EX-99.1 2 pcbpr20260423earnings.htm EX-99.1 Document

Exhibit 99.1
pcbbancorp.jpg
PCB Bancorp Reports Earnings for Q1 2026
Los Angeles, California, - April 23, 2026 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income available to common shareholders of $10.6 million, or $0.74 per diluted common share, for the first quarter of 2026, compared with $9.1 million, or $0.64 per diluted common share, for the previous quarter and $7.7 million, or $0.53 per diluted common share, for the year-ago quarter.
Q1 2026 Highlights
•Net income available to common shareholders totaled $10.6 million, or $0.74 per diluted common share, for the current quarter;
•Provision for credit losses was $467 thousand for the current quarter compared with $1.0 million for the previous quarter and $1.6 million for the year-ago quarter;
•Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment ratio was 1.18% at March 31, 2026 compared with 1.18% at December 31, 2025, and 1.17% at March 31, 2025;
•Net interest income was $26.8 million for the current quarter compared with $26.6 million for the previous quarter and $24.3 million for the year-ago quarter. Net interest margin was 3.36% for the current quarter compared with 3.28% for the previous quarter and 3.28% for the year-ago quarter;
•Gain on sale of loans was $1.4 million for the current quarter compared with $648 thousand for the previous quarter and $887 thousand for the year-ago quarter;
•Total assets were $3.40 billion at March 31, 2026, an increase of $114.4 million, or 3.5%, from $3.28 billion at December 31, 2025 and an increase of $212.4 million, or 6.7%, from $3.18 billion at March 31, 2025;
•Loans held-for-investment were $2.87 billion at March 31, 2026, an increase of $53.2 million, or 1.9%, from $2.82 billion at December 31, 2025 and an increase of $145.9 million, or 5.4%, from $2.73 billion at March 31, 2025; and
•Total deposits were $2.89 billion at March 31, 2026, an increase of $92.6 million, or 3.3%, from $2.80 billion at December 31, 2025 and an increase of $173.6 million, or 6.4%, from $2.71 billion at March 31, 2025.
Henry Kim, President and CEO, commented, “We delivered another solid results for the first quarter driven by strong loan and deposit growth, expanding net interest margin, solid credit quality, successful expense management, and continued quality earnings growth. Our deposit balance increased $93 million for the quarter, or 13.2% annualized, loan balance increased $45 million, or 6.3% annualized, net interest margin increased eight basis to 3.36% compared with link quarter, nonperforming assets to total assets ratio remained solid at 0.27%, posted an efficiency ratio of 49.1%, and our diluted earnings per share increased 16% to $0.74 compared with $0.64 in the fourth quarter of 2025.” Mr. Kim further stated,
“As we move forward, we remain committed to disciplined growth, preserving the strength of our credit portfolio, and maintaining operational efficiency to deliver long-term sustainable value for our shareholders.”
1

Financial Highlights (Unaudited)
($ in thousands, except per share data)
Three Months Ended
3/31/202612/31/2025
% Change
3/31/2025
% Change
Net income$10,653 $9,235 15.4 %$7,735 37.7 %
Net income available to common shareholders$10,567 $9,148 15.5 %$7,695 37.3 %
Diluted earnings per common share (“EPS”)$0.74 $0.64 15.6 %$0.53 39.6 %
Net interest income$26,810 $26,627 0.7 %$24,283 10.4 %
Provision for credit losses467 1,024 (54.4)%1,598 (70.8)%
Noninterest income3,374 2,545 32.6 %2,580 30.8 %
Noninterest expense14,814 15,026 (1.4)%14,474 2.3 %
Return on average assets (“ROAA”) (1)
1.30 %1.11 %1.01 %
Return on average shareholders’ equity (“ROAE”) (1)
10.95 %9.45 %8.53 %
Return on average tangible common equity (“ROATCE”) (1),(2)
13.17 %11.40 %10.45 %
Net interest margin (1)
3.36 %3.28 %3.28 %
Efficiency ratio (3)
49.08 %51.51 %53.88 %
($ in thousands, except per share data)3/31/202612/31/2025% Change3/31/2025% Change
Total assets
$3,396,193 $3,281,771 3.5 %$3,183,758 6.7 %
Net loans held-for-investment
2,839,608 2,787,019 1.9 %2,695,668 5.3 %
Total deposits
2,887,980 2,795,412 3.3 %2,714,399 6.4 %
Book value per common share (4)
$27.88 $27.41 $25.78 
TCE per common share (2)
$23.02 $22.55 $20.97 
Tier 1 leverage ratio (consolidated)
12.05 %11.89 %12.14 %
Total shareholders’ equity to total assets11.68 %11.88 %11.65 %
TCE to total assets (2), (5)
9.65 %9.78 %9.48 %
(1)Ratios for the three months ended periods are presented on an annualized basis.
(2)Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.
(3)Calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
(4)Calculated by dividing total shareholders’ equity by the number of outstanding common shares.
(5)The Company had no intangible asset component for the presented periods.

2

Results of Operations (Unaudited)
Net Interest Income and Net Interest Margin
The following table presents the components of net interest income for the periods indicated:
Three Months Ended
($ in thousands)3/31/202612/31/2025
% Change
3/31/2025% Change
Interest income/expense on
Loans
$44,484 $45,648 (2.5)%$43,026 3.4 %
Investment securities
1,574 1,516 3.8 %1,408 11.8 %
Other interest-earning assets
2,773 2,701 2.7 %2,458 12.8 %
Total interest-earning assets
48,831 49,865 (2.1)%46,892 4.1 %
Interest-bearing deposits
21,478 23,197 (7.4)%22,564 (4.8)%
Borrowings
543 41 1,224.4 %45 1,106.7 %
Total interest-bearing liabilities
22,021 23,238 (5.2)%22,609 (2.6)%
Net interest income
$26,810 $26,627 0.7 %$24,283 10.4 %
Average balance of
Loans
$2,840,688 $2,810,897 1.1 %$2,649,037 7.2 %
Investment securities
160,798 156,819 2.5 %146,540 9.7 %
Other interest-earning assets
236,161 250,215 (5.6)%209,375 12.8 %
Total interest-earning assets
$3,237,647 $3,217,931 0.6 %$3,004,952 7.7 %
Interest-bearing deposits
$2,279,104 $2,311,423 (1.4)%$2,140,201 6.5 %
Borrowings
56,000 4,011 1,296.2 %3,933 1,323.8 %
Total interest-bearing liabilities
$2,335,104 $2,315,434 0.8 %$2,144,134 8.9 %
Total funding (1)
$2,869,802 $2,853,402 0.6 %$2,660,764 7.9 %
Annualized average yield/cost of 
Loans
6.35 %6.44 %6.59 %
Investment securities
3.97 %3.84 %3.90 %
Other interest-earning assets
4.76 %4.28 %4.76 %
Total interest-earning assets6.12 %6.15 %6.33 %
Interest-bearing deposits
3.82 %3.98 %4.28 %
Borrowings
3.93 %4.06 %4.64 %
Total interest-bearing liabilities3.82 %3.98 %4.28 %
Net interest margin3.36 %3.28 %3.28 %
Cost of total funding (1)
3.11 %3.23 %3.45 %
Supplementary information
Net accretion of discount on loans$517 $746 (30.7)%$872 (40.7)%
Net amortization of deferred loan fees$353 $255 38.4 %$266 32.7 %
(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.

3

The increases in net interest margin for the current quarter compared with the previous and year ago quarters were primarily due to a decrease in cost of fund and increases in investment securities and other-interest earning assets yields, partially offset by a decrease in loan yield. During the current quarter, the Company received a special dividend on Federal Home Loan Bank (“FHLB”) stock of $424 thousand, which contributed additional 5 basis point increase to the net interest margin.
Loans. The decreases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to decreases in market rates and net accretion of discount on loans, partially offset by an increase in net amortization of deferred loan fees.
The following table presents a composition of total loans by interest rate type accompanied by the weighted-average contractual rates as of the dates indicated:
3/31/202612/31/20253/31/2025
% to Total LoansWeighted-Average Contractual Rate% to Total LoansWeighted-Average Contractual Rate% to Total LoansWeighted-Average Contractual Rate
Fixed rate loans
17.7 %5.73 %17.5 %5.60 %17.8 %5.35 %
Hybrid rate loans
39.4 %5.59 %39.7 %5.57 %38.0 %5.36 %
Variable rate loans
42.9 %6.80 %42.8 %6.93 %44.2 %7.52 %
Investment Securities. The increases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to higher yields on newly purchased investment securities.
Other Interest-Earning Assets. The increase in average yield for the current quarter compared with the previous quarter was primarily due to an increase in dividends received on FHLB stock, partially offset by a decrease in average interest rate on cash held at the Federal Reserve Bank.
Interest-Bearing Deposits. The decreases in average cost for the current quarter compared with the previous and year-ago
quarters were primarily due to decreases in market rates.
Provision for credit losses
The following table presents a composition of provision for credit losses for the periods indicated:
Three Months Ended
($ in thousands)3/31/202612/31/2025
% Change
3/31/2025
% Change
Provision for credit losses on loans$618 $791 (21.9)%$1,591 (61.2)%
Provision (reversal) for credit losses on off-balance sheet credit exposure(151)233 NA7 NA
Total provision for credit losses$467 $1,024 (54.4)%$1,598 (70.8)%
The provision for credit losses on loans for the current quarter was primarily due to an increase in loans held-for-investment.
4

Noninterest Income
The following table presents the components of noninterest income for the periods indicated:
Three Months Ended
($ in thousands)3/31/202612/31/2025
% Change
3/31/2025
% Change
Gain on sale of loans
$1,409 $648 117.4 %$887 58.9 %
Service charges and fees on deposits
430 416 3.4 %372 15.6 %
Loan servicing income
801 741 8.1 %725 10.5 %
Bank-owned life insurance (“BOLI”) income274 271 1.1 %247 10.9 %
Other income
460 469 (1.9)%349 31.8 %
Total noninterest income
$3,374 $2,545 32.6 %$2,580 30.8 %
Gain on Sale of Loans. The following table presents information on gain on sale of loans for the periods indicated:
Three Months Ended
($ in thousands)3/31/202612/31/2025% Change3/31/2025% Change
Gain on sale of SBA loans
Sold loan balance
$21,830 $13,201 65.4 %$16,605 31.5 %
Premium received
1,581 769 105.6 %1,208 30.9 %
Gain recognized
1,409 648 117.4 %887 58.9 %
Loan Servicing Income. The Company services SBA loans and certain residential property loans sold to the secondary market. The following table presents information on loan servicing income for the periods indicated:
Three Months Ended
($ in thousands)3/31/202612/31/2025
% Change
3/31/2025
% Change
Loan servicing income
Servicing income received
$1,218 $1,254 (2.9)%$1,273 (4.3)%
Servicing assets amortization
(417)(513)(18.7)%(548)(23.9)%
Loan servicing income$801 $741 8.1 %$725 10.5 %
Underlying loans at end of period
$506,645 $502,408 0.8 %$510,927 (0.8)%

5

Noninterest Expense
The following table presents the components of noninterest expense for the periods indicated:
Three Months Ended
($ in thousands)3/31/202612/31/2025% Change3/31/2025% Change
Salaries and employee benefits
$9,720 $9,339 4.1 %$9,075 7.1 %
Occupancy and equipment
2,277 2,202 3.4 %2,289 (0.5)%
Professional fees
534 834 (36.0)%628 (15.0)%
Marketing and business promotion
456 607 (24.9)%243 87.7 %
Data processing
337 351 (4.0)%333 1.2 %
Director fees and expenses
223 224 (0.4)%226 (1.3)%
Regulatory assessments
361 389 (7.2)%344 4.9 %
Other expense906 1,080 (16.1)%1,336 (32.2)%
Total noninterest expense
$14,814 $15,026 (1.4)%$14,474 2.3 %
Salaries and Employee Benefits. The increase for the current quarter compared with the previous quarter was primarily due to increases in accruals for bonus and vacation, and group insurance, and a decrease in direct loan origination cost, which offsets and defers the recognition of salaries and benefits expense, partially offset by a decrease in salaries and other employee benefits. The increase for the current quarter compared with the year-ago quarter was primarily due to increases in salaries and group insurance, and a decrease in loan origination cost. The number of full-time equivalent employees was 264, 264 and 257 as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
Professional Fees. The decrease for the current quarter compared with the previous quarter was due to higher internal audit fees for the previous quarter as a part of the year-end process.
Marketing and Business Promotion. The decrease for the current quarter compared with the previous quarter was primarily due to yearend promotions during the previous quarter. The increase for the current quarter compared with the year-ago quarter was primarily due to an increase in advertising.
Other Expense. The decrease for the current quarter compared with the previous quarter was primarily due to decreases in expenses related to legal, armed guard and office supplies. The decrease for the current quarter compared with the year-ago quarter was primarily due to an impairment on operating lease assets of $146 thousand for a sublease contract and recognition of contingent liabilities for legal settlements of $183 thousand during the year-ago quarter.
6

Balance Sheet (Unaudited)
Total assets were $3.40 billion at March 31, 2026, an increase of $114.4 million, or 3.5%, from $3.28 billion at December 31, 2025 and an increase of $212.4 million, or 6.7%, from $3.18 billion at March 31, 2025. The increase for the current quarter was primarily due to increases in cash and cash equivalents and loans held-for-investment, partially offset by a decrease in loans held-for-sale.
Loans
The following table presents a composition of total loans (includes both loans held-for-sale and loans held-for-investment) as of the dates indicated:
($ in thousands)3/31/202612/31/2025% Change3/31/2025% Change
Commercial real estate:
Commercial property$1,091,823 $1,071,396 1.9 %$965,302 13.1 %
Business property644,307 638,063 1.0 %618,771 4.1 %
Multifamily198,346 175,579 13.0 %207,096 (4.2)%
Construction18,972 18,561 2.2 %23,978 (20.9)%
Total commercial real estate1,953,448 1,903,599 2.6 %1,815,147 7.6 %
Commercial and industrial520,894 508,662 2.4 %494,697 5.3 %
Consumer:
Residential mortgage392,680 401,337 (2.2)%406,774 (3.5)%
Other consumer6,529 6,802 (4.0)%10,992 (40.6)%
Total consumer399,209 408,139 (2.2)%417,766 (4.4)%
Loans held-for-investment2,873,551 2,820,400 1.9 %2,727,610 5.4 %
Loans held-for-sale3,604 12,077 (70.2)%12,101 (70.2)%
Total loans$2,877,155 $2,832,477 1.6 %$2,739,711 5.0 %
SBA loans included in:
Loans held-for-investment$145,101 $146,549 (1.0)%$147,622 (1.7)%
Loans held-for-sale$2,513 $12,077 (79.2)%$12,101 (79.2)%
ACL on loans$33,943 $33,381 1.7 %$31,942 6.3 %
ACL on loans to loans held-for-investment1.18 %1.18 %1.17 %
The increase in loans held-for-investment for the current quarter was primarily due to new funding of term loans of $112.9 million and net increase of lines of credit of $20.1 million, partially offset by pay-downs and pay-offs of term loans of $78.6 million, a loan transferred to loans held-for-sale of $1.1 million and charge-offs of $76 thousand.
The decrease in loans held-for-sale for the current quarter was primarily due to sales of $21.8 million and pay-downs of $149 thousand, partially offset by new funding of $12.4 million and a loan transferred from loans held-for-investment of $1.1 million.

The following table presents a composition of off-balance sheet credit exposure as of the dates indicated:
($ in thousands)3/31/202612/31/2025% Change3/31/2025% Change
Commercial property$9,816 $11,344 (13.5)%$7,810 25.7 %
Business property8,852 7,569 17.0 %11,068 (20.0)%
Construction4,825 5,229 (7.7)%12,312 (60.8)%
Commercial and industrial331,343 342,593 (3.3)%351,802 (5.8)%
Other consumer1,440 1,347 6.9 %1,671 (13.8)%
Total commitments to extend credit356,276 368,082 (3.2)%384,663 (7.4)%
Letters of credit7,330 7,330 — %6,795 7.9 %
Total off-balance sheet credit exposure$363,606 $375,412 (3.1)%$391,458 (7.1)%

7

Credit Quality
The following table presents a summary of non-performing loans and assets, and classified assets as of the dates indicated:
($ in thousands)3/31/202612/31/2025% Change3/31/2025% Change
Nonaccrual loans
Commercial real estate:
Commercial property$1,356 $1,403 (3.3)%$1,538 (11.8)%
Business property1,355 938 44.5 %1,485 (8.8)%
Total commercial real estate2,711 2,341 15.8 %3,023 (10.3)%
Commercial and industrial83 161 (48.4)%66 25.8 %
Consumer:
Residential mortgage5,387 5,403 (0.3)%3,153 70.9 %
Other consumer4 5 (20.0)%6 (33.3)%
Total consumer5,391 5,408 (0.3)%3,159 70.7 %
Total nonaccrual loans held-for-investment
8,185 7,910 3.5 %6,248 31.0 %
Loans past due 90 days or more and still accruing
— — — %— — %
Non-performing loans (“NPLs”) 8,185 7,910 3.5 %6,248 31.0 %
NPLs held-for-sale1,091 — NA— NA
Total NPLs9,276 7,910 17.3 %6,248 48.5 %
Other real estate owned (“OREO”)
— — — %— — %
Non-performing assets (“NPAs”)
$9,276 $7,910 17.3 %$6,248 48.5 %
Loans past due and still accruing
Past due 30 to 59 days
$1,352 $943 43.4 %$5,236 (74.2)%
Past due 60 to 89 days
19 12 58.3 %101 (81.2)%
Past due 90 days or more
— — — %— — %
Total loans past due and still accruing
$1,371 $955 43.6 %$5,337 (74.3)%
Special mention loans$6,395 $6,435 (0.6)%$5,010 27.6 %
Classified assets
Classified loans held-for-investment$9,450 $9,159 3.2 %$8,280 14.1 %
Classified loans held-for-sale1,091 — NA— NA
OREO
— — — %— — %
Classified assets
$10,541 $9,159 15.1 %$8,280 27.3 %
NPLs to loans held-for-investment0.28 %0.28 %0.23 %
NPAs to total assets
0.27 %0.24 %0.20 %
Classified assets to total assets
0.31 %0.28 %0.26 %
Allowance for Credit Losses
The following table presents activity in ACL for the periods indicated:
Three Months Ended
($ in thousands)3/31/202612/31/2025% Change3/31/2025% Change
ACL on loans
Balance at beginning of period$33,381 $32,960 1.3 %$30,628 9.0 %
Charge-offs(76)(381)(80.1)%(353)(78.5)%
Recoveries20 11 81.8 %76 (73.7)%
Provision for credit losses on loans618 791 (21.9)%1,591 (61.2)%
Balance at end of period$33,943 $33,381 1.7 %$31,942 6.3 %
ACL on off-balance sheet credit exposure
Balance at beginning of period$1,543 $1,310 17.8 %$1,190 29.7 %
Provision (reversal) for credit losses on off-balance sheet credit exposure(151)233 NA7 NA
Balance at end of period$1,392 $1,543 (9.8)%$1,197 16.3 %
8

Investment Securities
Total investment securities were $170.5 million at March 31, 2026, an increase of $10.5 million, or 6.5%, from $160.0 million at December 31, 2025 and an increase of $22.3 million, or 15.0%, from $148.2 million at March 31, 2025. The increase for the current quarter was primarily due to purchases of $18.7 million, partially offset by principal pay-downs of $6.9 million, a fair value decrease of $1.3 million and net premium amortization of $24 thousand.
Deposits
The following table presents the Company’s deposit mix as of the dates indicated:
3/31/202612/31/20253/31/2025
($ in thousands)Amount% to TotalAmount% to TotalAmount% to Total
Noninterest-bearing demand deposits
$570,393 19.8 %$555,645 19.9 %$564,407 20.8 %
Interest-bearing deposits
Savings
5,005 0.2 %6,077 0.2 %5,185 0.2 %
NOW
13,927 0.5 %13,928 0.5 %15,219 0.6 %
Retail money market accounts
662,132 22.8 %656,069 23.4 %492,334 18.0 %
Brokered money market accounts
1 0.1 %1 0.1 %1 0.1 %
Retail time deposits of
$250,000 or less
575,079 19.9 %574,519 20.6 %532,512 19.6 %
More than $250,000
685,074 23.7 %648,633 23.1 %652,458 24.0 %
State and brokered time deposits
376,369 13.0 %340,540 12.2 %452,283 16.7 %
Total interest-bearing deposits
2,317,587 80.2 %2,239,767 80.1 %2,149,992 79.2 %
Total deposits
$2,887,980 100.0 %$2,795,412 100.0 %$2,714,399 100.0 %
Estimated total deposits not covered by deposit insurance$1,363,735 47.2 %$1,270,159 45.4 %$1,125,068 41.4 %
Total retail deposits were $2.51 billion at March 31, 2026, an increase of $56.7 million, or 2.3%, from $2.45 billion at December 31, 2025, and an increase of $249.5 million, or 11.0%, from $2.26 billion at March 31, 2025.
The increase in retail time deposits for the current quarter was primarily due to new accounts of $116.8 million, renewals of matured accounts of $388.8 million and balance increases of $16.5 million, partially offset by matured and closed accounts of $485.0 million.
Liquidity
The following table presents a summary of the Company’s liquidity position as of the dates indicated:
($ in thousands)3/31/202612/31/2025% Change
Cash and cash equivalents
$267,405 $207,142 29.1 %
Cash and cash equivalents to total assets
7.9 %6.3 %
Available borrowing capacity
FHLB advances
$770,183 $840,607 (8.4)%
Federal Reserve Discount Window
863,567 841,563 2.6 %
Overnight federal funds lines
65,000 65,000 — %
Total
$1,698,750 $1,747,170 (2.8)%
Total available borrowing capacity to total assets
50.0 %53.2 %
9

Shareholders’ Equity
Shareholders’ equity was $396.7 million at March 31, 2026, an increase of $6.7 million, or 1.7%, from $390.0 million at December 31, 2025, and an increase of $25.9 million, or 7.0%, from $370.9 million at March 31, 2025. The increase for the current quarter was primarily due to net income and proceeds from stock option exercises of $112 thousand, partially offset by repurchases of common stock of $193 thousand, cash dividends declared on common stock of $3.1 million and preferred stock dividends of $86 thousand, and an increase in accumulated other comprehensive loss of $895 thousand.
Stock Repurchases
During the current quarter, the Company repurchased and retired 9,005 shares of common stock at a weighted-average price of $21.45, totaling $193.0 thousand. In 2025, the Company repurchased and retired 358,251 shares of common stock at a weighted-average price of $19.82, totaling $7.1 million. As of March 31, 2026, the Company is authorized to purchase 210,521 additional shares under its current stock repurchase program, which expires on July 31, 2026.
Series C Preferred Stock
The Company paid dividends of $86 thousand and $86 thousand for the current and year-ago quarters, respectively.
Capital Ratios
The following table presents capital ratios for the Company and the Bank as of the dates indicated:
3/31/202612/31/20253/31/2025Well Capitalized Minimum Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)
11.48 %11.46 %11.25 %6.50 %
Total capital (to risk-weighted assets)
15.09 %15.13 %14.98 %10.00 %
Tier 1 capital (to risk-weighted assets)
13.87 %13.89 %13.77 %8.00 %
Tier 1 capital (to average assets)
12.05 %11.89 %12.14 %5.00 %
PCB Bank
Common tier 1 capital (to risk-weighted assets)
13.46 %13.49 %13.42 %6.50 %
Total capital (to risk-weighted assets)
14.68 %14.72 %14.63 %10.00 %
Tier 1 capital (to risk-weighted assets)
13.46 %13.49 %13.42 %8.00 %
Tier 1 capital (to average assets)
11.70 %11.55 %11.82 %5.00 %
10

About PCB Bancorp
PCB Bancorp is the bank holding company for PCB Bank, a California state chartered bank, offering a full suite of commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phrases of similar meaning. We caution that forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control, including but not limited to the health of the national and local economies including the impact on the Company and its customers resulting from any adverse developments in real estate markets, inflation levels and interest rates; the impacts of the conflicts in the Middle East on the national and global economies and markets; the impact of governmental monetary policy; any material weaknesses in the Company’s internal control over financial reporting that we have identified or may identify; the impacts of sanctions, tariffs and other trade policies of the United States and its global trading partners and tensions related to the same; the Company’s ability to maintain and grow its deposit base; loan demand and continued portfolio performance; the impact of adverse developments at other banks, including bank failures; changes to valuations of the Company’s assets and liabilities including the allowance for credit losses, earning assets, and intangible assets; the ability of the Company to manage liquidity; changes in the availability of liquidity sources including borrowing lines and the ability to pledge or sell certain assets; the Company's ability to attract and retain skilled employees; customers' service expectations; cyber-security risks; the Company's ability to successfully deploy new technology; acquisitions and branch and loan production office expansions; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company’s enterprise risk management framework; litigation costs and outcomes; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, wildfires and other disasters, other public health crises, acts of war or terrorism, and other external events on our business. These and other important factors are detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other filings the Company makes with the SEC, which are available without charge at the SEC’s website (http://www.sec.gov) and on the investor relations section of the Company’s website at www.mypcbbank.com. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.
Contact:
Timothy Chang
Executive Vice President & Chief Financial Officer
213-210-2000

11

PCB Bancorp and Subsidiary
Consolidated Balance Sheets (Unaudited)
($ in thousands, except share and per share data)
3/31/202612/31/2025% Change3/31/2025% Change
Assets
Cash and due from banks
$24,787 $25,319 (2.1)%$28,852 (14.1)%
Interest-bearing deposits in other financial institutions242,618 181,823 33.4 %185,496 30.8 %
Total cash and cash equivalents
267,405 207,142 29.1 %214,348 24.8 %
Securities available-for-sale, at fair value
170,477 160,009 6.5 %148,190 15.0 %
Loans held-for-sale
3,604 12,077 (70.2)%12,101 (70.2)%
Loans held-for-investment2,873,551 2,820,400 1.9 %2,727,610 5.4 %
Allowance for credit losses on loans(33,943)(33,381)1.7 %(31,942)6.3 %
Net loans held-for-investment
2,839,608 2,787,019 1.9 %2,695,668 5.3 %
Premises and equipment, net
7,695 8,194 (6.1)%8,420 (8.6)%
Federal Home Loan Bank and other bank stock
14,978 14,978 — %14,042 6.7 %
Bank-owned life insurance33,070 32,796 0.8 %32,013 3.3 %
Deferred tax assets, net
9,697 9,210 5.3 %6,736 44.0 %
Servicing assets
5,691 5,627 1.1 %5,631 1.1 %
Operating lease assets
16,453 17,158 (4.1)%17,779 (7.5)%
Accrued interest receivable
10,952 10,669 2.7 %10,967 (0.1)%
Other assets
16,563 16,892 (1.9)%17,863 (7.3)%
Total assets
$3,396,193 $3,281,771 3.5 %$3,183,758 6.7 %
Liabilities
Deposits
Noninterest-bearing demand
$570,393 $555,645 2.7 %$564,407 1.1 %
Savings, NOW and money market accounts
681,065 676,075 0.7 %512,739 32.8 %
Time deposits of $250,000 or less
831,448 855,059 (2.8)%924,795 (10.1)%
Time deposits of more than $250,000
805,074 708,633 13.6 %712,458 13.0 %
Total deposits
2,887,980 2,795,412 3.3 %2,714,399 6.4 %
Federal Home Loan Bank advances
50,000 34,000 47.1 %30,000 66.7 %
Operating lease liabilities
18,301 18,996 (3.7)%19,465 (6.0)%
Accrued interest payable and other liabilities
43,194 43,337 (0.3)%49,030 (11.9)%
Total liabilities
2,999,475 2,891,745 3.7 %2,812,894 6.6 %
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock69,141 69,141 — %69,141 — %
Common stock139,405 139,256 0.1 %143,156 (2.6)%
Retained earnings
193,923 186,485 4.0 %165,611 17.1 %
Accumulated other comprehensive loss, net(5,751)(4,856)18.4 %(7,044)(18.4)%
Total shareholders’ equity
396,718 390,026 1.7 %370,864 7.0 %
Total liabilities and shareholders’ equity
$3,396,193 $3,281,771 3.5 %$3,183,758 6.7 %
Outstanding common shares
14,231,423 14,230,428 14,387,176 
Book value per common share (1)
$27.88 $27.41 $25.78 
TCE per common share (2)
$23.02 $22.55 $20.97 
Total loan to total deposit ratio
99.63 %101.33 %100.93 %
Noninterest-bearing deposits to total deposits
19.75 %19.88 %20.79 %
(1)The ratios are calculated by dividing total shareholders’ equity by the number of outstanding common shares. The Company had no intangible equity components for the presented periods.
(2)Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.
12

PCB Bancorp and Subsidiary
Consolidated Statements of Income (Unaudited)
($ in thousands, except share and per share data)
Three Months Ended
3/31/202612/31/2025% Change3/31/2025% Change
Interest and dividend income
Loans, including fees$44,484 $45,648 (2.5)%$43,026 3.4 %
Investment securities1,574 1,516 3.8 %1,408 11.8 %
Other interest-earning assets2,773 2,701 2.7 %2,458 12.8 %
Total interest income48,831 49,865 (2.1)%46,892 4.1 %
Interest expense
Deposits21,478 23,197 (7.4)%22,564 (4.8)%
Other borrowings543 41 1,224.4 %45 1,106.7 %
Total interest expense
22,021 23,238 (5.2)%22,609 (2.6)%
Net interest income
26,810 26,627 0.7 %24,283 10.4 %
Provision for credit losses467 1,024 (54.4)%1,598 (70.8)%
Net interest income after provision for credit losses26,343 25,603 2.9 %22,685 16.1 %
Noninterest income
Gain on sale of loans
1,409 648 117.4 %887 58.9 %
Service charges and fees on deposits
430 416 3.4 %372 15.6 %
Loan servicing income
801 741 8.1 %725 10.5 %
BOLI income274 271 1.1 %247 10.9 %
Other income
460 469 (1.9)%349 31.8 %
Total noninterest income
3,374 2,545 32.6 %2,580 30.8 %
Noninterest expense
Salaries and employee benefits
9,720 9,339 4.1 %9,075 7.1 %
Occupancy and equipment
2,277 2,202 3.4 %2,289 (0.5)%
Professional fees
534 834 (36.0)%628 (15.0)%
Marketing and business promotion456 607 (24.9)%243 87.7 %
Data processing
337 351 (4.0)%333 1.2 %
Director fees and expenses
223 224 (0.4)%226 (1.3)%
Regulatory assessments
361 389 (7.2)%344 4.9 %
Other expense906 1,080 (16.1)%1,336 (32.2)%
Total noninterest expense
14,814 15,026 (1.4)%14,474 2.3 %
Income before income taxes
14,903 13,122 13.6 %10,791 38.1 %
Income tax expense
4,250 3,887 9.3 %3,056 39.1 %
Net income
10,653 9,235 15.4 %7,735 37.7 %
Preferred stock dividends86 87 (1.1)%40 115.0 %
Net income available to common shareholders$10,567 $9,148 15.5 %$7,695 37.3 %
Earnings per common share
Basic
$0.74 $0.64 $0.53 
Diluted
$0.74 $0.64 $0.53 
Average common shares
Basic
14,142,092 14,133,086 14,272,267 
Diluted
14,238,226 14,235,867 14,403,769 
Dividend paid per common share
$0.22 $0.20 $0.20 
ROAA (1)
1.30%1.11%1.01 %
ROAE (1)
10.95%9.45%8.53 %
ROATCE (1), (2)
13.17%11.40%10.45 %
Efficiency ratio (3)
49.08%51.51%53.88 %
(1)Ratios are presented on an annualized basis.
(2)Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.
(3)The ratios are calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
13

PCB Bancorp and Subsidiary
Average Balance, Average Yield, and Average Rate (Unaudited)
($ in thousands)
Three Months Ended
3/31/202612/31/20253/31/2025
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Assets
Interest-earning assets
Total loans (1)
$2,840,688 $44,484 6.35%$2,810,897 $45,648 6.44 %$2,649,037 $43,026 6.59 %
Mortgage-backed securities
131,025 1,305 4.04%126,147 1,227 3.86 %112,825 1,075 3.86 %
Collateralized mortgage obligation
18,443 169 3.72%19,064 184 3.83 %21,028 210 4.05 %
SBA loan pool securities
4,060 31 3.10%4,338 36 3.29 %5,927 54 3.69 %
Municipal bonds (2)
2,502 22 3.57%2,480 22 3.52 %2,424 22 3.68 %
Corporate bonds4,768 47 4.00%4,790 47 3.89 %4,336 47 4.40 %
Other interest-earning assets
236,161 2,773 4.76%250,215 2,701 4.28 %209,375 2,458 4.76 %
Total interest-earning assets
3,237,647 48,831 6.12%3,217,931 49,865 6.15 %3,004,952 46,892 6.33 %
Noninterest-earning assets
Cash and due from banks23,505 24,539 24,652 
ACL on loans(33,344)(32,873)(30,676)
Other assets
98,520 98,231 98,588 
Total noninterest-earning assets
88,681 89,897 92,564 
Total assets
$3,326,328 $3,307,828 $3,097,516 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts
$678,108 5,743 3.43%$683,325 6,073 3.53 %$483,927 4,297 3.60 %
Savings
5,360 3 0.23%5,329 3 0.22 %5,612 3 0.22 %
Time deposits
1,595,636 15,732 4.00%1,622,769 17,121 4.19 %1,650,662 18,264 4.49 %
Total interest-bearing deposits
2,279,104 21,478 3.82%2,311,423 23,197 3.98 %2,140,201 22,564 4.28 %
Other borrowings56,000 543 3.93%4,011 41 4.06 %3,933 45 4.64 %
Total interest-bearing liabilities
2,335,104 22,021 3.82%2,315,434 23,238 3.98 %2,144,134 22,609 4.28 %
Noninterest-bearing liabilities
Noninterest-bearing demand
534,698 537,968 516,630 
Other liabilities
61,952 66,886 69,042 
Total noninterest-bearing liabilities
596,650 604,854 585,672 
Total liabilities
2,931,754 2,920,288 2,729,806 
Total shareholders’ equity
394,574 387,540 367,710 
Total liabilities and shareholders’ equity
$3,326,328 $3,307,828 $3,097,516 
Net interest income
$26,810 $26,627 $24,283 
Net interest spread (3)
2.30%2.17 %2.05 %
Net interest margin (4)
3.36%3.28 %3.28 %
Total deposits
$2,813,802 $21,478 3.10%$2,849,391 $23,197 3.23 %$2,656,831 $22,564 3.44 %
Total funding (5)
$2,869,802 $22,021 3.11%$2,853,402 $23,238 3.23 %$2,660,764 $22,609 3.45 %
(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.

14

PCB Bancorp and Subsidiary
Non-GAAP Financial Measures
Return on average tangible common equity, tangible common equity per common share and tangible common equity to total assets ratios
The Company's TCE is calculated by subtracting preferred stock from shareholders’ equity. The Company had no intangible assets for the presented periods. ROATCE, TCE per common share, and TCE to total assets constitute supplemental financial information determined by methods other than in accordance with Generally Accepted Accounting Principles, or GAAP. These non-GAAP financial measures are used by management in its analysis of the Company's performance. These non-GAAP financial measures should not be viewed as substitutes for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. The following tables provide reconciliations of the non-GAAP financial measures with financial measures defined by GAAP.
($ in thousands)
Three Months Ended
3/31/202612/31/20253/31/2025
Average total shareholders' equity(a)$394,574 $387,540 $367,710 
Less: average preferred stock(b)69,141 69,141 69,141 
Average TCE(c)=(a)-(b)325,433 318,399 298,569 
Net income(d)$10,653 $9,235 $7,735 
ROAE (1)
(d)/(a)10.95 %9.45 %8.53 %
Net income available to common shareholders(e)10,567 9,148 7,695 
ROATCE (1)
(e)/(c)13.17 %11.40 %10.45 %
(1) Annualized.
($ in thousands, except per share data)3/31/202612/31/20253/31/2025
Total shareholders' equity(a)$396,718 $390,026 $370,864 
Less: preferred stock(b)69,141 69,141 69,141 
TCE(c)=(a)-(b)327,577 320,885 301,723 
Outstanding common shares
(d)14,231,423 14,230,428 14,387,176 
Book value per common share(a)/(d)$27.88 $27.41 $25.78 
TCE per common share(c)/(d)23.02 22.55 20.97 
Total assets(e)$3,396,193 $3,281,771 $3,183,758 
Total shareholders' equity to total assets(a)/(e)11.68 %11.88 %11.65 %
TCE to total assets(c)/(e)9.65 %9.78 %9.48 %
15