and still accruing	—			—			—	%	—			—	%	—			—	%
Non-performing loans (“NPLs”)	7,500			4,940			51.8	%	3,916			91.5	%	3,845			95.1	%


Other real estate owned (“OREO”)	—			—			—	%	2,558			(100.0)	%	—			—	%
Non-performing assets (“NPAs”)	$	7,500		$	4,940		51.8	%	$	6,474		15.8	%	$	3,845		95.1	%
Loans past due and still accruing
Past due 30 to 59 days	$	2,245		$	3,412		(34.2)	%	$	1,394		61.0	%	$	428		424.5	%
Past due 60 to 89 days	41			1,103			(96.3)	%	34			20.6	%	—			NM
Past due 90 days or more	—			—			—	%	—			—	%	—			—	%
Total loans past due and still accruing	$	2,286		$	4,515		(49.4)	%	1,428			60.1	%	$	428		434.1	%
Special mention loans	$	5,080		$	1,101		361.4	%	$	5,156		(1.5)	%	$	5,406		(6.0)	%
Classified assets
Classified loans held-for-investment	$	9,752		$	7,771		25.5	%	$	7,000		39.3	%	$	6,901		41.3	%

OREO	—			—			—	%	2,558			(100.0)	%	—			—	%
Classified assets	$	9,752		$	7,771		25.5	%	$	9,558		2.0	%	$	6,901		41.3	%
NPLs to loans held-for-investment	0.31		%	0.21		%			0.17		%			0.18		%
NPAs to total assets	0.26		%	0.17		%			0.23		%			0.15		%
Classified assets to total assets	0.34		%	0.27		%			0.34		%			0.27		%

During the fourth quarter of 2023, the Company recognized an OREO of $2.6 million by transferring a SBA 7(a) loan, of which the guaranteed portion was previously sold. The Company’s exposure was 25% of the OREO and the SBA was entitled to 75% of the sale price upon the sale of property. The Company sold the property and recognized a gain of $13 thousand during the first quarter of 2024.

Allowance for Credit Losses

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


	Three Months Ended													Six Months Ended
($ in thousands)	6/30/2024			3/31/2024			% Change		6/30/2023			% Change		6/30/2024			6/30/2023			% Change
ACL on loans
Balance at beginning of period	$	28,332		$	27,533		2.9	%	$	24,694		14.7	%	$	27,533		$	24,942		10.4	%
Impact of ASC 326 adoption	—			—			NM		—			NM		—			1,067			NM
Charge-offs	—			(185)			(100.0)	%	(7)			(100.0)	%	(185)			(7)			2,542.9	%
Recoveries	86			62			38.7	%	23			273.9	%	148			1,125			(86.8)	%
Provision (reversal) for credit losses on loans	329			922			(64.3)	%	157			109.6	%	1,251			(2,260)			(155.4)	%
Balance at end of period	$	28,747		$	28,332		1.5	%	$	24,867		15.6	%	$	28,747		$	24,867		15.6	%
Percentage to loans held-for-investment at end of period	1.17		%	1.18		%			1.17		%			1.17		%	1.17		%
ACL on off-balance sheet credit exposure
Balance at beginning of period	$	1,445		$	1,277		13.2	%	$	1,545		(6.5)	%	$	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	(70)			168			NM		40			NM		98			(321)			NM
Balance at end of period	$	1,375		$	1,445		(4.8)	%	$	1,585		(13.2)	%	$	1,375		$	1,585		(13.2)	%

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 $148.0 million at June 30, 2024, an increase of $9.8 million, or 7.1%, from $138.2 million at March 31, 2024, an increase of $4.7 million, 3.3%, from $143.3 million at December 31, 2023, and an increase of $9.3 million, or 6.7%, from $138.7 million at June 30, 2023. The increase for the current quarter was primarily due to purchases of $14.8 million, partially offset by principal pay-downs of $4.8 million, a fair value decrease of $103 thousand, and net premium amortization of $41 thousand. The increase for the current year-to-date period was primarily due to purchases of $14.8 million, partially offset by principal pay-downs of $8.3 million, a fair value decrease of $1.7 million, and net premium amortization of $82 thousand.

Deposits

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


	6/30/2024				3/31/2024				12/31/2023				6/30/2023
($ in thousands)	Amount		% to Total		Amount		% to Total		Amount		% to Total		Amount		% to Total
Noninterest-bearing demand deposits	$	543,538	22.6	%	$	538,380	22.4	%	$	594,673	25.3	%	$	635,329	29.0	%
Interest-bearing deposits
Savings	7,821		0.3	%	6,153		0.3	%	6,846		0.3	%	7,504		0.3	%
NOW	18,346		0.8	%	16,232		0.7	%	16,825		0.7	%	16,993		0.8	%
Retail money market accounts	457,760		18.9	%	461,221		19.0	%	397,531		16.8	%	464,655		21.1	%
Brokered money market accounts	1		0.1	%	1		0.1	%	1		0.1	%	1		0.1	%
Retail time deposits of
$250,000 or less	475,923		19.8	%	471,528		19.6	%	456,293		19.4	%	392,012		17.9	%
More than $250,000	559,832		23.2	%	549,550		22.9	%	515,702		21.9	%	451,590		20.7	%

State and brokered time deposits	343,033		14.3	%	359,775		15.0	%	363,741		15.5	%	220,148		10.1	%
Total interest-bearing deposits	1,862,716		77.4	%	1,864,460		77.6	%	1,756,939		74.7	%	1,552,903		71.0	%
Total deposits	$	2,406,254	100.0	%	$	2,402,840	100.0	%	$	2,351,612	100.0	%	$	2,188,232	100.0	%

Estimated total deposits not covered by deposit insurance	$	1,020,963	42.4	%	$	1,017,696	42.4	%	$	947,294	40.3	%	$	1,034,148	47.3	%

Total retail deposits were $2.06 billion at June 30, 2024, an increase of $20.2 million, or 1.0%, from $2.04 billion at March 31, 2024, an increase of $75.4 million, or 3.8%, from $1.99 billion at December 31, 2023, and an increase of $95.1 million, or 4.8%, from $1.97 billion at June 30, 2023.

The increase in retail time deposits for the current quarter was primarily due to new accounts of $72.9 million, renewals of the matured accounts of $183.4 million and balance increases of $10.2 million, partially offset by matured and closed accounts of $251.8 million. The increase for the current year-to-date period was primarily due to new accounts of $196.1 million, renewals of the matured accounts of $442.5 million and balance increases of $18.8 million, partially offset by matured and closed accounts of $593.7 million.

Liquidity

The following table presents a summary of the Company’s liquidity position as of June 30, 2024:


($ in thousands)	6/30/2024			12/31/2023			% Change
Cash and cash equivalents	$	177,630		$	242,342		(26.7)	%
Cash and cash equivalents to total assets	6.2		%	8.7		%

Available borrowing capacity
FHLB advances	$	697,571		$	602,976		15.7	%
Federal Reserve Discount Window	574,245			528,893			8.6	%
Overnight federal funds lines	61,000			65,000			(6.2)	%
Total	$	1,332,816		$	1,196,869		11.4	%
Total available borrowing capacity to total assets	46.7		%	42.9		%

Shareholders’ Equity

Shareholders’ equity was $353.5 million at June 30, 2024, an increase of $3.5 million, or 1.0%, from $350.0 million at March 31, 2024, an increase of $4.6 million, or 1.3%, from $348.9 million at December 31, 2023, and an increase of $13.1 million, or 3.8%, from $340.4 million at June 30, 2023. The increase for the current quarter was primarily due to net income, partially offset by cash dividends declared on common stock of $2.6 million, preferred stock dividends of $142 thousand, and repurchase of common stock of $222 thousand. The increase for the current year-to-date period was primarily due to net income, partially offset by cash dividends declared on common stock of $5.1 million, preferred stock dividends of $142 thousand, repurchase of common stock of $222 thousand, and an increase in accumulated other comprehensive loss of $1.2 million.

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 June 30, 2024, the Company is authorized to purchase 577,777 additional shares under the its current stock repurchase program, which expires on August 2, 2024.

Preferred Stock Under the Emergency Capital Investment Program

On May 24, 2022, the Company issued 69,141 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference of $1,000 per share (“Series C Preferred Stock”) for the capital investment of $69.1 million from the U.S. Treasury under the Emergency Capital Investment Program (“ECIP”). 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 measured 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 paid the initial quarterly dividend at an annualized dividend rate of 2% beginning in the second quarter of 2024.

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:


	6/30/2024		3/31/2024		12/31/2023		6/30/2023		Well Capitalized Minimum Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)	11.91	%	11.88	%	12.23	%	13.12	%	N/A
Total capital (to risk-weighted assets)	15.94	%	15.93	%	16.39	%	17.57	%	N/A
Tier 1 capital (to risk-weighted assets)	14.71	%	14.71	%	15.16	%	16.34	%	N/A
Tier 1 capital (to average assets)	12.66	%	12.73	%	13.43	%	13.84	%	N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets)	14.38	%	14.37	%	14.85	%	16.00	%	6.5	%
Total capital (to risk-weighted assets)	15.60	%	15.59	%	16.07	%	17.23	%	10.0	%
Tier 1 capital (to risk-weighted assets)	14.38	%	14.37	%	14.85	%	16.00	%	8.0	%
Tier 1 capital (to average assets)	12.37	%	12.44	%	13.16	%	13.55	%	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)


	6/30/2024			3/31/2024			% Change		12/31/2023			% Change		6/30/2023			% Change
Assets
Cash and due from banks	$	23,247		$	29,432		(21.0)	%	$	26,518		(12.3)	%	$	22,159		4.9	%
Interest-bearing deposits in other financial institutions	154,383			210,359			(26.6)	%	215,824			(28.5)	%	199,987			(22.8)	%
Total cash and cash equivalents	177,630			239,791			(25.9)	%	242,342			(26.7)	%	222,146			(20.0)	%
Securities available-for-sale, at fair value	148,009			138,170			7.1	%	143,323			3.3	%	138,673			6.7	%
Loans held-for-sale	2,959			3,256			(9.1)	%	5,155			(42.6)	%	13,065			(77.4)	%
Loans held-for-investment	2,449,074			2,397,964			2.1	%	2,323,452			5.4	%	2,122,427			15.4	%
Allowance for credit losses on loans	(28,747)			(28,332)			1.5	%	(27,533)			4.4	%	(24,867)			15.6	%
Net loans held-for-investment	2,420,327			2,369,632			2.1	%	2,295,919			5.4	%	2,097,560			15.4	%
Premises and equipment, net	8,923			8,892			0.3	%	5,999			48.7	%	6,394			39.6	%
Federal Home Loan Bank and other bank stock	14,042			12,716			10.4	%	12,716			10.4	%	12,716			10.4	%
Other real estate owned, net	—			—			—	%	2,558			(100.0)	%	—			—	%
Bank-owned life insurance	31,281			31,045			0.8	%	30,817			1.5	%	30,428			2.8	%
Deferred tax assets, net	—			—			—	%	—			—	%	4,348			(100.0)	%
Servicing assets	6,205			6,544			(5.2)	%	6,666			(6.9)	%	7,142			(13.1)	%
Operating lease assets	17,609			18,255			(3.5)	%	18,913			(6.9)	%	5,182			239.8	%
Accrued interest receivable	10,464			10,394			0.7	%	9,468			10.5	%	8,040			30.1	%
Other assets	15,515			15,597			(0.5)	%	15,630			(0.7)	%	10,651			45.7	%
Total assets	$	2,852,964		$	2,854,292		(0.1)	%	$	2,789,506		2.3	%	$	2,556,345		11.6	%
Liabilities
Deposits
Noninterest-bearing demand	$	543,538		$	538,380		1.0	%	$	594,673		(8.6)	%	$	635,329		(14.4)	%
Savings, NOW and money market accounts	483,928			483,607			0.1	%	421,203			14.9	%	489,153			(1.1)	%
Time deposits of $250,000 or less	758,956			771,303			(1.6)	%	760,034			(0.1)	%	552,160			37.5	%
Time deposits of more than $250,000	619,832			609,550			1.7	%	575,702			7.7	%	511,590			21.2	%
Total deposits	2,406,254			2,402,840			0.1	%	2,351,612			2.3	%	2,188,232			10.0	%
Other short-term borrowings	4,000			—			NM		—			NM		—			NM
Federal Home Loan Bank advances	32,000			50,000			(36.0)	%	39,000			(17.9)	%	—			NM
Deferred tax liabilities, net	577			266			116.9	%	876			(34.1)	%	—			NM
Operating lease liabilities	18,939			19,555			(3.2)	%	20,137			(5.9)	%	5,495			244.7	%
Accrued interest payable and other liabilities	37,725			31,626			19.3	%	29,009			30.0	%	22,207			69.9	%
Total liabilities	2,499,495			2,504,287			(0.2)	%	2,440,634			2.4	%	2,215,934			12.8	%
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock	69,141			69,141			—	%	69,141			—	%	69,141			—	%
Common stock	142,698			142,734			(0.1)	%	142,563			0.1	%	143,686			(0.7)	%
Retained earnings	151,781			148,209			2.4	%	146,092			3.9	%	138,315			9.7	%
Accumulated other comprehensive loss, net	(10,151)			(10,079)			0.7	%	(8,924)			13.7	%	(10,731)			(5.4)	%
Total shareholders’ equity	353,469			350,005			1.0	%	348,872			1.3	%	340,411			3.8	%
Total liabilities and shareholders’ equity	$	2,852,964		$	2,854,292		(0.1)	%	$	2,789,506		2.3	%	$	2,556,345		11.6	%

Outstanding common shares	14,254,024			14,263,791					14,260,440					14,318,890
Book value per common share (1)	$	24.80		$	24.54				$	24.46				$	23.77
TCE per common share (2)	$	19.95		$	19.69				$	19.62				$	18.94
Total loan to total deposit ratio	101.90		%	99.93		%			99.02		%			97.59		%
Noninterest-bearing deposits to total deposits	22.59		%	22.41		%			25.29		%			29.03		%

(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													Six Months Ended
	6/30/2024			3/31/2024			% Change		6/30/2023			% Change		6/30/2024			6/30/2023			% Change
Interest and dividend income
Loans, including fees	$	40,626		$	39,251		3.5	%	$	32,960		23.3	%	$	79,877		$	64,189		24.4	%
Investment securities	1,310			1,246			5.1	%	1,136			15.3	%	2,556			2,238			14.2	%
Other interest-earning assets	3,009			3,058			(1.6)	%	2,742			9.7	%	6,067			4,947			22.6	%
Total interest income	44,945			43,555			3.2	%	36,838			22.0	%	88,500			71,374			24.0	%
Interest expense
Deposits	22,536			21,967			2.6	%	15,121			49.0	%	44,503			27,034			64.6	%
Other borrowings	674			589			14.4	%	—			—	%	1,263			209			504.3	%
Total interest expense	23,210			22,556			2.9	%	15,121			53.5	%	45,766			27,243			68.0	%
Net interest income	21,735			20,999			3.5	%	21,717			0.1	%	42,734			44,131			(3.2)	%
Provision (reversal) for credit losses	259			1,090			(76.2)	%	197			31.5	%	1,349			(2,581)			NM
Net interest income after provision (reversal) for credit losses	21,476			19,909			7.9	%	21,520			(0.2)	%	41,385			46,712			(11.4)	%
Noninterest income
Gain on sale of loans	763			1,078			(29.2)	%	769			(0.8)	%	1,841			2,078			(11.4)	%

Service charges and fees on deposits	364			378			(3.7)	%	369			(1.4)	%	742			713			4.1	%
Loan servicing income	799			919			(13.1)	%	868			(7.9)	%	1,718			1,728			(0.6)	%
Bank-owned life insurance income	236			228			3.5	%	184			28.3	%	464			364			27.5	%
Other income	323			342			(5.6)	%	467			(30.8)	%	665			795			(16.4)	%
Total noninterest income	2,485			2,945			(15.6)	%	2,657			(6.5)	%	5,430			5,678			(4.4)	%
Noninterest expense
Salaries and employee benefits	9,225			9,218			0.1	%	8,675			6.3	%	18,443			17,603			4.8	%
Occupancy and equipment	2,300			2,358			(2.5)	%	1,919			19.9	%	4,658			3,815			22.1	%
Professional fees	973			1,084			(10.2)	%	772			26.0	%	2,057			1,504			36.8	%
Marketing and business promotion	318			319			(0.3)	%	203			56.7	%	637			575			10.8	%
Data processing	495			402			23.1	%	380			30.3	%	897			792			13.3	%
Director fees and expenses	221			232			(4.7)	%	217			1.8	%	453			397			14.1	%
Regulatory assessments	327			298			9.7	%	382			(14.4)	%	625			537			16.4	%
Other expense	1,316			2,441			(46.1)	%	1,079			22.0	%	3,757			2,158			74.1	%
Total noninterest expense	15,175			16,352			(7.2)	%	13,627			11.4	%	31,527			27,381			15.1	%
Income before income taxes	8,786			6,502			35.1	%	10,550			(16.7)	%	15,288			25,009			(38.9)	%
Income tax expense	2,505			1,817			37.9	%	3,073			(18.5)	%	4,322			7,235			(40.3)	%
Net income	6,281			4,685			34.1	%	7,477			(16.0)	%	10,966			17,774			(38.3)	%
Preferred stock dividends	142			—			NM		—			NM		142			—			NM
Net income available to common shareholders	$	6,139		$	4,685		31.0	%	$	7,477		(17.9)	%	$	10,824		$	17,774		(39.1)	%

Earnings per common share
Basic	$	0.43		$	0.33				$	0.52				$	0.76		$	1.24
Diluted	$	0.43		$	0.33				$	0.52				$	0.75		$	1.22
Average common shares
Basic	14,237,083			14,235,419					14,271,200					14,236,251			14,344,769
Diluted	14,312,949			14,330,204					14,356,776					14,323,171			14,468,981

Dividend paid per common share	$	0.18		$	0.18				$	0.18				$	0.36		$	0.33
Return on average assets (1)	0.89		%	0.67		%			1.19		%			0.78		%	1.44		%
Return on average shareholders’ equity (1)	7.19		%	5.39		%			8.82		%			6.29		%	10.62		%
Return on average TCE (1), (2)	8.96		%	6.72		%			11.08		%			7.84		%	13.35		%
Efficiency ratio (3)	62.65		%	68.29		%			55.91		%			65.46		%	54.97		%

(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
	6/30/2024						3/31/2024						6/30/2023
	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)	$	2,414,824	$	40,626	6.77	%	$	2,370,027	$	39,251	6.66	%	$	2,097,489	$	32,960	6.30	%
Mortgage-backed securities	104,538		911		3.50	%	101,852		839		3.31	%	98,971		713		2.89	%
Collateralized mortgage obligation	22,992		249		4.36	%	23,763		254		4.30	%	26,228		262		4.01	%
SBA loan pool securities	6,891		74		4.32	%	7,317		78		4.29	%	8,364		81		3.88	%
Municipal bonds (2)	3,238		29		3.60	%	3,300		28		3.41	%	4,234		33		3.13	%
Corporate bonds	4,157		47		4.55	%	4,227		47		4.47	%	4,339		47		4.34	%
Other interest-earning assets	213,428		3,009		5.67	%	217,002		3,058		5.67	%	213,883		2,742		5.14	%
Total interest-earning assets	2,770,068		44,945		6.53	%	2,727,488		43,555		6.42	%	2,453,508		36,838		6.02	%
Noninterest-earning assets
Cash and due from banks	23,057						21,365						20,754
ACL on loans	(28,372)						(27,577)						(24,710)
Other assets	88,399						88,532						71,200
Total noninterest-earning assets	83,084						82,320						67,244
Total assets	$	2,853,152					$	2,809,808					$	2,520,752
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	473,557	4,876		4.14	%	$	453,801	4,665		4.13	%	$	465,564	3,929		3.38	%
Savings	6,899		4		0.23	%	6,196		4		0.26	%	7,767		5		0.26	%
Time deposits	1,383,167		17,656		5.13	%	1,367,212		17,298		5.09	%	1,054,191		11,187		4.26	%
Total interest-bearing deposits	1,863,623		22,536		4.86	%	1,827,209		21,967		4.84	%	1,527,522		15,121		3.97	%
Other borrowings	48,462		674		5.59	%	42,187		589		5.62	%	—		—		—	%
Total interest-bearing liabilities	1,912,085		23,210		4.88	%	1,869,396		22,556		4.85	%	1,527,522		15,121		3.97	%
Noninterest-bearing liabilities
Noninterest-bearing demand	535,508						542,811						628,127
Other liabilities	54,338						47,957						25,234
Total noninterest-bearing liabilities	589,846						590,768						653,361
Total liabilities	2,501,931						2,460,164						2,180,883
Total shareholders’ equity	351,221						349,644						339,869
Total liabilities and shareholders’ equity	$	2,853,152					$	2,809,808					$	2,520,752
Net interest income			$	21,735					$	20,999					$	21,717
Net interest spread (3)					1.65	%					1.57	%					2.05	%
Net interest margin (4)					3.16	%					3.10	%					3.55	%
Total deposits	$	2,399,131	$	22,536	3.78	%	$	2,370,020	$	21,967	3.73	%	$	2,155,649	$	15,121	2.81	%
Total funding (5)	$	2,447,593	$	23,210	3.81	%	$	2,412,207	$	22,556	3.76	%	$	2,155,649	$	15,121	2.81	%

(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)


	Six Months Ended
	6/30/2024						6/30/2023
	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)	$	2,392,426	$	79,877	6.71	%	$	2,085,021	$	64,189	6.21	%
Mortgage-backed securities	103,195		1,750		3.41	%	98,278		1,396		2.86	%
Collateralized mortgage obligation	23,377		503		4.33	%	26,484		518		3.94	%
SBA loan pool securities	7,104		152		4.30	%	8,693		163		3.78	%
Municipal bonds (2)	3,269		57		3.51	%	4,228		67		3.20	%
Corporate bonds	4,192		94		4.51	%	4,424		94		4.28	%
Other interest-earning assets	215,215		6,067		5.67	%	200,420		4,947		4.98	%
Total interest-earning assets	2,748,778		88,500		6.47	%	2,427,548		71,374		5.93	%
Noninterest-earning assets
Cash and due from banks	22,211						20,953
ACL on loans	(27,975)						(25,727)
Other assets	88,592						73,177
Total noninterest-earning assets	82,828						68,403
Total assets	$	2,831,606					$	2,495,951
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	463,679	9,541		4.14	%	$	475,707	7,374		3.13	%
Savings	6,548		8		0.25	%	7,932		10		0.25	%
Time deposits	1,375,190		34,954		5.11	%	985,851		19,650		4.02	%
Total interest-bearing deposits	1,845,417		44,503		4.85	%	1,469,490		27,034		3.71	%
Other borrowings	45,324		1,263		5.60	%	7,862		209		5.36	%
Total interest-bearing liabilities	1,890,741		45,766		4.87	%	1,477,352		27,243		3.72	%
Noninterest-bearing liabilities
Noninterest-bearing demand	539,159						657,687
Other liabilities	51,123						23,382
Total noninterest-bearing liabilities	590,282						681,069
Total liabilities	2,481,023						2,158,421
Total shareholders’ equity	350,583						337,530
Total liabilities and shareholders’ equity	$	2,831,606					$	2,495,951
Net interest income			$	42,734					$	44,131
Net interest spread (3)					1.60	%					2.21	%
Net interest margin (4)					3.13	%					3.67	%
Total deposits	$	2,384,576	$	44,503	3.75	%	$	2,127,177	$	27,034	2.56	%
Total funding (5)	$	2,429,900	$	45,766	3.79	%	$	2,135,039	$	27,243	2.57	%

(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									Six Months Ended
		6/30/2024			3/31/2024			6/30/2023			6/30/2024			6/30/2023
Average total shareholders' equity	(a)	$	351,221		$	349,644		$	339,869		$	350,583		$	337,530
Less: average preferred stock	(b)	69,141			69,141			69,141			69,141			69,141
Average TCE	(c)=(a)-(b)	$	282,080		$	280,503		$	270,728		$	281,442		$	268,389
Net income	(d)	$	6,281		$	4,685		$	7,477		$	10,966		$	17,774
Return on average shareholder's equity (1)	(d)/(a)	7.19		%	5.39		%	8.82		%	6.29		%	10.62		%
Return on average TCE (1)	(d)/(c)	8.96		%	6.72		%	11.08		%	7.84		%	13.35		%

(1) Annualized.


($ in thousands, except per share data)		6/30/2024			3/31/2024			12/31/2023			6/30/2023
Total shareholders' equity	(a)	$	353,469		$	350,005		$	348,872		$	340,411
Less: preferred stock	(b)	69,141			69,141			69,141			69,141
TCE	(c)=(a)-(b)	$	284,328		$	280,864		$	279,731		$	271,270
Outstanding common shares	(d)	14,254,024			14,263,791			14,260,440			14,318,890
Book value per common share	(a)/(d)	$	24.80		$	24.54		$	24.46		$	23.77
TCE per common share	(c)/(d)	$	19.95		$	19.69		$	19.62		$	18.94
Total assets	(e)	$	2,852,964		$	2,854,292		$	2,789,506		$	2,556,345
Total shareholders' equity to total assets	(a)/(e)	12.39		%	12.26		%	12.51		%	13.32		%
TCE to total assets	(c)/(e)	9.97		%	9.84		%	10.03		%	10.61		%

Earnings Results 2Q24 July 25, 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 7/23/24 Market Cap $262.7 million Stock Price Per Share $18.43 52-Week Range $14.50 - $19.04 Dividend Yield 3.91% Dividend Payout Ratio (3Q23 – 2Q24) 43.37% Outstanding Shares 14,254,024 Stock Information 2Q24 or 6/30/24 Diluted Earnings Per Share (“Diluted EPS”) $0.43 Cash Dividend Per Share $0.18 Book Value (“BV”) Per Share $24.80 Tangible Common Equity (“TCE”) Per Share (1) $19.95 Number of Repurchased Shares (2) 14,947 (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 6/30/24. PCB Footprint Corporate Profile 3

Historical Performance $1.45 $1.58 $1.73 $2.05 $2.32 $2.45 0.000 0.500 1.000 1.500 2.000 2.500 3.000 2019 2020 2021 2022 2023 Jun-24 Held-For-Investment Loans ($bn) $1.48 $1.59 $1.87 $2.05 $2.35 $2.41 0.000 0.500 1.000 1.500 2.000 2.500 3.000 2019 2020 2021 2022 2023 Jun-24 Deposits ($bn) $24.1 $16.2 $40.1 $35.0 $30.7 $11.0 $38.6 $36.2 $52.4 $53.0 $43.1 $16.6 0.000 10.000 20.000 30.000 40.000 50.000 60.000 2019 2020 2021 2022 2023 06/24 YTD Net Income/PTPP Income ($mm) Net Income PTPP Income CAGR +12.5% CAGR +12.3% $0.25 $0.40 $0.44 $0.60 $0.69 $0.36$1.49 $1.05 $2.62 $2.31 $2.12 $0.75 $14.44 $15.19 $17.24 $22.94 $24.46 $24.80 $18.21 $19.62 $19.95 -$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 06/24 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 +10.8% Annualized +4.6% 4

2Q24 Highlights Operating Results • Net income available to common shareholders of $6.1 million, or $0.43 per diluted share • Provision for credit losses of $259 thousand • Return on Average Assets (“ROAA”) of 0.89%, Return on Average TCE (“ROATCE”) (1) of 8.83%, net interest margin of 3.16%, and efficiency ratio of 62.7% Loans • Loans held-for-investment (“HFI loans”) increased $51.1 million, or 2.1%, to $2.45 billion • Average loan yield was 6.77% compared to 6.66% for 1Q24 • Total loans to deposits ratio was 101.9% • Quarterly loan production was $73.3 million compared to $153.6 million for 1Q24 Asset Quality • ACL on loans was $28.7 million, or 1.17% to HFI loans • Past due loans were $2.3 million, or 0.09% of HFI loans and NPLs were $7.5 million, or 0.31% of HFI loans Deposits • Total deposits increased $3.4 million, or 0.1%, to $2.41 billion • Core deposits(1) were $1.50 billion, or 62.5% of total deposits • Non-interest bearing deposits were $543.5 million, or 22.6% of total deposits • Uninsured deposits were $1.02 billion, or 42.4% of total deposits • Cost of average interest-bearing deposits and total deposits were 4.86% and 3.78%, respectively Capital & Liquidity • Declared and paid quarterly cash dividend of $0.18 per share • TBV per share increased to $19.95 • Maintained available borrowing capacity of $1.33 billion, or 46.7% 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 3/31/24 Compared to 6/30/23 ($ in Thousands, Except Per Share Data) 6/30/24 3/31/24 6/30/23 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 44,945 $ 43,555 $ 36,838 $ 1,390 3.2% $ 8,107 22.0% Interest Expense 23,210 22,556 15,121 654 2.9% 8,089 53.5% Net Interest Income 21,735 20,999 21,717 736 3.5% 18 0.1% Noninterest Income 2,485 2,945 2,657 (460) -15.6% (172) -6.5% Noninterest Expense 15,175 16,352 13,627 (1,177) -7.2% 1,548 11.4% Provision (Reversal) for Credit Losses 259 1,090 197 (831) -76.2% 62 31.5% Pretax Income 8,786 6,502 10,550 2,284 35.1% (1,764) -16.7% Income Tax Expense 2,505 1,817 3,073 688 37.9% (568) -18.5% Net Income 6,281 4,685 7,477 1,596 34.1% (1,196) -16.0% Diluted EPS $ 0.43 $ 0.33 $ 0.52 $ 0.10 30.3% $ (0.09) -17.3% Selected Balance Sheet Items: HFI loans $ 2,449,074 $ 2,397,964 $ 2,122,427 $ 51,110 2.1% $ 326,647 15.4% HFS loans 2,959 3,256 13,065 (297) -9.1% (10,106) -77.4% Total Deposits 2,406,254 2,402,840 2,188,232 3,414 0.1% 218,022 10.0% Total Assets 2,852,964 2,854,292 2,556,345 (1,328) -0.1% 296,619 11.6% Shareholders’ Equity 353,469 350,005 340,411 3,464 1.0% 13,058 3.8% TCE (2) 284,328 280,864 271,270 3,464 1.2% 13,058 4.8% Key Metrics: BV Per Share $ 24.80 $ 24.54 $ 23.77 $ $ TCE Per Share (1) $ 19.95 $ 19.69 $ 18.94 $ 0.26 1.1% $ 1.03 4.3% ROAA (2) 0.89% 0.67% 1.19% 0.26 1.3% 1.01 5.3% Return on Average Equity (“ROAE”) (2) 7.19% 5.39% 8.82% 0.22% -0.30% ROATCE (1), (2) 8.83% 6.63% 11.08% 1.80% -1.63% Net Interest Margin (2) 3.16% 3.10% 3.55% 2.21% -2.24% Efficiency Ratio (3) 62.65% 68.29% 55.91% 0.06% -0.39% (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

$1,422 $1,440 $1,445 $1,469 $1,504 $1,571 $1,614 $1,631 $216 $249 $268 $272 $280 $342 $372 $417$321 $357 $379 $382 $384 $410 $412 $401 $1,959 $2,046 $2,092 $2,122 $2,168 $2,323 $2,398 $2,449 - 500 1,000 1,500 2,000 2,500 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 HFI Loan Trend ($mm) Commercial Real Estate Commercial & Industrial Consumer 7 Loan Overview YoY +15.4% (1) Per regulatory definition in the Commercial Real Estate (“CRE”) Concentration Guidance $898 $925 $943 $941 $961 $1,063 $1,103 $1,081 249% 254% 259% 255% 257% 281% 289% 281% 0% 50% 100% 150% 200% 250% 300% 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0 1,100.0 1,200.0 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Commercial Real Estate(1) Loan Trend ($mm) CRE Loans % to the Bank's Total Risk-Based Capital Commercial Property 35% Business Property 24% Multifamily 7% Construction 1% Commercial & Industrial 17% Consumer 16% HFI Loan Composition June 30, 2024 $2.45B 2Q24 Highlights • HFI loans Increased $51.1 million, or 2.1%, to $2.45 billion • CRE loans increased $17.1 million (1.1%) & C&I loans increased $45.4 million (12.2%), but consumer loans decreased $11.4 million (2.8%)

8 Loan Production & Rate/Yield Analysis (1) Total commitment basis (2) Include both HFI and HFS loans (3) Annualized $29 $15 $14 $4 $17 $19 $11 $68 $64 $27 $37 $27 $77 $24 $169 $110 $71 $83 $114 $194 $119 $73 $266 $190 $112 $123 $158 $290 $154 $73 5.92% 7.17% 8.04% 8.18% 7.95% 7.90% 8.40% 8.78% -8% -6% -4% -2% 0% 2% 4% 6% 8% 0 50 100 150 200 250 300 350 400 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 New Production(1) by Rate Type ($mm) Fixed Hybrid Variable WA Rate Fixed (WA Rate: 5.04%) 19% Variable (WA Rate: 8.45%) 44% Hybrid (WA Rate: 5.04%) 37% HFI Loans Interest Rate Mix 24% 23% 23% 23% 22% 21% 20% 19% 38% 39% 39% 39% 39% 39% 39% 37% 38% 38% 38% 38% 39% 40% 41% 44% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 HFI Loans Interest Rate Mix Trend Fixed Hybrid Variable June 30, 2024 HFI Loans WA Rate 6.42% Repricing Schedule (06/30/24) HFI Loans HFS Loans Total Loans ($ in thousands) Carrying Value WA Rate Carrying Value WA Rate Carrying Value WA Rate Less Than 3 Months $ 959,528 8.64% $ 3,256 9.97% $ 962,487 8.64% 3 to 12 Months 223,101 5.83% 0 223,101 5.83% 1 to 3 Years 714,036 4.30% 0 714,036 4.30% 3 to 5 Years 486,869 6.17% 0 486,869 6.17% More than 5 Years 65,540 5.45% 0 65,540 5.45% Total $ 2,449,074 6.54% $ 3,256 9.97% $ 2,452,033 6.54% Loan Yield Analysis 2Q24 06/24 YTD ($ in thousands) Amount(2) Yield(3) Amount(2) Yield(3) Average Carrying Value $ 2,414,824 $ 2,392,426 Interest on Loans $ 39,496 6.58% $ 77,840 6.54% Fee (Cost) 241 0.04% 532 0.04% Prepayment Penalty & Late Charges 98 0.02% 141 0.01% Discount (Premium) 791 0.13% 1,364 0.11% Total Interest & Fees $ 40,626 6.77% $ 79,877 6.71%

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%) $ 354,249 21.7% 307 47.6% 6.24% $ 41,811 $ 99,569 $ 115,830 $ 97,039 Industrial 261,081 16.0% 165 49.1% 5.96% 54,909 60,102 76,881 69,189 Mixed Use 159,714 9.8% 145 43.9% 5.95% 39,177 37,666 56,964 25,907 Apartments 158,651 9.7% 57 55.0% 6.08% 46,300 21,446 83,740 7,165 Motel & Hotel 134,916 8.3% 109 47.3% 7.34% 1,797 16,760 42,638 73,721 Gas Station 101,776 6.2% 116 53.1% 6.62% 3,789 15,903 34,773 47,311 Office 100,685 6.2% 57 53.3% 6.12% 15,191 13,831 38,493 33,170 Medical 59,386 3.6% 30 41.0% 7.97% 9,418 8,288 37,116 4,564 Auto (Sales, Repair, & etc.) 38,070 2.3% 33 53.3% 5.52% 10,267 314 22,752 4,737 Golf Course 36,100 2.2% 8 48.6% 5.06% 0 23,122 7,707 5,271 Car Wash 34,128 2.1% 27 48.6% 5.81% 9,258 9,203 8,410 7,257 Spa, Sauna, & Oher Self-Care 30,757 1.9% 7 49.6% 5.15% 13,026 0 8,708 9,023 Commercial Condominium 30,663 1.9% 39 50.6% 5.89% 4,704 6,304 10,730 8,925 Construction 28,316 1.7% 9 51.1% 9.61% 28,316 0 0 0 Nursing Facility 26,932 1.7% 8 51.6% 7.50% 0 0 19,382 7,550 Wholesale 19,336 1.2% 16 41.6% 5.42% 2,058 4,047 3,837 9,394 Others 56,533 3.5% 82 47.6% 6.57% 8,022 8,727 15,265 24,519 Total $ 1,631,293 100.0% 1,215 49.0% 6.32% $ 288,043 $ 325,282 $ 583,226 $ 434,742 Loan Concentration (1) Collateral value at origination Los Angeles County 61% Orange County 8% San Bernardino County 4% Northern CA Counties 3% Riverside County 3% Other Socal Counties 1% NY/NJ 7% Texas 6% Washington 3% Other States 4% Commercial Real Estate Loans Geographic Concentration (6/30/24) $1.63B CA: $1.31B (80%) Commercial Real Estate Loans by Property Type (6/30/24) ($ in thousands) Carrying Value WA LTV(1) WA FICO Residential Mortgage $ 384,905 59.1% 758 Residential Mortgage Loans (6/30/24) 9

Loan Concentration Carrying Value % to Total WA Rate WA Month to Maturity($ in thousands) Finance & Insurance $ 154,230 36.9% 7.57% 4 General Manufacturing & Wholesale Trade 84,752 20.3% 8.32% 15 Retail Trade 42,499 10.2% 8.87% 45 Food Services 33,279 8.0% 9.30% 61 Real Estate Related 27,201 6.5% 7.81% 19 Arts, Entertainment, & Recreation 24,898 6.0% 8.71% 24 Professional, Scientific, & Technical Services 15,727 3.8% 8.61% 18 Construction 10,262 2.5% 8.63% 5 Health Care & Social Assistance 7,832 1.9% 8.94% 43 Other Services 7,279 1.7% 8.81% 44 All Other 9,373 2.2% 8.44% 29 Total $ 417,333 100.0% 8.21% 20 Los Angeles County 51% Orange County 9% Northern CA Counties… Other Socal Counties 5% San Bernardino County 1% Riverside County 0% Georgia 8% NY/NJ 7% Maryland 4% Other States 8% Commercial & Industrial Loans Geographic Concentration (6/30/24) Commercial & Industrial Loans by Industry Type (6/30/24) $417MM CA: $307MM (74%) 10

Credit Quality & Peer(1) Comparison $7.4 $7.4 $3.0 $3.8 $3.7 $6.5 $4.9 $7.5 0 1 2 3 4 5 6 7 8 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Non-Performing Assets (“NPAs”) ($mm) 0.32% 0.30% 0.12% 0.15% 0.15% 0.23% 0.17% 0.26% 0% 0% 0% 0% 0% 0% 0% 0% Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 NPAs to Total Assets 1.21% 1.22% 1.18% 1.17% 1.18% 1.19% 1.18% 1.17% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 ACL on Loans to HFI Loans 321% 742% 834% 647% 686% 703% 574% 383% 0 1 2 3 4 5 6 7 8 9 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 ACL on Loans to Non-Performing HFI Loans 0.87% 0.57% 0.56% 0.51% 0.47% 0.31% 0.28% 0.23% 0.19% 0% 0% 0% 0% 0% 1% 1% 1% 1% 1% 1% Hope Open Shinhan Peer CBB PCB Woori Hanmi USM NPAs / (Total Loans + OREO)(2) June 30, 2024 Peer Information: March 31, 2024 1.14% 0.71% 0.51% 0.34% 0.32% 0% 0% 0% 1% 1% 1% 1% Hope CBB Open PCB Hanmi Classified Assets to Total Assets(4) June 30, 2024 Peer Information: March 31, 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. $810 $735 $654 $635 $611 $595 $538 $544 $553 $515 $460 $489 $459 $421 $484 $484 $476 $649 $811 $844 $861 $972 $1,021 $1,036 $139 $147 $217 $220 $261 $364 $360 $343 $1,978 $2,046 $2,142 $2,188 $2,192 $2,352 $2,403 $2,407 0 500 1,000 1,500 2,000 2,500 3,000 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Deposit Trend ($mm) Noninterest DDA Retail Other Interest-Bearing Retail Time Deposits Wholesale Deposits Noninterest DDA 23% Retail Other Interest-Bearing 20% Retail Time Deposits 43% Whoelsae Deposits 14% Deposit Composition $2.41B $1,600 $1,545 $1,470 $1,516 $1,476 $1,472 $1,494 $1,503 81% 76% 69% 69% 67% 63% 62% 63% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $500 $700 $900 $1,100 $1,300 $1,500 $1,700 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Core Deposits(1) ($mm) Core Deposits % to Total Deposits Time Deposit Maturity Schedule (6/30/24) Retail Wholesale Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 140,477 4.81% $ 167,954 5.28% $ 308,431 5.06% 3 to 6 Months 390,142 5.24% 162,041 5.35% 552,183 5.27% 6 to 9 Months 340,775 5.12% 0 340,775 5.12% 9 to 12 Months 159,617 4.99% 13,038 5.25% 172,655 5.01% More than 12 Months 4,744 3.02% 0 4,744 3.02% Total $ 1,035,755 5.09% $ 343,033 5.32% $ 1,378,788 5.15% YoY +10.0% 2Q24 Highlight • Total deposits increased $3.4 million (0.1%) • Retail deposits increased $20.2 million (1.0%), but wholesale deposits decreased $16.7 million (4.7%) • Uninsured deposits were $1.02 billion (42.4% of total deposits) compared to $1.02 billion (42.4% of total deposits) at 3/31/24 June 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. $7.0 $8.7 $10.3 $7.5 $7.0 $5.9 $4.7 $6.3 $13.5 $13.5 $11.7 $10.7 $10.7 $10.0 $7.6 $9.0 -1 1 3 5 7 9 11 13 15 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Net Income PTPP Net Income & PTPP(1) Income ($mm) $0.46 $0.58 $0.70 $0.52 $0.49 $0.41 $0.33 $0.43 $0.89 $0.91 $0.80 $0.75 $0.74 $0.69 $0.53 $0.62 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Diluted EPS Adjusted Diluted EPS Diluted EPS & Adjusted Diluted EPS(1) 1.19% 1.44% 1.69% 1.19% 1.09% 0.89% 0.67% 0.89% 2.31% 2.24% 1.92% 1.71% 1.66% 1.50% 1.09% 1.28% 0% 1% 1% 2% 2% 3% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 ROAA Adjusted ROAA ROAA & Adjusted ROAA(1) 8.16% 10.31% 12.46% 8.82% 8.12% 6.82% 5.39% 7.19% 15.84% 16.04% 14.13% 12.68% 12.42% 11.49% 8.73% 10.36% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 ROAE Adjusted ROAE ROAE & Adjusted ROAE(1) 2Q24 Highlights • Net interest income increased $736 thousand and noninterest expense decreased $1.2 million, but noninterest income decreased $460 thousand. 13

Noninterest Income & Expense $27.3 $17.4 $27.1 $16.8 $17.7 $20.8 $19.4 $13.6 $46.1 $22.3 $22.5 $19.2 $16.2 $25.1 $20.6 $12.7 7.5% 6.3% 7.5% 7.2% 6.3% 6.0% 8.2% 7.8% 5.2% 4.4% 4.8% 4.6% 3.9% 3.9% 5.6% 5.6% -8% -3% 2% 7% 12% 0 20 40 60 80 100 120 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 SBA 7(A) Loans ($mm) Sold Production Premium % Gain % $8.5 $7.9 $8.9 $8.7 $8.6 $8.4 $9.2 $9.2 $5.2 $5.2 $4.8 $4.9 $5.6 $6.1 $7.2 $6.0 2.36% 2.19% 2.23% 2.16% 2.22% 2.19% 2.33% 2.13% 0% 1% 1% 2% 2% 3% 0 2 4 6 8 10 12 14 16 18 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Noninterest Expense Trend ($mm) Compensation All Other Expenses % to Average Total Assets 50.4% 49.2% 54.1% 55.9% 56.9% 59.2% 68.3% 62.7% 59.2% 62.1% 61.0% 61.6% 62.1% 62.8% 66.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Efficiency Ratio (2) PCB Peer Average 274 272 276 272 272 270 272 265 258 260 262 264 266 268 270 272 274 276 278 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-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) $1.8 $1.6 $1.7 $1.9 $1.8 $1.7 $1.8 $1.7 $1.4 $0.8 $1.3 $0.8 $0.7 $0.8 $1.1 $0.8 45% 32% 43% 29% 28% 32% 37% 31% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 0 1 1 2 2 3 3 4 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Noninterest Income Trend ($mm) All Other Income Gain on Sale of Loans % of Gain on Sale of Loans

Net Interest Margin (1) Annualized 5.17% 5.70% 6.11% 6.30% 6.43% 6.58% 6.66% 6.77% 4.25% 4.15% 3.79% 3.55% 3.57% 3.40% 3.10% 3.16% 0.98% 2.28% 3.45% 3.97% 4.17% 4.52% 4.85% 4.86% 0.57% 1.42% 2.33% 2.81% 2.97% 3.36% 3.76% 3.81% 2.19% 3.65% 4.52% 4.99% 5.26% 5.33% 5.33% 5.33% -1% 0% 1% 2% 3% 4% 5% 6% 7% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Yield & Cost(1) Loan Yield Net Interest Margin Cost of Interest-Bearing Liabilities Cost of Funds Average Fed Funds Rate 3.10% 3.16% +0.05% +0.00% -0.01% +0.02% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% 1Q24 Loan Yield Other Earning Assets Yield Int-Bearing Liabilities Cost Balance Sheet Mix 2Q24 Quarter-over-Quarter Impact to Net Interest Margin(1) 2Q24 Highlights • Net interest income increased $736 thousand to $21.7 million from $21.0 million for 2Q24. • Net interest margin increased to 3.16% from 3.10% for 1Q24 mainly due to increases in loan yield and balance sheet mix. 15

Capital 12.37% 14.38% 15.60% 14.38% 5.00% 6.50% 8.00% 10.00% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Tier 1 Leverage CET 1 Capital Tier 1 Capital Total Capital Bank-Level Regulatory Capital Ratios Actual Minimum Requirement For Well-Capitalized $22.40 $22.94 $23.56 $23.77 $23.87 $24.46 $24.54 $24.80 $17.75 $18.21 $18.72 $18.94 $19.05 $19.62 $19.69 $19.95 $12 $14 $16 $18 $20 $22 $24 $26 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Book Value/TCE(1) Per Share BV Per Share TCE Per Share June 30, 2024 14.30% 13.86% 13.47% 13.32% 13.31% 12.51% 12.26% 12.39% 11.33% 11.00% 10.71% 10.61% 10.62% 10.03% 9.84% 9.97% 8% 9% 10% 11% 12% 13% 14% 15% Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-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) Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Total Deposits (d) $ 1,978,098 $ 2,045,983 $ 2,141,689 $ 2,188,231 $ 2,192,1291 $ 2,351,612 $ 2,402,840 $ 2,406,254 Less: Time Deposits Greater Than $250K (299,271) (413,876) (514,464) (511,590) (514,406) (575,702) (609,550) (619,832) Less: Brokered Deposits (79,131) (87,031) (157,020) (160,149) (201,258) (303,742) (299,776) (283,033) Core Deposits (e) $ 1,599,696 $ 1,545,076 $ 1,470,205 $ 1,516,492 $ 1,476,465 $ 1,472,168 $ 1,493,514 $ 1,503,389 Core Deposits to Total Deposits (e)/(d) 80.9% 75.5% 68.6% 69.3% 67.4% 62.6% 62.2% 62.5% The following table reconciles ROATCE to its most comparable GAAP measure: ($ in thousands) 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Average Total Shareholders' Equity (a) $ 338,248 $ 334,832 $ 335,169 $ 339,869 $ 343,144 $ 343,735 $ 349,644 $ 351,221 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) $ 269,107 $ 265,691 $ 266,028 $ 270,728 $ 274,003 $ 274,594 $ 280,503 $ 282,080 Net Income (c) $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,281 ROAE (1) (c)/(a) 8.16% 10.31% 12.46% 8.82% 8.12% 6.82% 5.32% 7.10% ROATCE (Non-GAAP)(1) (c)/(b) 10.25% 12.99% 15.70% 11.08% 10.17% 8.54% 6.63% 8.83% The following table reconciles TCE per share and TCE to total assets to their most comparable GAAP measures: ($ in thousands, except per share data) Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Total Shareholders' Equity (a) $ 332,719 $ 335,442 $ 336,830 $ 340,411 $ 341,852 $ 348,872 $ 350,005 $ 353,469 Less: Preferred Stock 69,141 69,141 69,141 69,141 69,141 69,141 69,141 69,141 TCE (Non-GAAP) (b) $ 263,578 $ 266,301 $ 267,689 $ 271,270 $ 272,711 $ 279,731 $ 280,864 $ 284,328 Outstanding Shares (c) 14,853,140 14,625,474 14,297,870 14,318,890 14,319,014 14,260,440 14,263,791 14,254,024 Book Value Per Share (a)/(c) $ 22.40 $ 22.94 $ 23.56 $ 23.77 $ 23.87 $ 24.46 $ 24.54 $ 24.80 TCE Per Share (Non-GAAP) (b)/(c) $ 17.75 $ 18.21 $ 18.72 $ 18.94 $ 19.05 $ 19.62 $ 19.69 $ 19.95 Total Assets (d) $ 2,327,051 $ 2,420,036 $ 2,500,524 $ 2,556,345 $ 2,567,974 $ 2,789,506 $ 2,854,292 $ 2,852,964 Total Shareholders’ Equity to Total Assets (a)/(d) 14.30% 13.86% 13.47% 13.32% 13.31% 12.51% 12.26% 12.39% TCE to Total Assets (Non-GAAP) (b)/(d) 11.33% 11.00% 10.71% 10.61% 10.62% 10.03% 9.84% 9.97% (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) 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Net Income (a) $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,281 Add: Provision (Reversal) for Credit Losses(1) 3,753 1,149 (2,778) 197 751 1,698 1,090 259 Add: Income Tax Provision 2,798 3,688 4,162 3,073 2,970 2,352 1,817 2,505 PTPP Income (Non-GAAP) (b) $ 13,504 $ 13,539 $ 11,681 $ 10,747 $ 10,744 $ 9,958 $ 7,592 $ 9,045 Average Total Assets (c) $ 2,319,439 $ 2,395,712 $ 2,470,876 $ 2,520,752 $ 2,563,233 $ 2,642,175 $ 2,809,808 $ 2,853,152 ROAA (2) (a)/(c) 1.19% 1.44% 1.69% 1.19% 1.09% 0.89% 0.67% 0.89% Adjusted ROAA (Non-GAAP)(2) (b)/(c) 2.31% 2.24% 1.92% 1.71% 1.66% 1.50% 1.09% 1.28% Average Total Shareholders' Equity (d) $ 338,248 $ 334,832 $ 335,169 $ 339,869 $ 343,144 $ 343,735 $ 349,644 $ 351,221 ROAE (2) (a)/(d) 8.16% 10.31% 12.46% 8.82% 8.12% 6.82% 5.39% 7.19% Adjusted ROAE (Non-GAAP)(2) (b)/(d) 15.84% 16.04% 14.13% 12.68% 12.42% 11.49% 8.73% 10.36% Net Income available to common shareholders $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,139 Less: Income Allocated to Participating Securities (30) (37) (33) (24) (21) (17) (9) (11) Net Income Allocated to Common Stock (e) 6,923 8,665 10,264 7,453 7,002 5,891 4,676 6,128 Add: Provision for Loan Losses 3,753 1,149 (2,778) 197 751 1,698 1,090 259 Add: Income Tax Provision 2,798 3,688 4,162 3,073 2,970 2,352 1,817 2,505 PTPP Income Allocated to Common Stock (f) $ 13,474 $ 13,502 $ 11,648 $ 10,723 $ 10,723 $ 9,941 $ 7,583 $ 8,892 WA common shares outstanding, diluted (g) 15,088,089 14,904,106 14,574,929 14,356,776 14,396,216 14,316,581 14,330,204 14,312,949 Diluted EPS (e)/(g) $ 0.46 $ 0.58 $ 0.70 $ 0.52 $ 0.49 $ 0.41 $ 0.33 $ 0.43 Adjusted Diluted EPS (Non-GAAP) (f)/(g) $ 0.89 $ 0.91 $ 0.80 $ 0.75 $ 0.74 $ 0.69 $ 0.53 $ 0.62 ($ in thousands) 2019 2020 2021 2022 2023 06/24 YTD Net Income $ 24,108 $ 16,175 $ 40,103 $ 34,987 $ 30,705 $ 10,966 Add: Provision (Reversal) for Credit Losses(1) 4,237 13,219 (4,596) 3,602 (132) 1,349 Add: Income Tax Provision 10,243 6,836 16,856 14,416 12,557 4,322 PTPP Income (Non-GAAP) $ 38,588 $ 36,230 $ 52,363 $ 53,005 $ 43,130 $ 16,637 19

Exhibit 99.3

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

Los Angeles, California - July 25, 2024 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank, announced that on July 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 August 16, 2024, to shareholders of record as of the close of business on August 9, 2024.

About PCB Bancorp

Contact:

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000

Exhibit 99.4

PCB Bancorp Announces Extension of Stock Repurchase Plan

Los Angeles, California - July 25, 2024 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank, announced that on July 24, 2024, its Board of Directors approved an amendment (the “Repurchase Program Amendment”) to its current repurchase program that was approved and announced on August 2, 2023. The original repurchase program authorized the repurchase of up to 720,000 shares of the Company’s outstanding common stock, which was then approximately 5% of the outstanding share, through August 2, 2024. The Repurchase Program Amendment extends the expiration date from August 2, 2024 to August 1, 2025. As of July 24, 2024, the Company has repurchased and retired 142,223 shares of its common stock, leaving an aggregate of 577,777 shares in authorized for repurchase under the Repurchase Program Amendment.

About PCB Bancorp

Cautionary Note Regarding Forward-Looking Statements

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

Document and Entity Information Document	Jul. 25, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 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