pcb-20231025

Exhibit 99.1

PCB Bancorp Reports Earnings of $7.0 million for Q3 2023

Los Angeles, California - October 25, 2023 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income of $7.0 million, or $0.49 per diluted common share, for the third quarter of 2023, compared with $7.5 million, or $0.52 per diluted common share, for the previous quarter and $7.0 million, or $0.46 per diluted common share, for the year-ago quarter.

Q3 2023 Highlights

•Net income totaled $7.0 million, or $0.49 per diluted common share, for the current quarter;

•Recorded a provision for credit losses(1),(2) of $751 thousand for the current quarter compared with $197 thousand for the previous quarter and $3.8 million for the year-ago quarter;

•Allowance for Credit Losses (“ACL”)(1) on loans to loans held-for-investment ratio was 1.18% at September 30, 2023 compared with 1.17% at June 30, 2023 and 1.21% at September 30, 2022;

•Net interest income was $22.4 million for the current quarter compared with $21.7 million for the previous quarter and $24.0 million for the year-ago quarter. Net interest margin was 3.57% for the current quarter compared with 3.55% for the previous quarter and 4.25% for the year-ago quarter;

•Gain on sale of loans was $689 thousand for the current quarter compared with $769 thousand for the previous quarter and $1.4 million for the year-ago quarter;

•Total assets were $2.57 billion at September 30, 2023, an increase of $11.6 million, or 0.5%, from $2.56 billion at June 30, 2023, an increase of $147.9 million, or 6.1%, from $2.42 billion at December 31, 2022, and an increase of $240.9 million, or 10.4%, from $2.33 billion at September 30, 2022;

•Loans held-for-investment were $2.17 billion at September 30, 2023, an increase of $45.2 million, or 2.1%, from $2.12 billion at June 30, 2023, an increase of $121.5 million, or 5.9%, from $2.05 billion at December 31, 2022, and an increase of $208.4 million, or 10.6%, from $1.96 billion at September 30, 2022;

•Total deposits were $2.19 billion at September 30, 2023, an increase of $3.9 million, or 0.2%, from $2.19 billion at June 30, 2023, an increase of $146.1 million, or 7.1%, from $2.05 billion at December 31, 2022, and an increase of $214.0 million, or 10.8%, from $1.98 billion at September 30, 2022; and

•Announced a stock repurchase program on August 2, 2023 for the repurchase of up to 720,000 shares of the Company’s outstanding common stock through August 2, 2024. During the current quarter, the Company repurchased and retired 67,202 shares of common stock.

“We are pleased with our continued solid earnings, modest loan growth, and a slight increase in net interest margin and net interest income during the third quarter,” said Henry Kim, President and Chief Executive Officer. “Our loan balance increased 2.1% to $2.17 billion, deposit balance remained steady and our asset quality continued to be strong with non-performing assets and classified assets to total assets ratios of 0.15% and 0.26%, respectively.”

Mr. Kim added, “We announced a new stock repurchase program and repurchased 67,202 shares. The Company continued to maintain a strong capital position with the Bank’s tier 1 capital to average assets ratio of 13.44% and the Company’s tangible common equity to total assets ratio of 10.62%. These robust ratios provide us with extensive confidence to maneuver through these uncharted times and enable us to prudently manage our capital to maximize shareholder value.”

Mr. Kim concluded, “This past September, we celebrated our 20th anniversary of PCB Bank. We will continue to build a strong franchise by focusing on maintaining a strong balance sheet and asset quality, disciplined expense management, repurchasing our shares whenever feasible, and maintainable cash dividend.”

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(1) Provision (reversal) for credit losses and ACL for reporting periods beginning with January 1, 2023 are presented under ASC 326, while prior period comparisons continue to be presented under legacy ASC 450 and ASC 310 in this release.

(2) Provision (reversal) for credit losses on off-balance sheet credit exposures of $(10) thousand and $28 thousand, respectively, for the year-ago quarter and previous year-to-date period were recorded in Other Expense on Consolidated Statements of Income (Unaudited).

Financial Highlights (Unaudited)


($ in thousands, except per share data)	Three Months Ended													Nine Months Ended
	9/30/2023			6/30/2023			% Change		9/30/2022			% Change		9/30/2023			9/30/2022			% Change
Net income	$	7,023		$	7,477		(6.1)	%	$	6,953		1.0	%	$	24,797		$	26,285		(5.7)	%
Diluted earnings per common share	$	0.49		$	0.52		(5.8)	%	$	0.46		6.5	%	$	1.71		$	1.73		(1.2)	%

Net interest income	$	22,449		$	21,717		3.4	%	$	24,023		(6.6)	%	$	66,580		$	65,367		1.9	%
Provision (reversal) for credit losses (1)	751			197			281.2	%	3,753			(80.0)	%	(1,830)			2,453			NM
Noninterest income	2,502			2,657			(5.8)	%	3,176			(21.2)	%	8,180			12,110			(32.5)	%
Noninterest expense	14,207			13,627			4.3	%	13,695			3.7	%	41,588			38,011			9.4	%

Return on average assets (2)	1.09		%	1.19		%			1.19		%			1.32		%	1.58		%
Return on average shareholders’ equity (2)	8.12		%	8.82		%			8.16		%			9.77		%	11.84		%
Return on average tangible common equity (“TCE”) (2),(3)	10.17		%	11.08		%			10.25		%			12.27		%	13.31		%
Net interest margin (2)	3.57		%	3.55		%			4.25		%			3.63		%	4.05		%
Efficiency ratio (4)	56.94		%	55.91		%			50.35		%			55.63		%	49.06		%


($ in thousands, except per share data)	9/30/2023			6/30/2023			% Change		12/31/2022			% Change		9/30/2022			% Change
Total assets	$	2,567,974		$	2,556,345		0.5	%	$	2,420,036		6.1	%	$	2,327,051		10.4	%
Net loans held-for-investment	2,142,006			2,097,560			2.1	%	2,021,121			6.0	%	1,935,476			10.7	%
Total deposits	2,192,129			2,188,232			0.2	%	2,045,983			7.1	%	1,978,098			10.8	%
Book value per common share (5)	$	23.87		$	23.77				$	22.94				$	22.40
TCE per common share (3)	$	19.05		$	18.94				$	18.21				$	17.75
Tier 1 leverage ratio (consolidated)	13.76		%	13.84		%			14.33		%			14.74		%
Total shareholders’ equity to total assets	13.31		%	13.32		%			13.86		%			14.30		%
TCE to total assets (3), (6)	10.62		%	10.61		%			11.00		%			11.33		%

(1)Provision (reversal) for credit losses on off-balance sheet credit exposures of $(10) thousand and $28 thousand, respectively, for the year-ago quarter and previous year-to-date period were recorded in Other Expense on Consolidated Statements of Income (Unaudited). See Provision (reversal) for credit losses included in the Result of Operations discussion for additional information.

(2)Ratios are presented on an annualized basis.

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

(4)Calculated by dividing noninterest expense by the sum of net interest income and noninterest income.

(5)Calculated by dividing total shareholders’ equity by the number of outstanding common shares.

(6)The Company did not have any intangible asset component for the presented periods.

Result of Operations (Unaudited)

Net Interest Income and Net Interest Margin

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


	Three Months Ended													Nine Months Ended
($ in thousands)	9/30/2023			6/30/2023			% Change		9/30/2022			% Change		9/30/2023			9/30/2022			% Change
Interest income/expense on
Loans	$	34,651		$	32,960		5.1	%	$	24,835		39.5	%	$	98,840		$	66,268		49.2	%
Investment securities	1,170			1,136			3.0	%	806			45.2	%	3,408			1,950			74.8	%
Other interest-earning assets	3,031			2,742			10.5	%	1,194			153.9	%	7,978			1,957			307.7	%
Total interest-earning assets	38,852			36,838			5.5	%	26,835			44.8	%	110,226			70,175			57.1	%
Interest-bearing deposits	16,403			15,121			8.5	%	2,798			486.2	%	43,437			4,689			826.4	%
Borrowings	—			—			—	%	14			(100.0)	%	209			119			75.6	%
Total interest-bearing liabilities	16,403			15,121			8.5	%	2,812			483.3	%	43,646			4,808			807.8	%
Net interest income	$	22,449		$	21,717		3.4	%	$	24,023		(6.6)	%	$	66,580		$	65,367		1.9	%
Average balance of
Loans	$	2,137,184		$	2,097,489		1.9	%	$	1,905,366		12.2	%	$	2,102,600		$	1,828,187		15.0	%
Investment securities	138,993			142,136			(2.2)	%	137,363			1.2	%	141,057			132,023			6.8	%
Other interest-earning assets	219,115			213,883			2.4	%	200,367			9.4	%	206,720			198,311			4.2	%
Total interest-earning assets	$	2,495,292		$	2,453,508		1.7	%	$	2,243,096		11.2	%	$	2,450,377		$	2,158,521		13.5	%
Interest-bearing deposits	$	1,561,582		$	1,527,522		2.2	%	$	1,137,739		37.3	%	$	1,500,523		$	1,058,105		41.8	%
Borrowings	—			—			—	%	2,033			(100.0)	%	5,212			7,824			(33.4)	%
Total interest-bearing liabilities	$	1,561,582		$	1,527,522		2.2	%	$	1,139,772		37.0	%	$	1,505,735		$	1,065,929		41.3	%
Total funding (1)	$	2,188,320		$	2,155,649		1.5	%	$	1,965,134		11.4	%	$	2,152,993		$	1,917,766		12.3	%
Annualized average yield/cost of
Loans	6.43		%	6.30		%			5.17		%			6.29		%	4.85		%
Investment securities	3.34		%	3.21		%			2.33		%			3.23		%	1.97		%
Other interest-earning assets	5.49		%	5.14		%			2.36		%			5.16		%	1.32		%
Total interest-earning assets	6.18		%	6.02		%			4.75		%			6.01		%	4.35		%
Interest-bearing deposits	4.17		%	3.97		%			0.98		%			3.87		%	0.59		%
Borrowings	—		%	—		%			2.73		%			5.36		%	2.03		%
Total interest-bearing liabilities	4.17		%	3.97		%			0.98		%			3.88		%	0.60		%
Net interest margin	3.57		%	3.55		%			4.25		%			3.63		%	4.05		%
Cost of total funding (1)	2.97		%	2.81		%			0.57		%			2.71		%	0.34		%
Supplementary information
Net accretion of discount on loans	$	775		$	751		3.2	%	$	867		(10.6)	%	$	2,197		$	2,682		(18.1)	%
Net amortization of deferred loan fees	$	226		$	247		(8.5)	%	$	243		(7.0)	%	$	648		$	2,014		(67.8)	%

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

Loans. The increases in average yield for the current quarter and year-to-date period compared with the same periods of 2022 were primarily due to an increase in overall interest rates on loans from the rising interest rate environment, partially offset by decreases in net accretion of discount on loans and net amortization of deferred loan fees from the decreased amount of SBA PPP loan payoffs.

The following table presents a composition of total loans by interest rate type accompanied with the weighted-average contractual rates as of the dates indicated:


	9/30/2023				6/30/2023				12/31/2022				9/30/2022
	% 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	22.4	%	4.75	%	22.6	%	4.64	%	23.2	%	4.51	%	24.0	%	4.43	%
Hybrid rate loans	38.8	%	4.71	%	39.2	%	4.62	%	39.1	%	4.40	%	38.0	%	4.23	%
Variable rate loans	38.8	%	8.52	%	38.2	%	8.39	%	37.7	%	7.86	%	38.0	%	6.75	%

Investment Securities. The increases in average yield for the current quarter and year-to-date period were primarily due to a decrease in net amortization of premiums on securities and higher yield on newly purchased investment securities.

Other Interest-Earning Assets. The increases in average yield for the current quarter and year-to-date period were primarily due to an increased interest rate on cash held at the Federal Reserve Bank.

Interest-Bearing Deposits. The increases in average cost for the current quarter and year-to-date period were primarily due to an increase in market rates and the migration of noninterest-bearing demand deposits to interest-bearing deposits attributable to the rising market rates. To retain existing and attract new customers, the Bank offers competitive rates on deposit products in the rising interest rate environment.

Provision (Reversal) for Credit Losses

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


	Three Months Ended										Nine Months Ended
($ in thousands)	9/30/2023		6/30/2023		% Change		9/30/2022		% Change		9/30/2023		9/30/2022		% Change
Provision (reversal) for credit losses on loans	$	822	$	157	423.6	%	$	3,753	(78.1)	%	$	(1,438)	$	2,453	NM
Provision (reversal) for credit losses on off-balance sheet credit exposure (1)	(71)		40		NM		(10)		610.0	%	(392)		28		NM
Total provision (reversal) for credit losses	$	751	$	197	281.2	%	$	3,743	(79.9)	%	$	(1,830)	$	2,481	NM

(1)Provision for credit losses on off-balance sheet credit exposures for previous and year-ago quarters were recorded in Other Expense on Consolidated Statements of Income (Unaudited).

On January 1, 2023, the Company adopted the provisions of ASC 326, also known as the current expected credit losses (“CECL”) accounting standard, through the application of the modified retrospective transition approach. Provision (reversal) for credit losses and ACL for reporting periods beginning with January 1, 2023 are presented under ASC 326, while prior period comparisons continue to be presented under legacy ASC 450 and ASC 310 in this release. See CECL Adoption and Allowance for Credit Losses sections included in the Balance Sheet section of this release for additional information.

The provision for credit losses on loans for the current quarter was primarily due to an increase in loan held-for-investment. The reversal for credit losses for the current year-to-date period was primarily due to net recoveries and the improvement in the economic forecast.

Noninterest Income

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


	Three Months Ended										Nine Months Ended
($ in thousands)	9/30/2023		6/30/2023		% Change		9/30/2022		% Change		9/30/2023		9/30/2022		% Change
Gain on sale of loans	$	689	$	769	(10.4)	%	$	1,415	(51.3)	%	$	2,767	$	7,231	(61.7)	%

Service charges and fees on deposits	371		369		0.5	%	341		8.8	%	1,084		974		11.3	%
Loan servicing income	851		868		(2.0)	%	780		9.1	%	2,579		2,235		15.4	%
Bank-owned life insurance income	187		184		1.6	%	178		5.1	%	551		525		5.0	%
Other income	404		467		(13.5)	%	462		(12.6)	%	1,199		1,145		4.7	%
Total noninterest income	$	2,502	$	2,657	(5.8)	%	$	3,176	(21.2)	%	$	8,180	$	12,110	(32.5)	%

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


	Three Months Ended										Nine Months Ended
($ in thousands)	9/30/2023		6/30/2023		% Change		9/30/2022		% Change		9/30/2023		9/30/2022		% Change
Gain on sale of SBA loans
Sold loan balance	$	17,697	$	16,762	5.6	%	$	27,313	(35.2)	%	$	61,592	$	105,438	(41.6)	%
Premium received	1,112		1,209		(8.0)	%	2,036		(45.4)	%	4,362		8,842		(50.7)	%
Gain recognized	689		769		(10.4)	%	1,407		(51.0)	%	2,767		7,223		(61.7)	%
Gain on sale of residential property loans
Sold loan balance	$	—	$	—	—	%	$	858	(100.0)	%	$	—	$	858	(100.0)	%
Gain recognized	—		—		—	%	8		(100.0)	%	—		8		(100.0)	%

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


	Three Months Ended										Nine Months Ended
($ in thousands)	9/30/2023		6/30/2023		% Change		9/30/2022		% Change		9/30/2023		9/30/2022		% Change
Loan servicing income
Servicing income received	$	1,321	$	1,317	0.3	%	$	1,302	1.5	%	$	3,922	$	3,819	2.7	%
Servicing assets amortization	(470)		(449)		4.7	%	(522)		(10.0)	%	(1,343)		(1,584)		(15.2)	%
Loan servicing income	$	851	$	868	(2.0)	%	$	780	9.1	%	$	2,579	$	2,235	15.4	%
Underlying loans at end of period	$	536,424	$	539,160	(0.5)	%	$	538,904	(0.5)	%	$	536,424	$	538,904	(0.5)	%

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

Noninterest Expense

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


	Three Months Ended										Nine Months Ended
($ in thousands)	9/30/2023		6/30/2023		% Change		9/30/2022		% Change		9/30/2023		9/30/2022		% Change
Salaries and employee benefits	$	8,572	$	8,675	(1.2)	%	$	8,457	1.4	%	$	26,175	$	25,177	4.0	%
Occupancy and equipment	1,964		1,919		2.3	%	1,650		19.0	%	5,779		4,584		26.1	%
Professional fees	685		772		(11.3)	%	587		16.7	%	2,189		1,632		34.1	%
Marketing and business promotion	980		203		382.8	%	909		7.8	%	1,555		1,426		9.0	%
Data processing	367		380		(3.4)	%	427		(14.1)	%	1,159		1,272		(8.9)	%
Director fees and expenses	152		217		(30.0)	%	179		(15.1)	%	549		530		3.6	%
Regulatory assessments	281		382		(26.4)	%	150		87.3	%	818		438		86.8	%
Other expense	1,206		1,079		11.8	%	1,336		(9.7)	%	3,364		2,952		14.0	%
Total noninterest expense	$	14,207	$	13,627	4.3	%	$	13,695	3.7	%	$	41,588	$	38,011	9.4	%

Salaries and Employee Benefits. The increases for the current quarter and year-to-date period compared with the same periods of 2022 were primarily due to increases in salaries and other employee benefit expense, partially offset by decreases in bonus accruals and incentives tied to sales of SBA loans originated at loan production offices. The number of full-time equivalent employees was 270, 272 and 274 as of September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

Occupancy and Equipment. The increases for the current quarter and year-to-date period compared with the same periods of 2022 were primarily due to new branch openings during the second half of 2022. During the second half of 2022, the Company opened 3 new full-service branches in Dallas and Carrollton, Texas and Palisades Park, New Jersey.

Professional Fees. The increases for the current quarter and year-to-date period compared with the same periods of 2022 were primarily due to increases in audit and consulting fees.

Marketing and Business Promotion. The increase for the current quarter compared with the previous quarter was primarily due to an increase in advertisements and the Company’s 20th anniversary celebration.

Director fees and expenses. The decrease for the current quarter compared with the previous quarter was primarily due to the retirement of a director during the previous quarter.

Regulatory Assessments. The increases for the current quarter and year-to-date period compared with the same periods of 2022 were due to an increase in FDIC assessment rates. During the previous quarter, an adjustment of $113 thousand was made for the first quarter of 2023. The FDIC increased the initial base deposit insurance assessment rate schedules by two basis points beginning in the first quarterly assessment period of 2023.

Other Expense. The increases for the current quarter and year-to-date period were primarily due to increases in office expenses and armed guard expenses attributable to the branch network expansion. Provision (reversal) for credit losses on off-balance credit exposures of $(10) thousand and $28 thousand was included in other expense for the year-ago quarter and previous year-to-date period, respectively, while the provision (reversal) for the current reporting periods beginning January 1, 2023 was included in provision (reversal) for credit losses.

Balance Sheet (Unaudited)

Total assets were $2.57 billion at September 30, 2023, an increase of $11.6 million, or 0.5%, from $2.56 billion at June 30, 2023, an increase of $147.9 million, or 6.1%, from $2.42 billion at December 31, 2022, and an increase of $240.9 million, or 10.4%, from $2.33 billion at September 30, 2022. The increase for the current quarter was primarily due to an increase in loans held-for-investment, partially offset by decreases in cash and cash equivalents and loans held-for-sale. The increase for the year-to-date period 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.

CECL Adoption

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 reflects the expected lifetime credit losses associated with the composition of financial assets within in 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. As a part of the adoption of ASC 326, the Company reviewed and revised certain loan segments for the Company’s ACL model. See Loan Segments Revision section of this release for a reconciliation of revised loan segments to legacy loan segments, which were utilized before the adoption of ASC 326.

Loans

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


($ in thousands)	9/30/2023		6/30/2023		% Change		12/31/2022		% Change		9/30/2022		% Change
Commercial real estate:
Commercial property	$	814,547	$	793,946	2.6	%	$	772,020	5.5	%	$	759,644	7.2	%
Business property	537,351		533,592		0.7	%	526,513		2.1	%	526,395		2.1	%
Multifamily	132,558		124,029		6.9	%	124,751		6.3	%	121,830		8.8	%
Construction	19,246		16,942		13.6	%	17,054		12.9	%	14,592		31.9	%
Total commercial real estate	1,503,702		1,468,509		2.4	%	1,440,338		4.4	%	1,422,461		5.7	%
Commercial and industrial	279,608		272,278		2.7	%	249,250		12.2	%	216,036		29.4	%
Consumer:
Residential mortgage	363,369		359,655		1.0	%	333,726		8.9	%	297,506		22.1	%
Other consumer	20,926		21,985		(4.8)	%	22,749		(8.0)	%	23,234		(9.9)	%
Total consumer	384,295		381,640		0.7	%	356,475		7.8	%	320,740		19.8	%
Loans held-for-investment	2,167,605		2,122,427		2.1	%	2,046,063		5.9	%	1,959,237		10.6	%
Loans held-for-sale	6,693		13,065		(48.8)	%	22,811		(70.7)	%	18,982		(64.7)	%
Total loans	$	2,174,298	$	2,135,492	1.8	%	$	2,068,874	5.1	%	$	1,978,219	9.9	%

The increase in loans held-for-investment for the current quarter was primarily due to new funding and advances on lines of credit of $259.3 million, partially offset by pay-downs and pay-offs of $214.1 million. The increase for the current year-to-date period was primarily due to new funding and advances on lines of credit of $717.0 million and purchases of residential mortgage loans of $15.7 million, partially offset by pay-downs and pay-offs of $611.2 million.

The decrease in loans held-for-sale for the current quarter was primarily due to sales of $17.7 million, partially offset by new funding of $11.5 million. The decrease for the current year-to-date was primarily due to sales of $61.6 million and pay-downs and pay-offs of $4.3 million, partially offset by new funding of $49.8 million.

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


($ in thousands)	9/30/2023		6/30/2023		% Change		12/31/2022		% Change		9/30/2022		% Change
Commercial property	$	9,827	$	11,118	(11.6)	%	$	7,006	40.3	%	$	6,283	56.4	%
Business property	8,388		9,487		(11.6)	%	8,396		(0.1)	%	10,847		(22.7)	%
Multifamily	1,800		4,500		(60.0)	%	4,500		(60.0)	%	5,000		(64.0)	%
Construction	29,293		30,865		(5.1)	%	18,211		60.9	%	11,093		164.1	%
Commercial and industrial	283,119		279,584		1.3	%	254,668		11.2	%	257,337		10.0	%
Other consumer	271		445		(39.1)	%	692		(60.8)	%	847		(68.0)	%
Total commitments to extend credit	332,698		335,999		(1.0)	%	293,473		13.4	%	291,407		14.2	%
Letters of credit	6,083		6,027		0.9	%	5,392		12.8	%	5,096		19.4	%
Total off-balance sheet credit exposure	$	338,781	$	342,026	(0.9)	%	$	298,865	13.4	%	$	296,503	14.3	%

Credit Quality

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


($ in thousands)	9/30/2023			6/30/2023			% Change		12/31/2022			% Change		9/30/2022			% Change
Nonaccrual loans
Commercial real estate:
Commercial property	$	686		$	699		(1.9)	%	$	—		—	%	$	—		—	%
Business property	2,964			3,007			(1.4)	%	2,985			(0.7)	%	2,996			(1.1)	%


Total commercial real estate	3,650			3,706			(1.5)	%	2,985			22.3	%	2,996			21.8	%
Commercial and industrial	72			88			(18.2)	%	—			—	%	4,003			(98.2)	%
Consumer:
Residential mortgage	—			—			—	%	372			(100.0)	%	372			(100.0)	%
Other consumer	8			51			(84.3)	%	3			166.7	%	25			(68.0)	%
Total consumer	8			51			(84.3)	%	375			(97.9)	%	397			(98.0)	%
Total nonaccrual loans held-for-investment	3,730			3,845			(3.0)	%	3,360			11.0	%	7,396			(49.6)	%
Loans past due 90 days or more and still accruing	—			—			—	%	—			—	%	—			—	%
Non-performing loans (“NPLs”) held-for-investment	3,730			3,845			(3.0)	%	3,360			11.0	%	7,396			(49.6)	%
NPLs held-for-sale	—			—			—	%	4,000			(100.0)	%	—			—	%
Total NPLs	3,730			3,845			(3.0)	%	7,360			(49.3)	%	7,396			(49.6)	%
Other real estate owned (“OREO”)	—			—			—	%	—			—	%	—			—	%
Non-performing assets (“NPAs”)	$	3,730		$	3,845		(3.0)	%	$	7,360		(49.3)	%	$	7,396		(49.6)	%
Loans past due and still accruing
Past due 30 to 59 days	$	654		$	428		52.8	%	$	47		1,291.5	%	$	215		204.2	%
Past due 60 to 89 days	54			—			—	%	87			(37.9)	%	195			(72.3)	%
Past due 90 days or more	—			—			—	%	—			—	%	—			—	%
Total loans past due and still accruing	$	708		$	428		65.4	%	134			428.4	%	$	410		72.7	%




Special mention loans	$	5,281		$	5,406		(2.3)	%	$	6,857		(23.0)	%	$	5,986		(11.8)	%
Classified assets
Classified loans held-for-investment	$	6,742		$	6,901		(2.3)	%	$	6,211		8.5	%	$	10,293		(34.5)	%
Classified loans held-for-sale	—			—			—	%	4,000			(100.0)	%	—			—	%
OREO	—			—			—	%	—			—	%	—			—	%
Classified assets	$	6,742		$	6,901		(2.3)	%	$	10,211		(34.0)	%	$	10,293		(34.5)	%
NPLs held-for-investment to loans held-for-investment	0.17		%	0.18		%			0.16		%			0.38		%
NPAs to total assets	0.15		%	0.15		%			0.30		%			0.32		%
Classified assets to total assets	0.26		%	0.27		%			0.42		%			0.44		%

During the first quarter of 2023, NPLs held-for-sale of $4.0 million were paid-off.

Allowance for Credit Losses

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


	Three Months Ended													Nine Months Ended
($ in thousands)	9/30/2023			6/30/2023			% Change		9/30/2022			% Change		9/30/2023		9/30/2022			% Change
ACL on loans
Balance at beginning of period	$	24,867		$	24,694		0.7	%	$	21,071		18.0	%	$	24,942	$	22,381		11.4	%
Impact of ASC 326 adoption	—			—			NM		—			NM		1,067		—			NM
Charge-offs	(112)			(7)			1,500.0	%	(1,112)			(89.9)	%	(119)		(1,171)			(89.8)	%
Recoveries	22			23			(4.3)	%	49			(55.1)	%	1,147		98			1,070.4	%
Provision (reversal) for credit losses on loans	822			157			423.6	%	3,753			(78.1)	%	(1,438)		2,453			NM
Balance at end of period	$	25,599		$	24,867		2.9	%	$	23,761		7.7	%	$	25,599	$	23,761		7.7	%
Percentage to loans held-for-investment at end of period	1.18		%	1.17		%			1.22		%					1.22		%
ACL on off-balance sheet credit exposure (1)
Balance at beginning of period	$	1,585		$	1,545		2.6	%	$	252		529.0	%	$	299	$	214		39.7	%
Impact of ASC 326 adoption	—			—			NM		—			NM		1,607		—			NM
Provision (reversal) for credit losses on off-balance sheet credit exposure	(71)			40			NM		(10)			610.0	%	(392)		28			NM
Balance at end of period	$	1,514		$	1,585		(4.5)	%	$	242		525.6	%	$	1,514	$	242		525.6	%

(1)ACL on off-balance sheet credit exposures was recorded in Accrued Interest Payable and Other Liabilities on Consolidated Balance Sheets (Unaudited).

Investment Securities

Total investment securities were $139.2 million at September 30, 2023, an increase of $545 thousand, or 0.4%, from $138.7 million at June 30, 2023, a decrease of $2.6 million, or 1.9%, from $141.9 million at December 31, 2022, and an increase of $9.8 million, or 7.6%, from $129.4 million at September 30, 2022. The increase for the current quarter was primarily due to purchases of $10.0 million, partially offset by principal pay-downs and calls of $5.6 million, a fair value decrease of $3.8 million and net premium amortization of $53 thousand. The decrease for the current year-to-date period was primarily due to principal pay-downs and calls of $14.3 million, a fair value decrease of $4.1 million and net premium amortization of $169 thousand, partially offset by purchases of $16.0 million.

Deposits

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


	9/30/2023				6/30/2023				12/31/2022				9/30/2022
($ in thousands)	Amount		% to Total		Amount		% to Total		Amount		% to Total		Amount		% to Total
Noninterest-bearing demand deposits	$	611,021	27.9	%	$	635,329	29.0	%	$	734,989	35.9	%	$	809,842	40.9	%
Interest-bearing deposits
Savings	6,846		0.3	%	7,504		0.3	%	8,579		0.4	%	13,028		0.7	%
NOW	16,076		0.7	%	16,993		0.8	%	11,405		0.6	%	17,550		0.9	%
Retail money market accounts	436,115		19.8	%	464,655		21.1	%	494,749		24.1	%	522,412		26.4	%
Brokered money market accounts	1		0.1	%	1		0.1	%	8		0.1	%	10,010		0.5	%
Retail time deposits of
$250,000 or less	406,407		18.5	%	392,012		17.9	%	295,354		14.4	%	236,864		12.0	%
More than $250,000	454,406		20.8	%	451,590		20.7	%	353,876		17.3	%	239,271		12.1	%

State and brokered time deposits	261,257		11.9	%	220,148		10.1	%	147,023		7.2	%	129,121		6.5	%
Total interest-bearing deposits	1,581,108		72.1	%	1,552,903		71.0	%	1,310,994		64.1	%	1,168,256		59.1	%
Total deposits	$	2,192,129	100.0	%	$	2,188,232	100.0	%	$	2,045,983	100.0	%	$	1,978,098	100.0	%

Estimated total deposits not covered by deposit insurance	$	983,851	44.9	%	$	1,034,148	47.3	%	$	1,062,111	51.9	%	$	1,199,502	60.6	%

The decrease in noninterest-bearing demand deposits was primarily due to strong deposit market competition and the migration to interest-bearing deposits attributable to the rising market rates. To retain existing and attract new customers, the Bank offers competitive rates on deposit products.

The increase in retail time deposits for the current quarter was primarily due to new accounts of $60.8 million, renewals of the matured accounts of $85.1 million and balance increases of $5.3 million, partially offset by matured and closed accounts of $133.9 million. The increase for the current year-to-date period was primarily due to new accounts of $469.0 million, renewals of the matured accounts of $291.3 million and balance increases of $17.1 million, partially offset by matured and closed accounts of $565.8 million.

Liquidity

The following table presents a summary of the Company’s liquidity position as of September 30, 2023:


($ in thousands)	9/30/2023			12/31/2022			% Change
Cash and cash equivalents	$	192,350		$	147,031		30.8	%
Cash and cash equivalents to total assets	7.5		%	6.1		%

Available borrowing capacity
FHLB advances	$	639,072		$	561,745		13.8	%
Federal Reserve Discount Window	490,633			23,902			1952.7	%

Overnight federal funds lines	65,000			65,000			—	%
Total	$	1,194,705		$	650,647		83.6	%
Total available borrowing capacity to total assets	46.5		%	26.9		%

During the current year-to-date period, the Company increased cash and cash equivalents by $45.3 million, or 30.8%, to $192.4 million and available borrowing capacity by $544.1 million, or 83.6%, to $1.19 billion. During the current quarter, the Company began participating in the Borrower-in Custody Program with the Federal Reserve Bank providing additional borrowing capacity. As of September 30, 2023, the Company's cash and cash equivalents and available borrowing capacity covered approximately 141.0% of deposits not covered by deposit insurance compared to 75.1% at December 31, 2022.

Shareholders’ Equity

Shareholders’ equity was $341.9 million at September 30, 2023, an increase of $1.4 million, or 0.4%, from $340.4 million at June 30, 2023, an increase of $6.4 million, or 1.9%, from $335.4 million at December 31, 2022, and an increase of $9.1 million, or 2.7%, from $332.7 million at September 30, 2022. The increase for the current quarter was primarily due to net income and cash proceeds from exercise of stock options of $662 thousand, partially offset by cash dividends declared on common stock of $2.6 million, repurchase of common stock of $1.1 million and an increase in other comprehensive loss of $2.7 million. The increase for the current year-to-date period was primarily due to net income and cash proceeds from exercise of stock options of $1.3 million, partially offset by cash dividend declared on common stock of $7.3 million, repurchase of common stock of $7.9 million, an increase in other comprehensive loss of $2.9 million, and cumulative effect adjustment upon adoption of ASC 326 of $1.9 million.

Stock Repurchases

On July 28, 2022, the Company’s Board of Directors approved a stock repurchase program authorizing the repurchase of up to 5% of the Company’s outstanding common stock, which represented 747,938 shares, through February 1, 2023. On January 26, 2023, the Company announced the amendment to the repurchase program, which extended the program expiration from February 1, 2023 to February 1, 2024. The Company completed the repurchase program during the first quarter of 2023. Under this repurchase program, the Company repurchased and retired 747,938 shares of common stock at a weighted-average price of $18.15 per share, totaling $13.6 million.

On August 2, 2023, the Company’s Board of Directors approved a new stock repurchase program authorizing the repurchase of up to 5% of the Company’s outstanding common stock, which represented 720,000 shares, through August 2, 2024. The Company repurchased and retired 67,202 shares of common stock at a weighted-average price of $15.75 per share, totaling $1.1 million under this repurchase program through September 30, 2023.

For the current year-to-date period, the Company repurchased and retired 452,583 shares of common stock at a weighted-average price of $17.46, totaling $7.9 million.

Issuance of 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 bears no dividend for the first 24 months following the investment date. Thereafter, the dividend rate will be adjusted based on the lending growth criteria listed in the terms of the ECIP investment with an annual dividend rate up to 2%. After the tenth anniversary of the investment date, the dividend rate will be fixed based on average annual amount of lending in years 2 through 10.

Capital Ratios

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


	9/30/2023		6/30/2023		12/31/2022		9/30/2022		Well Capitalized Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)	13.07	%	13.12	%	13.29	%	13.69	%	N/A
Total capital (to risk-weighted assets)	17.48	%	17.57	%	17.83	%	18.34	%	N/A
Tier 1 capital (to risk-weighted assets)	16.24	%	16.34	%	16.62	%	17.14	%	N/A
Tier 1 capital (to average assets)	13.76	%	13.84	%	14.33	%	14.74	%	N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets)	15.87	%	16.00	%	16.30	%	16.82	%	6.5	%
Total capital (to risk-weighted assets)	17.11	%	17.23	%	17.52	%	18.02	%	10.0	%
Tier 1 capital (to risk-weighted assets)	15.87	%	16.00	%	16.30	%	16.82	%	8.0	%
Tier 1 capital (to average assets)	13.44	%	13.55	%	14.05	%	14.47	%	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 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, 2022 and other filings the Company makes with the SEC, which are available at the SEC’s Internet site (http://www.sec.gov) or from the Company without charge. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

Contact:

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000

PCB Bancorp and Subsidiary

Consolidated Balance Sheets (Unaudited)

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


	9/30/2023			6/30/2023			% Change		12/31/2022			% Change		9/30/2022			% Change
Assets
Cash and due from banks	$	22,691		$	22,159		2.4	%	$	23,202		(2.2)	%	$	22,252		2.0	%
Interest-bearing deposits in other financial institutions	169,659			199,987			(15.2)	%	123,829			37.0	%	131,786			28.7	%
Total cash and cash equivalents	192,350			222,146			(13.4)	%	147,031			30.8	%	154,038			24.9	%
Securities available-for-sale, at fair value	139,218			138,673			0.4	%	141,863			(1.9)	%	129,401			7.6	%
Loans held-for-sale	6,693			13,065			(48.8)	%	22,811			(70.7)	%	18,982			(64.7)	%
Loans held-for-investment	2,167,605			2,122,427			2.1	%	2,046,063			5.9	%	1,959,237			10.6	%
Allowance for credit losses on loans	(25,599)			(24,867)			2.9	%	(24,942)			2.6	%	(23,761)			7.7	%
Net loans held-for-investment	2,142,006			2,097,560			2.1	%	2,021,121			6.0	%	1,935,476			10.7	%
Premises and equipment, net	6,229			6,394			(2.6)	%	6,916			(9.9)	%	4,671			33.4	%
Federal Home Loan Bank and other bank stock	12,716			12,716			—	%	10,183			24.9	%	10,183			24.9	%

Bank-owned life insurance	30,615			30,428			0.6	%	30,064			1.8	%	29,883			2.4	%
Deferred tax assets, net	4,486			4,348			3.2	%	3,115			44.0	%	12,135			(63.0)	%
Servicing assets	6,920			7,142			(3.1)	%	7,347			(5.8)	%	7,627			(9.3)	%
Operating lease assets	5,626			5,182			8.6	%	6,358			(11.5)	%	6,897			(18.4)	%
Accrued interest receivable	8,731			8,040			8.6	%	7,472			16.8	%	6,070			43.8	%
Other assets	12,384			10,651			16.3	%	15,755			(21.4)	%	11,688			6.0	%
Total assets	$	2,567,974		$	2,556,345		0.5	%	$	2,420,036		6.1	%	$	2,327,051		10.4	%
Liabilities
Deposits
Noninterest-bearing demand	$	611,021		$	635,329		(3.8)	%	$	734,989		(16.9)	%	$	809,842		(24.6)	%
Savings, NOW and money market accounts	459,038			489,153			(6.2)	%	514,741			(10.8)	%	563,000			(18.5)	%
Time deposits of $250,000 or less	607,664			552,160			10.1	%	382,377			58.9	%	305,985			98.6	%
Time deposits of more than $250,000	514,406			511,590			0.6	%	413,876			24.3	%	299,271			71.9	%
Total deposits	2,192,129			2,188,232			0.2	%	2,045,983			7.1	%	1,978,098			10.8	%
Federal Home Loan Bank advances	—			—			—	%	20,000			(100.0)	%	—			—	%
Operating lease liabilities	5,852			5,495			6.5	%	6,809			(14.1)	%	7,402			(20.9)	%
Accrued interest payable and other liabilities	28,141			22,207			26.7	%	11,802			138.4	%	8,832			218.6	%
Total liabilities	2,226,122			2,215,934			0.5	%	2,084,594			6.8	%	1,994,332			11.6	%
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock	69,141			69,141			—	%	69,141			—	%	69,141			—	%
Common stock	143,401			143,686			(0.2)	%	149,631			(4.2)	%	153,890			(6.8)	%
Retained earnings	142,750			138,315			3.2	%	127,181			12.2	%	120,699			18.3	%
Accumulated other comprehensive loss, net	(13,440)			(10,731)			25.2	%	(10,511)			27.9	%	(11,011)			22.1	%
Total shareholders’ equity	341,852			340,411			0.4	%	335,442			1.9	%	332,719			2.7	%
Total liabilities and shareholders’ equity	$	2,567,974		$	2,556,345		0.5	%	$	2,420,036		6.1	%	$	2,327,051		10.4	%

Outstanding common shares	14,319,014			14,318,890					14,625,474					14,853,140
Book value per common share (1)	$	23.87		$	23.77				$	22.94				$	22.40
TCE per common share (2)	$	19.05		$	18.94				$	18.21				$	17.75
Total loan to total deposit ratio	99.19		%	97.59		%			101.12		%			100.01		%
Noninterest-bearing deposits to total deposits	27.87		%	29.03		%			35.92		%			40.94		%

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

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

PCB Bancorp and Subsidiary

Consolidated Statements of Income (Unaudited)

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


	Three Months Ended													Nine Months Ended
	9/30/2023			6/30/2023			% Change		9/30/2022			% Change		9/30/2023			9/30/2022			% Change
Interest and dividend income
Loans, including fees	$	34,651		$	32,960		5.1	%	$	24,835		39.5	%	$	98,840		$	66,268		49.2	%
Investment securities	1,170			1,136			3.0	%	806			45.2	%	3,408			1,950			74.8	%
Other interest-earning assets	3,031			2,742			10.5	%	1,194			153.9	%	7,978			1,957			307.7	%
Total interest income	38,852			36,838			5.5	%	26,835			44.8	%	110,226			70,175			57.1	%
Interest expense
Deposits	16,403			15,121			8.5	%	2,798			486.2	%	43,437			4,689			826.4	%
Other borrowings	—			—			—	%	14			(100.0)	%	209			119			75.6	%
Total interest expense	16,403			15,121			8.5	%	2,812			483.3	%	43,646			4,808			807.8	%
Net interest income	22,449			21,717			3.4	%	24,023			(6.6)	%	66,580			65,367			1.9	%
Provision (reversal) for credit losses	751			197			281.2	%	3,753			(80.0)	%	(1,830)			2,453			NM
Net interest income after provision (reversal) for credit losses	21,698			21,520			0.8	%	20,270			7.0	%	68,410			62,914			8.7	%
Noninterest income
Gain on sale of loans	689			769			(10.4)	%	1,415			(51.3)	%	2,767			7,231			(61.7)	%

Service charges and fees on deposits	371			369			0.5	%	341			8.8	%	1,084			974			11.3	%
Loan servicing income	851			868			(2.0)	%	780			9.1	%	2,579			2,235			15.4	%
Bank-owned life insurance income	187			184			1.6	%	178			5.1	%	551			525			5.0	%
Other income	404			467			(13.5)	%	462			(12.6)	%	1,199			1,145			4.7	%
Total noninterest income	2,502			2,657			(5.8)	%	3,176			(21.2)	%	8,180			12,110			(32.5)	%
Noninterest expense
Salaries and employee benefits	8,572			8,675			(1.2)	%	8,457			1.4	%	26,175			25,177			4.0	%
Occupancy and equipment	1,964			1,919			2.3	%	1,650			19.0	%	5,779			4,584			26.1	%
Professional fees	685			772			(11.3)	%	587			16.7	%	2,189			1,632			34.1	%
Marketing and business promotion	980			203			382.8	%	909			7.8	%	1,555			1,426			9.0	%
Data processing	367			380			(3.4)	%	427			(14.1)	%	1,159			1,272			(8.9)	%
Director fees and expenses	152			217			(30.0)	%	179			(15.1)	%	549			530			3.6	%
Regulatory assessments	281			382			(26.4)	%	150			87.3	%	818			438			86.8	%
Other expense	1,206			1,079			11.8	%	1,336			(9.7)	%	3,364			2,952			14.0	%
Total noninterest expense	14,207			13,627			4.3	%	13,695			3.7	%	41,588			38,011			9.4	%
Income before income taxes	9,993			10,550			(5.3)	%	9,751			2.5	%	35,002			37,013			(5.4)	%
Income tax expense	2,970			3,073			(3.4)	%	2,798			6.1	%	10,205			10,728			(4.9)	%
Net income	$	7,023		$	7,477		(6.1)	%	$	6,953		1.0	%	$	24,797		$	26,285		(5.7)	%

Earnings per common share
Basic	$	0.49		$	0.52				$	0.47				$	1.73		$	1.76
Diluted	$	0.49		$	0.52				$	0.46				$	1.71		$	1.73
Average common shares
Basic	14,294,802			14,271,200					14,877,879					14,327,930			14,869,997
Diluted	14,396,216			14,356,776					15,088,089					14,441,960			15,126,863

Dividend paid per common share	$	0.18		$	0.18				$	0.15				$	0.51		$	0.45
Return on average assets (1)	1.09		%	1.19		%			1.19		%			1.32		%	1.58		%
Return on average shareholders’ equity (1)	8.12		%	8.82		%			8.16		%			9.77		%	11.84		%
Return on average TCE (1), (2)	10.17		%	11.08		%			10.25		%			12.27		%	13.31		%
Efficiency ratio (3)	56.94		%	55.91		%			50.35		%			55.63		%	49.06		%

(1)Ratios are presented on an annualized basis.

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

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

PCB Bancorp and Subsidiary

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

($ in thousands)


	Three Months Ended
	9/30/2023						6/30/2023						9/30/2022
	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)	$	2,137,184	$	34,651	6.43	%	$	2,097,489	$	32,960	6.30	%	$	1,905,366	$	24,835	5.17	%
Mortgage-backed securities	98,534		750		3.02	%	98,971		713		2.89	%	93,546		518		2.20	%
Collateralized mortgage obligation	24,959		262		4.16	%	26,228		262		4.01	%	24,090		151		2.49	%
SBA loan pool securities	7,842		81		4.10	%	8,364		81		3.88	%	10,435		56		2.13	%
Municipal bonds (2)	3,602		30		3.30	%	4,234		33		3.13	%	4,491		34		3.00	%
Corporate bonds	4,056		47		4.60	%	4,339		47		4.34	%	4,801		47		3.88	%
Other interest-earning assets	219,115		3,031		5.49	%	213,883		2,742		5.14	%	200,367		1,194		2.36	%
Total interest-earning assets	2,495,292		38,852		6.18	%	2,453,508		36,838		6.02	%	2,243,096		26,835		4.75	%
Noninterest-earning assets
Cash and due from banks	21,298						20,754						20,609
ACL on loans	(24,869)						(24,710)						(21,117)
Other assets	71,512						71,200						76,851
Total noninterest-earning assets	67,941						67,244						76,343
Total assets	$	2,563,233					$	2,520,752					$	2,319,439
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	481,341	4,398		3.62	%	$	465,564	3,929		3.38	%	$	577,975	1,375		0.94	%
Savings	7,197		4		0.22	%	7,767		5		0.26	%	14,990		2		0.05	%
Time deposits	1,073,044		12,001		4.44	%	1,054,191		11,187		4.26	%	544,774		1,421		1.03	%
Total interest-bearing deposits	1,561,582		16,403		4.17	%	1,527,522		15,121		3.97	%	1,137,739		2,798		0.98	%
Other borrowings	—		—		0.00	%	—		—		—	%	2,033		14		2.73	%
Total interest-bearing liabilities	1,561,582		16,403		4.17	%	1,527,522		15,121		3.97	%	1,139,772		2,812		0.98	%
Noninterest-bearing liabilities
Noninterest-bearing demand	626,738						628,127						825,362
Other liabilities	31,769						25,234						16,057
Total noninterest-bearing liabilities	658,507						653,361						841,419
Total liabilities	2,220,089						2,180,883						1,981,191
Total shareholders’ equity	343,144						339,869						338,248
Total liabilities and shareholders’ equity	$	2,563,233					$	2,520,752					$	2,319,439
Net interest income			$	22,449					$	21,717					$	24,023
Net interest spread (3)					2.01	%					2.05	%					3.77	%
Net interest margin (4)					3.57	%					3.55	%					4.25	%
Total deposits	$	2,188,320	$	16,403	2.97	%	$	2,155,649	$	15,121	2.81	%	$	1,963,101	$	2,798	0.57	%
Total funding (5)	$	2,188,320	$	16,403	2.97	%	$	2,155,649	$	15,121	2.81	%	$	1,965,134	$	2,812	0.57	%

(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.

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

(6)Annualized.

PCB Bancorp and Subsidiary

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

($ in thousands)


	Nine Months Ended
	9/30/2023						9/30/2022
	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)	$	2,102,600	$	98,840	6.29	%	$	1,828,187	$	66,268	4.85	%
Mortgage-backed securities	98,364		2,146		2.92	%	88,634		1,241		1.87	%
Collateralized mortgage obligation	25,970		780		4.02	%	22,775		324		1.90	%
SBA loan pool securities	8,406		244		3.88	%	10,566		137		1.73	%
Municipal bonds (2)	4,017		97		3.23	%	5,152		107		2.78	%
Corporate bonds	4,300		141		4.38	%	4,896		141		3.85	%
Other interest-earning assets	206,720		7,978		5.16	%	198,311		1,957		1.32	%
Total interest-earning assets	2,450,377		110,226		6.01	%	2,158,521		70,175		4.35	%
Noninterest-earning assets
Cash and due from banks	21,069						20,599
ACL on loans	(25,438)						(21,561)
Other assets	72,616						72,563
Total noninterest-earning assets	68,247						71,601
Total assets	$	2,518,624					$	2,230,122
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	477,605	11,772		3.30	%	$	492,130	2,118		0.58	%
Savings	7,684		14		0.24	%	15,205		6		0.05	%
Time deposits	1,015,234		31,651		4.17	%	550,770		2,565		0.62	%
Total interest-bearing deposits	1,500,523		43,437		3.87	%	1,058,105		4,689		0.59	%
Other borrowings	5,212		209		5.36	%	7,824		119		2.03	%
Total interest-bearing liabilities	1,505,735		43,646		3.88	%	1,065,929		4,808		0.60	%
Noninterest-bearing liabilities
Noninterest-bearing demand	647,258						851,837
Other liabilities	26,208						15,485
Total noninterest-bearing liabilities	673,466						867,322
Total liabilities	2,179,201						1,933,251
Total shareholders’ equity	339,423						296,871
Total liabilities and shareholders’ equity	$	2,518,624					$	2,230,122
Net interest income			$	66,580					$	65,367
Net interest spread (3)					2.13	%					3.75	%
Net interest margin (4)					3.63	%					4.05	%
Total deposits	$	2,147,781	$	43,437	2.70	%	$	1,909,942	$	4,689	0.33	%
Total funding (5)	$	2,152,993	$	43,646	2.71	%	$	1,917,766	$	4,808	0.34	%

(1)Total loans include both loans held-for-sale and loans held-for-investment.

(2)The yield on municipal bonds has not been computed on a tax-equivalent basis.

(3)Net interest spread is calculated by subtracting average rate on interest-bearing liabilities from average yield on interest-earning assets.

(4)Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.

(6)Annualized.

PCB Bancorp and Subsidiary

Loan Segments Revision (Unaudited)

($ in thousands)

As a part of the adoption of ASC 326, the Company reviewed and revised certain loan segments for the Company’s ACL model. Before the adoption of ASC 326, commercial property and SBA property loans were separately presented and represented 63.0% and 6.6% of loans held-for-investment at December 31, 2022, respectively. The Company re-divided these loan segments into commercial property (non-owner occupied), business property (owner occupied) and multifamily loans as these new loan segments are determined to share similar characteristics under the Company’s ACL model. In addition, four loan segments before the adoption of ASC 326 (commercial term loans, commercial lines of credit, SBA term loans and SBA PPP loans), which represented 12.2% of loans held-for-investment at December 31, 2022, are combined into a single loan segment, commercial and industrial loans, as these loans are determined to share similar risk characteristics under the Company’s ACL model. In this release, loan segments on loan related disclosures for prior period comparisons are revised accordingly in order to be comparable to the Company’s new loan segments.

The following table presents a reconciliation of revised loan segments to legacy loan segments, which were utilized before the adoption of ASC 326:


($ in thousands)	9/30/2023		6/30/2023		12/31/2022		9/30/2022
Revision for commercial real estate loans
Revised loan segments:
Commercial property	$	814,547	$	793,946	$	772,020	$	759,644
Business property	537,351		533,592		526,513		526,395
Multifamily	132,558		124,029		124,751		121,830
Total	$	1,484,456	$	1,451,567	$	1,423,284	$	1,407,869
Legacy loan segments:
Commercial property	$	1,354,590	$	1,320,110	$	1,288,392	$	1,271,781
SBA property	129,866		131,457		134,892		136,088
Total	$	1,484,456	$	1,451,567	$	1,423,284	$	1,407,869

Revision for commercial and industrial loans
Revised loan segments:
Commercial and industrial	$	279,608	$	272,278	$	249,250	$	216,036
Legacy loan segments:
Commercial term	$	87,892	$	90,213	$	77,700	$	80,225
Commercial lines of credit	174,585		165,162		154,142		117,960
SBA commercial term	16,272		15,900		16,211		16,542
SBA PPP	859		1,003		1,197		1,309
Total	$	279,608	$	272,278	$	249,250	$	216,036

PCB Bancorp and Subsidiary

Non-GAAP Measures

($ in thousands)

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

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


($ in thousands)		Three Months Ended									Nine Months Ended
		9/30/2023			6/30/2023			9/30/2022			9/30/2023			9/30/2022
Average total shareholders' equity	(a)	$	343,144		$	339,869		$	338,248		$	339,423		$	296,871
Less: average preferred stock	(b)	69,141			69,141			69,141			69,141			32,924
Average TCE	(c)=(a)-(b)	$	274,003		$	270,728		$	269,107		$	270,282		$	263,947
Net income	(d)	$	7,023		$	7,477		$	6,953		$	24,797		$	26,285
Return on average shareholder's equity (1)	(d)/(a)	8.12		%	8.82		%	8.16		%	9.77		%	11.84		%
Return on average TCE (1)	(d)/(c)	10.17		%	11.08		%	10.25		%	12.27		%	13.31		%

(1) Annualized.


($ in thousands, except per share data)		9/30/2023			6/30/2023			12/31/2022			9/30/2022
Total shareholders' equity	(a)	$	341,852		$	340,411		$	335,442		$	332,719
Less: preferred stock	(b)	69,141			69,141			69,141			69,141
TCE	(c)=(a)-(b)	$	272,711		$	271,270		$	266,301		$	263,578
Outstanding common shares	(d)	14,319,014			14,318,890			14,625,474			14,853,140
Book value per common share	(a)/(d)	$	23.87		$	23.77		$	22.94		$	22.40
TCE per common share	(c)/(d)	$	19.05		$	18.94		$	18.21		$	17.75
Total assets	(e)	$	2,567,974		$	2,556,345		$	2,420,036		$	2,327,051
Total shareholders' equity to total assets	(a)/(e)	13.31		%	13.32		%	13.86		%	14.30		%
TCE to total assets	(c)/(e)	10.62		%	10.61		%	11.00		%	11.33		%

Earnings Results 3Q23 October 25, 2023 PCB BANCORP

2 Forward-Looking Statement & Non-GAAP Forward-Looking Statement 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 the historical or future financial performance, financial position or cash flows that excludes amounts or is subject to adjustments that have the effect of excluding amounts that are included in the most directly comparable measure calculated and presented in accordance with GAAP. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are provided in the Non-GAAP Measures section of this presentation. References to the “Company,” “we,” or “us” refer to PCB Bancorp and references to the “Bank” refer to the Company’s subsidiary, PCB Bank.

Market Information 10/23/23 Market Cap $213.6 million Stock Price Per Share $14.97 52-Week Range $13.11 - $20.03 Dividend Yield 4.81% Dividend Payout Ratio (4Q22 – 3Q23) 28.57% Outstanding Shares 14,266,216 Stock Information 3Q23 or 9/30/23 Diluted Earnings Per Share (“Diluted EPS”) $0.49 Cash Dividend Per Share $0.18 Book Value (“BV”) Per Share $23.87 Tangible Common Equity (“TCE”) Per Share (1) $19.05 Number of Repurchased Shares (2) 67,202 (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of these measures to their most comparable GAAP measures (2) Stock repurchase plan announced on 8/2/23 3 PCB Footprint Corporate Profile

4 Historical Performance $1.34 $1.45 $1.58 $1.73 $2.05 $2.17 0.000 0.500 1.000 1.500 2.000 2.500 2018 2019 2020 2021 2022 Sep-23 Held-For-Investment Loans ($bn) Annualized +7.9% $1.44 $1.48 $1.59 $1.87 $2.05 $2.19 0.000 0.500 1.000 1.500 2.000 2.500 2018 2019 2020 2021 2022 Sep-23 Deposits ($bn) $24.3 $24.1 $16.2 $40.1 $35.0 $24.8 $36.0 $38.6 $36.2 $52.4 $53.0 $33.2 0.000 10.000 20.000 30.000 40.000 50.000 60.000 2018 2019 2020 2021 2022 09/23 YTD Net Income/PTPP Income ($mm) Net Income PTPP Income CAGR +11.2% CAGR +9.1% $0.12 $0.25 $0.40 $0.44 $0.60 $0.51 $1.65 $1.49 $1.05 $2.62 $2.31 $1.71 $13.16 $14.44 $15.19 $17.24 $22.94 $23.87 $18.21 $19.05 -$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 2018 2019 2020 2021 2022 09/23 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 Annualized +9.5% (1), (2)(1) (2)

5 3Q23 Highlights Operating Results • Net income of $7.0 million, or $0.49 per diluted share • Provision for credit losses of $751 thousand • ROAA of 1.09% & ROATCE (1) of 10.17%, net interest margin of 3.57%, and efficiency ratio of 56.9% Loans • Loans held-for-investment (“HFI loans”) increased $45.2 million, or 2.1%, to $2.17 billion • Loans held-for-sale (“HFS loans”) decreased $6.4 million, or 48.8%, to $6.7 million • Average loan yield was 6.43% compared to 6.30% for 2Q23 • Total loans to deposits ratio was 99.2% • Quarterly loan production was $157.8 million compared to $123.3 million for 2Q23 Asset Quality • ACL for loans was $25.6 million, or 1.18% to HFI loans • Past due loans were $708 thousand, or 0.03% to HFI loans, and NPLs were $3.7 million, or 0.17% to HFI loans Deposits • Total deposits increased $3.9 million, or 0.2%, to $2.19 billion • Core deposits(1) were $1.48 billion, or 67.4% of total deposits • Non-interest bearing deposits were $611.0 million, or 27.9% of total deposits • Uninsured deposits were $983.9 million, or 44.9% of total deposits • Cost of average interest-bearing deposits and total deposits were 4.17% and 2.97%, respectively Capital & Liquidity • Declared and paid quarterly cash dividend of $0.18 per share • TBV per share increased to $19.05 • Total cash and available borrowing capacity covers 141.0% of uninsured deposits compared to 75.1% at 12/31/22 (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation to most comparable GAAP measures

6 Selected Financial As of or For the Three Months Ended Compared to 6/30/23 Compared to 9/30/22 ($ in Thousands, Except Per Share Data) 9/30/23 6/30/23 9/30/22 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 38,852 $ 36,838 $ 26,835 $ 2,014 5.5% $ 12,017 44.8% Interest Expense 16,403 15,121 2,812 1,282 8.5% 13,591 483.3% Net Interest Income 22,449 21,717 24,023 732 3.4% (1,574) -6.6% Noninterest Income 2,502 2,657 3,176 (155) -5.8% (674) -21.2% Noninterest Expense 14,207 13,627 13,695 580 4.3% 512 3.7% Provision (Reversal) for Credit Losses (1) 751 197 3,753 554 281.2% (3,002) -80.0% Pretax Income 9,993 10,550 9,751 (557) -5.3% 242 2.5% Income Tax Expense 2,970 3,073 2,798 (103) -3.4% 172 6.1% Net Income 7,023 7,477 6,953 (454) -6.1% 70 1.0% Diluted Earnings Per Share $ 0.49 $ 0.52 $ 0.46 $ (0.03) -5.8% $ 0.03 6.5% Selected Balance Sheet Items: HFI loans $ 2,167,605 $ 2,122,427 $ 1,959,237 $ 45,178 2.1% $ 208,368 10.6% HFS loans 6,693 13,065 18,982 (6,372) -48.8% (12,289) -64.7% Total Deposits 2,192,129 2,188,232 1,978,098 3,897 0.2% 214,031 10.8% Total Assets 2,567,974 2,556,345 2,327,051 11,629 0.5% 240,923 10.4% Shareholders’ Equity 341,852 340,411 332,719 1,441 0.4% 9,133 2.7% TCE (2) 272,711 271,270 263,578 1,441 0.5% 9,133 3.5% Key Metrics: Book Value Per Share $ 23.87 $ 23.77 $ 22.40 $ 0.10 0.4% $ 1.47 6.6% TCE Per Share (2) $ 19.05 $ 18.94 $ 17.75 $ 0.11 0.6% $ 1.30 7.3% Return on Average Assets (“ROAA”) (3) 1.09% 1.19% 1.19% -0.10% -0.10% Return on Average Equity (“ROAE”) (3) 8.12% 8.82% 8.16% -0.70% -0.04% Return on Average TCE (“ROATCE”) (2), (3) 10.17% 11.08% 10.25% -0.91% -0.08% Net Interest Margin (3) 3.57% 3.55% 4.25% 0.02% -0.68% Efficiency Ratio (4) 56.94% 55.91% 50.35% 1.03% 6.59% (1) Provision (reversal) for credit losses and ACL for reporting periods beginning with 1/1/23 are presented under ASC 326, while prior period comparisons continue to be presented under legacy ASC 450 and ASC 310 (2) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of these measures to their most comparable GAAP measures (3) Annualized (4) Calculated by dividing noninterest expense by the sum of net interest income and noninterest income

$1,244 $1,289 $1,348 $1,422 $1,440 $1,445 $1,469 $1,504 $257 $217 $205 $216 $249 $268 $272 $280$231 $237 $280 $321 $357 $379 $382 $384 $1,732 $1,743 $1,833 $1,959 $2,046 $2,092 $2,122 $2,168 - 500 1,000 1,500 2,000 2,500 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 HFI Loan Trend ($mm) Commercial Real Estate Commercial & Industrial Consumer 7 Loan Overview YoY +10.6% (1) Per regulatory definition in the Commercial Real Estate (“CRE”) Concentration Guidance $733 $756 $819 $898 $925 $943 $941 $961 270% 270% 230% 249% 254% 259% 255% 257% 0% 50% 100% 150% 200% 250% 300% 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0 1,100.0 1,200.0 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Commercial Real Estate(1) Loan Trend ($mm) CRE Loans % to the Bank's Total Risk-Based Capital Commercial Property 37% Business Property 25% Multifamily 6% Construction 1% Commercial & Industrial 13% Consumer 18% HFI Loan Composition September 30, 2023 $2.17B 3Q23 Highlights • HFI loans Increased $45.2 million, or 2.1%, to $2.17 billion • CRE loans increased $35.2MM (2.4%), C&I loans increased $7.3MM (2.7%) & residential mortgage loans increased $3.7MM (1.0%)

8 Loan Production & Rate/Yield Analysis (1) Total commitment basis (2) Excluding SBA PPP loans (3) Include both HFI and HFS loans (4) Annualized $19 $25 $23 $29 $15 $14 $4 $17 $69 $67 $126 $68 $64 $27 $37 $27 $97 $62 $129 $169 $110 $71 $83 $114 $186 $154 $278 $266 $190 $112 $123 $158 4.01% 4.26% 5.23% 5.92% 7.17% 8.04% 8.18% 7.95% -8% -6% -4% -2% 0% 2% 4% 6% 8% 0 50 100 150 200 250 300 350 400 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 New Production(1),(2) by Rate Type ($mm) Fixed Hybrid Variable WA Rate Fixed (WA Rate: 4.75%) 22% Variable (WA Rate: 8.52%) 39% Hybrid (WA Rate: 4.71%) 39% HFI Loans Interest Rate Mix(2) 26% 26% 24% 24% 23% 23% 23% 22% 30% 32% 37% 38% 39% 39% 39% 39% 44% 42% 39% 38% 38% 38% 38% 39% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 30-Sep HFI Loans Interest Rate Mix Trend(2) Fixed Hybrid Variable September 30, 2023 HFI Loans WA Rate 6.19% Repricing Schedule (9/30/23) HFI Loans HFS Loans Total Loans ($ in thousands) Carrying Value WA Rate Carrying Value WA Rate Carrying Value WA Rate Less Than 3 Months $ 739,014 8.87% $ 6,693 9.88% $ 745,707 8.88% 3 to 12 Months 127,718 5.22% 0 127,718 5.22% 1 to 3 Years 520,374 4.32% 0 520,374 4.32% 3 to 5 Years 674,368 5.09% 0 674,368 5.09% More than 5 Years 106,131 4.89% 0 106,131 4.89% Total $ 2,167,605 6.19% $ 6,693 9.88% $ 2,174,298 6.20% Loan Yield Analysis 3Q23 09/23 YTD ($ in thousands) Amount(3) Yield(4) Amount(3) Yield(4) Average Carrying Value $ 2,137,184 $ 2,102,600 Interest on Loans $ 33,650 6.25% $ 95,995 6.10% Fee (Cost) 187 0.03% 488 0.03% Prepayment Penalty & Late Charges 39 0.01% 160 0.01% Discount (Premium) 775 0.14% 2,197 0.14% Total Interest & Fees $ 34,651 6.43% $ 98,840 6.29%

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%) $ 325,238 21.6% 296 48.1% 5.98% $ 32,496 $ 101,449 $ 77,551 $ 113,742 Industrial 270,541 18.0% 163 49.8% 5.92% 63,640 45,325 80,820 80,757 Mixed Use 161,469 10.7% 145 45.7% 5.72% 27,249 39,788 62,746 31,686 Apartments 112,803 7.5% 53 53.0% 4.88% 6,467 16,783 56,989 32,564 Hotel & Motel 106,738 7.1% 108 49.8% 7.17% 10,777 5,282 37,423 53,256 Gas Station 102,736 6.8% 120 55.2% 6.58% 6,512 6,957 24,999 64,268 Office 90,692 6.0% 52 53.8% 5.73% 5,241 12,922 40,653 31,876 Medical 56,818 3.8% 29 41.3% 7.56% 11,991 5,894 29,118 9,815 Auto (Sales, Repair & etc.) 38,610 2.6% 33 54.1% 5.43% 3,069 8,322 21,738 5,481 Car Wash 36,776 2.4% 31 50.6% 5.93% 1,472 16,897 2,989 15,418 Commercial Condominium 34,041 2.3% 41 47.8% 5.97% 5,159 6,281 7,903 14,698 Golf Course 31,072 2.1% 7 49.0% 4.68% 1,732 17,961 10,921 458 Spa, Sauna, & Other Selfcare 29,669 2.0% 9 50.4% 5.02% 0 13,444 9,364 6,861 Wholesale 21,655 1.4% 16 43.1% 5.72% 4,068 4,115 3,931 9,541 Construction 19,246 1.3% 8 50.6% 9.51% 19,246 - - - Church 10,664 0.7% 15 33.1% 5.11% 969 1,965 4,318 3,412 Others 54,934 3.7% 75 53.5% 6.30% 10,106 11,767 15,840 17,221 Total $ 1,503,702 100.0% 1,201 49.5% 6.01% $ 210,194 $ 315,152 $ 487,303 $ 491,054 9 Loan Concentration (1) Collateral value at origination Los Angeles County 63% Orange County 7% San Bernardino County 4% Ventura County 4% Other Califronia Counties 2% NY/NJ 8% Texas 5% Washington 3% Nevada 1% Other States 3% Commercial Real Estate Loans Geographic Concentration (9/30/23) $1.50B CA: $1.21B, (80%) Commercial Real Estate Loans by Property Type (9/30/23) ($ in thousands) Carrying Value WA LTV(1) WA FICO Residential Mortgage $ 363,369 59.5% 760 Residential Mortgage Loans (9/30/23)

10 Loan Concentration Carrying Value % to Total WA Rate WA Month to Maturity($ in thousands) Finance and Insurance $ 89,905 32.2% 7.98% 5 General Manufacturing & Wholesale Trade 53,059 19.0% 8.78% 19 Real Estate Related 33,375 11.9% 7.82% 18 Retail Trade 31,470 11.3% 9.30% 58 Food Services 31,246 11.2% 9.20% 68 Professional, Scientific, & Technical Services 14,308 5.1% 9.01% 14 Entertainment & Recreation 9,500 3.4% 7.30% 37 Health Care & Social Assistance 4,246 1.5% 9.16% 27 Other Services 3,910 1.4% 8.34% 43 Transportation & Warehousing 3,750 1.3% 8.62% 13 All Other 4,839 1.7% 7.79% 54 Total $ 279,608 100.0% 8.46% 25 Los Angeles County 61% Orange County 12% San Bernardino County 2% Ventura County 1% Other Califronia Counties 3% NY/NJ 9% Texas 2% Nevada 2% Washington 1% Other States 7% Commercial & Industrial Loans Geographic Concentration (9/30/23) Commercial & Industrial Loans by Industry Type (9/30/23) $280MM CA: $221MM (79%)

11 Credit Quality & Peer(1) Comparison $1.0 $1.4 $2.0 $7.4 $7.4 $3.0 $3.8 $3.7 0 1 2 3 4 5 6 7 8 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Non-Performing Assets (“NPAs”) ($mm) 0.05% 0.06% 0.09% 0.32% 0.30% 0.12% 0.15% 0.15% 0% 0% 0% 0% 0% 0% 0% 0% Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 NPAs to Total Assets 1.29% 1.22% 1.15% 1.21% 1.22% 1.18% 1.17% 1.18% 1% 1% 1% 1% 1% 1% 1% Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 ACL on Loans to HFI Loans 2252% 1495% 1723% 321% 742% 834% 647% 686% 0 5 10 15 20 25 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 ACL on Loans to Non-Performing HFI Loans 0.91% 0.61% 0.51% 0.42% 0.37% 0.28% 0.17% 0.09% 0.09% 0% 0% 0% 0% 0% 1% 1% 1% 1% 1% 1% Hope Shinhan Open Peer Hanmi USM PCB CBB Woori NPAs / (Total Loans + OREO)(2) September 30, 2023 Peer Information: June 30, 2023 0.66% 0.58% 0.53% 0.26% 0.22% 0% 0% 0% 0% 0% 1% 1% 1% Hope CBB Hanmi PCB Open Classified Assets to Total Assets(4) September 30, 2023 Peer Information: June 30, 2023 (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)

12 Deposits (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure. $830 $892 $989 $810 $735 $654 $635 $611 $423 $464 $492 $553 $515 $460 $489 $459 $429 $420 $422 $476 $649 $811 $844 $861 $185 $135 $95 $139 $147 $217 $220 $261 $1,867 $1,911 $1,998 $1,978 $2,046 $2,142 $2,188 $2,192 0 500 1,000 1,500 2,000 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Deposit Trend ($mm) Noninterest DDA Retail Other Interest-Bearing Retail Time Deposits Wholesale Deposits Noninterest DDA 28% Retail Other Interest-Bearing 21% Retail Time Deposits 39% Whoelsae Deposits 12% Deposit Composition $2.19B $1,510 $1,602 $1,717 $1,600 $1,545 $1,470 $1,516 $1,476 81% 84% 86% 81% 76% 69% 69% 67% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $500 $700 $900 $1,100 $1,300 $1,500 $1,700 $1,900 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Core Deposits(1) ($mm) Core Deposits % to Total Deposits Time Deposit Maturity Schedule (9/30/23) Retail Wholesale Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 311,941 4.23% $ 137,516 4.91% $ 449,457 4.44% 3 to 6 Months 328,833 4.51% 68,970 5.26% 397,803 4.64% 6 to 9 Months 128,756 4.56% 16,821 5.29% 145,577 4.64% 9 to 12 Months 86,193 4.57% 37,950 5.35% 124,143 4.81% More than 12 Months 5,090 3.15% 0 5,090 3.15% Total $ 860,813 4.41% $ 261,257 5.09% $ 1,122,070 4.57% YoY +10.8% 3Q23 Highlights • Total deposits increased $3.9MM (0.2%) but retail deposits decreased $37.2MM (1.9%) • Uninsured deposits were $983.9MM (44.9% of total deposits) compared to $1.03B (47.3% of total deposits) at 6/30/23 September 30, 2023

13 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. $10.7 $10.2 $9.1 $7.0 $8.7 $10.3 $7.5 $7.0 $13.8 $13.2 $12.8 $13.5 $13.5 $11.7 $10.7 $10.7 -1 1 3 5 7 9 11 13 15 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Net Income PTPP Net Income & PTPP(1) Income ($mm) $0.70 $0.67 $0.60 $0.46 $0.58 $0.70 $0.52 $0.49 $0.91 $0.87 $0.84 $0.89 $0.91 $0.80 $0.75 $0.74 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Diluted EPS Adjusted Diluted EPS Diluted EPS & Adjusted Diluted EPS(1) 2.01% 1.92% 1.65% 1.19% 1.44% 1.69% 1.19% 1.09% 2.59% 2.48% 2.32% 2.31% 2.24% 1.92% 1.71% 1.66% 0% 1% 1% 2% 2% 3% 3% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 ROAA Adjusted ROAA ROAA & Adjusted ROAA(1) 16.84% 16.01% 12.48% 8.16% 10.31% 12.46% 8.82% 8.12% 21.72% 20.65% 17.51% 15.84% 16.04% 14.13% 12.68% 12.42% 0% 5% 10% 15% 20% 25% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 ROAE Adjusted ROAE ROAE & Adjusted ROAE(1) 3Q23 Highlights • Noninterest expense increased $580K and noninterest income decreased $155K, while net interest income increased $732K.

14 Noninterest Income & Expense $36.8 $39.7 $38.4 $27.3 $17.4 $27.1 $16.8 $17.7 $52.3 $29.7 $42.7 $46.1 $22.3 $22.5 $19.2 $16.2 10.0% 10.6% 6.8% 7.5% 6.3% 7.5% 7.2% 6.3% 9.1% 9.5% 5.3% 5.2% 4.4% 4.8% 4.6% 3.9% -8% -3% 2% 7% 12% 0 20 40 60 80 100 120 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 SBA 7(A) Loans ($mm) Sold Production Premium % Gain % $7.1 $8.6 $8.1 $8.5 $7.9 $8.9 $8.7 $8.6 $4.1 $3.5 $4.1 $5.2 $5.2 $4.8 $4.9 $5.6 2.12% 2.23% 2.22% 2.36% 2.19% 2.23% 2.16% 2.22% 0% 1% 1% 2% 2% 3% 0 2 4 6 8 10 12 14 16 18 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Noninterest Expense Trend ($mm) Compensation All Other Expenses % to Average Total Assets 44.8% 47.8% 49.0% 50.4% 49.2% 54.1% 55.9% 56.9% 59.8% 62.1% 60.5% 59.2% 62.1% 61.0% 61.5% 0% 10% 20% 30% 40% 50% 60% 70% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Efficiency Ratio (2) PCB Peer Average 247 256 271 274 272 276 272 272 230 235 240 245 250 255 260 265 270 275 280 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 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) $1.4 $1.5 $1.6 $1.8 $1.6 $1.7 $1.9 $1.8 $3.4 $3.8 $2.0 $1.4 $0.8 $1.3 $0.8 $0.7 70% 71% 56% 45% 32% 43% 29% 28% -40% -20% 0% 20% 40% 60% 80% 0 1 2 3 4 5 6 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Noninterest Income Trend ($mm) All Other Income Gain on Sale of Loans % of Gain on Sale of Loans

15 Net Interest Margin (1) Annualized 4.59% 4.62% 4.72% 5.17% 5.70% 6.11% 6.30% 6.43% 3.87% 3.87% 4.01% 4.25% 4.15% 3.79% 3.55% 3.57% 0.35% 0.35% 0.43% 0.98% 2.28% 3.45% 3.97% 4.17% 0.19% 0.19% 0.23% 0.57% 1.42% 2.33% 2.81% 2.97% 0.08% 0.12% 0.77% 2.19% 3.65% 4.52% 4.99% 5.26% -1% 0% 1% 2% 3% 4% 5% 6% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Yield & Cost(1) Loan Yield Net Interest Margin Cost of Interest-Bearing Liabilities Cost of Funds Average Fed Funds Rate 3.55% 3.57% +0.11% +0.04% -0.12% -0.01% 3.00% 3.20% 3.40% 3.60% 3.80% 4.00% 2Q23 Loan Yield Other Earning Assets Yield Int-Bearing Liabilities Cost Balance Sheet Mix 3Q23 Quarter-over-Quarter Impact to Net Interest Margin(1) 3Q23 Highlights • Net interest income increased $732K to $22.4MM from $ 21.7MM for 2Q23. • Net interest margin increased to 3.57% from 3.55% for 2Q23 mainly due to an increase in yield on average interest-earning assets, partially offset by an increase in cost of average interest-bearing liabilities.

16 Capital 13.44% 15.87% 15.87% 17.11% 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 Regulatory Capital Ratios Actual Minimum Requirement For Well-Capitalized $17.24 $17.47 $22.36 $22.40 $22.94 $23.56 $23.77 $23.87 $17.73 $17.75 $18.21 $18.72 $18.94 $19.05 $12 $14 $16 $18 $20 $22 $24 $26 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Book Value/TCE(1) Per Share BV Per Share TCE Per Share September 30, 2023 11.92% 14.26% 14.30% 13.86% 13.47% 13.32% 13.31% 11.87% 11.31% 11.33% 11.00% 10.71% 10.61% 10.62% 8% 9% 10% 11% 12% 13% 14% 15% Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 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.

17 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.

18 Non-GAAP Measures The following table reconciles core deposits to its most comparable GAAP measure: ($ in thousands) Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Total Deposits (d) $ 1,867,134 $ 1,910,379 $ 1,997,607 $ 1,978,098 $ 2,045,983 $ 2,141,689 $ 2,188,231 $ 2,192,1291 Less: Time Deposits Greater Than $250K (272,269) (273,844) (246,024) (299,271) (413,876) (514,464) (511,590) (514,406) Less: Brokered Deposits (85,001) (35,001) (35,001) (79,131) (87,031) (157,020) (160,149) (201,258) Core Deposits (e) $ 1,509,864 $ 1,601,534 $ 1,716,582 $ 1,599,696 $ 1,545,076 $ 1,470,205 $ 1,516,492 $ 1,476,465 Core Deposits to Total Deposits (e)/(d) 80.9% 83.8% 85.9% 80.9% 75.5% 68.6% 69.3% 67.4% The following table reconciles ROATCE to its most comparable GAAP measure: ($ in thousands) 4Q21 1Q22 2Q22 3Q22 4Q22 Q123 Q223 Q323 Average Total Shareholders' Equity (a) $ 251,477 $ 259,367 $ 292,135 $ 338,248 $ 334,832 $ 335,169 $ 339,869 $ 343,144 Less: Average Preferred Stock 0 0 28,872 69,141 69,141 69,141 69,141 69,141 Average TCE (Non-GAAP) (b) $ 251,477 $ 259,367 $ 263,263 $ 269,107 $ 265,691 $ 266,028 $ 270,728 $ 274,003 Net Income (c) $ 10,676 $ 10,240 $ 9,092 $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 ROAE (1) (c)/(a) 16.84% 16.01% 12.48% 8.16% 10.31% 12.46% 8.82% 8.12% ROATCE (Non-GAAP)(1) (c)/(b) 16.84% 16.01% 13.85% 10.25% 12.99% 15.70% 11.08% 10.17% The following table reconciles TCE per share and TCE to total assets to their most comparable GAAP measures: ($ in thousands, except per share data) Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Total Shareholders' Equity (a) $ 256,286 $ 261,058 $ 334,375 $ 332,719 $ 335,442 $ 336,830 $ 340,411 $ 341,852 Less: Preferred Stock 0 0 69,141 69,141 69,141 69,141 69,141 69,141 TCE (Non-GAAP) (b) $ 256,286 $ 261,058 $ 265,234 $ 263,578 $ 266,301 $ 267,689 $ 271,270 $ 272,711 Outstanding Shares (c) 14,865,825 14,944,663 14,956,760 14,853,140 14,625,474 14,297,870 14,318,890 14,319,014 Book Value Per Share (a)/(c) $ 17.24 $ 17.47 $ 22.36 $ 22.40 $ 22.94 $ 23.56 $ 23.77 $ 23.87 TCE Per Share (Non-GAAP) (b)/(c) $ 17.24 $ 17.47 $ 17.73 $ 17.75 $ 18.21 $ 18.72 $ 18.94 $ 19.05 Total Assets (d) $ 2,149,735 $ 2,199,742 $ 2,344,560 $ 2,327,051 $ 2,420,036 $ 2,500,524 $ 2,556,345 $ 2,567,974 Total Shareholders’ Equity to Total Assets (a)/(d) 11.92% 11.87% 14.26% 14.30% 13.86% 13.47% 13.32% 13.31% TCE to Total Assets (Non-GAAP) (b)/(d) 11.92% 11.87% 11.31% 11.33% 11.00% 10.71% 10.61% 10.62%

19 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) 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Net Income (a) $ 10,676 $ 10,240 $ 9,092 $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 Add: Provision (Reversal) for Credit Losses(1) (1,462) (1,191) (109) 3,753 1,149 (2,778) 197 751 Add: Income Tax Provision 4,551 4,159 3,771 2,798 3,688 4,162 3,073 2,970 PTPP Income (Non-GAAP) (b) $ 13,765 $ 13,208 $ 12,754 $ 13,504 $ 13,539 $ 11,681 $ 10,747 $ 10,744 Average Total Assets (c) $ 2,111,834 $ 2,161,132 $ 2,208,059 $ 2,319,439 $ 2,395,712 $ 2,470,876 $ 2,520,752 $ 2,563,233 ROAA (2) (a)/(c) 2.01% 1.92% 1.65% 1.19% 1.44% 1.69% 1.19% 1.09% Adjusted ROAA (Non-GAAP)(2) (b)/(c) 2.59% 2.48% 2.32% 2.31% 2.24% 1.92% 1.71% 1.66% Average Total Shareholders' Equity (d) $ 251,477 $ 259,367 $ 292,135 $ 338,248 $ 334,832 $ 335,169 $ 339,869 $ 343,144 ROAE (2) (a)/(d) 16.84% 16.01% 12.48% 8.16% 10.31% 12.46% 8.82% 8.12% Adjusted ROAE (Non-GAAP)(2) (b)/(d) 21.72% 20.65% 17.51% 15.84% 16.04% 14.13% 12.68% 12.42% Net Income $ 10,676 $ 10,240 $ 9,092 $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 Less: Income Allocated to Participating Securities (40) (48) (42) (30) (37) (33) (24) (21) Net Income Allocated to Common Stock (e) 10,636 10,192 9,050 6,923 8,665 10,264 7,453 7,002 Add: Provision for Loan Losses (1,462) (1,191) (109) 3,753 1,149 (2,778) 197 751 Add: Income Tax Provision 4,551 4,159 3,771 2,798 3,688 4,162 3,073 2,970 PTPP Income Allocated to Common Stock (f) $ 13,725 $ 13,160 $ 12,712 $ 13,474 $ 13,502 $ 11,648 $ 10,723 $ 10,723 WA common shares outstanding, diluted (g) 15,093,351 15,141,693 15,122,452 15,088,089 14,904,106 14,574,929 14,356,776 14,396,216 Diluted EPS (e)/(g) $ 0.70 $ 0.67 $ 0.60 $ 0.46 $ 0.58 $ 0.70 $ 0.52 $ 0.49 Adjusted Diluted EPS (Non-GAAP) (f)/(g) $ 0.91 $ 0.87 $ 0.84 $ 0.89 $ 0.91 $ 0.80 $ 0.75 $ 0.74 ($ in thousands) 2018 2019 2020 2021 2022 09/23 YTD Net Income $ 24,301 $ 24,108 $ 16,175 $ 40,103 $ 34,987 $ 24,797 Add: Provision (Reversal) for Credit Losses(1) 1,231 4,237 13,219 (4,596) 3,602 (1,830) Add: Income Tax Provision 10,444 10,243 6,836 16,856 14,416 10,205 PTPP Income (Non-GAAP) $ 35,976 $ 38,588 $ 36,230 $ 52,363 $ 53,005 $ 33,172


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


		PCB Bancorp

Date:	October 25, 2023	/s/ Timothy Chang
		Timothy Chang
		Executive Vice President and Chief Financial Officer