8-K - PCB - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): October 27, 2022

PCB BANCORP

(Exact name of registrant as specified in its charter)

California<br><br>(State or other jurisdiction of<br><br>incorporation)	001-38621<br><br>(Commission<br><br>File Number)	20-8856755<br><br>(I.R.S. Employer<br><br>Identification No.)
3701 Wilshire Boulevard, Suite 900<br><br>Los Angeles, California<br><br>(Address of principal offices)		90010<br><br>(Zip Code)

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

Not Applicable

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

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

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

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

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

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

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

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

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

Emerging growth company ☒

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

Item 2.02 Results of Operations and Financial Condition

On October 27, 2022, PCB Bancorp, a California corporation (the “Company”), issued a press release concerning its unaudited results for the third quarter of 2022. A copy of the press release is attached as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

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

Item 7.01 Regulation FD Disclosure

Attached as Exhibit 99.2, and incorporated herein by reference, is a copy of an investor presentation that may be utilized by management at future discussions with investors.

Item 8.01 Other Events

On October 27, 2022, the Company issued a press release announcing that on October 27, 2022, its Board of Directors declared a quarterly cash dividend of $0.15 per common share. The dividend will be paid on or about November 18, 2022, to shareholders of record as of the close of business on November 10, 2022. A copy of the press release is attached as Exhibit 99.3 to this Current Report and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

99.1 Press release of PCB Bancorp, issued October 27, 2022, concerning the results of operations and financial condition for the third quarter of 2022 and name change for its subsidiary

99.2 Investor presentation of PCB Bancorp concerning the unaudited results for the third quarter of 2022

99.3 Press release of PCB Bancorp, issued October 27, 2022, announcing the declaration of a quarterly cash dividend

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

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of PCB Bancorp, issued October 27 , 2022, concerning the results of operations and financial condition for the third quarter of 2022 and name change for its subsidiary
99.2	Investor presentation of PCB Bancorp concerning the unaudited results for the third quarter of 2022
99.3	Press release of PCB Bancorp, issued October 27 , 2022, announcing the declaration of a quarterly cash dividend

SIGNATURES

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

		PCB Bancorp
Date:	October 27, 2022	/s/ Timothy Chang
		Timothy Chang
		Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

PCB Bancorp Reports Earnings of $7.0 million for Q3 2022

Los Angeles, California - October 27, 2022 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income of $7.0 million, or $0.46 per diluted common share, for the third quarter of 2022, compared with $9.1 million, or $0.60 per diluted common share, for the previous quarter and $11.0 million, or $0.73 per diluted common share, for the year-ago quarter.

Q3 2022 Highlights

•Net income totaled $7.0 million, or $0.46 per diluted common share, for the current quarter;

◦The Company recorded a provision (reversal) for loan losses of $3.8 million for the current quarter compared with $(109) thousand for the previous quarter and $(1.1) million for the year-ago quarter.

◦Allowance for loan losses (“Allowance”) to loans held-for-investment(1) ratio was 1.21% at September 30, 2022 compared with 1.15% at June 30, 2022, 1.29% at December 31, 2021 and 1.39% at September 30, 2021. Adjusted Allowance to loans held-for-investment ratio(2) was 1.21% at September 30, 2022 compared with 1.15% at June 30, 2022, 1.34% at December 31, 2021 and 1.48% at September 30, 2021.

◦Net interest income was $24.0 million for the current quarter compared with $21.4 million for the previous quarter and $20.2 million for the year-ago quarter. Net interest margin was 4.25% for the current quarter compared with 4.01% for the previous quarter and 3.93% for the year-ago quarter.

◦Gain on sale of loans was $1.4 million for the current quarter compared with $2.0 million for the previous quarter and $4.3 million for the year-ago quarter.

•Total assets were $2.33 billion at September 30, 2022, a decrease of $17.5 million, or 0.7%, from $2.34 billion at June 30, 2022, but an increase of $177.3 million, or 8.2%, from $2.15 billion at December 31, 2021 and an increase of $222.4 million, or 10.6%, from $2.10 billion at September 30, 2021;

•Loans held-for-investment were $1.96 billion at September 30, 2022, an increase of $126.2 million, or 6.9%, from $1.83 billion at June 30, 2022, an increase of $227.0 million, or 13.1%, from $1.73 billion at December 31, 2021, and an increase of $251.4 million, or 14.7%, from $1.71 billion at September 30, 2021;

•Total deposits were $1.98 billion at September 30, 2022, a decrease of $19.5 million, or 1.0%, from $2.00 billion at June 30, 2022, but an increase of $111.0 million, or 5.9%, from $1.87 billion at December 31, 2021 and an increase of $145.4 million, or 7.9%, from $1.83 billion at September 30, 2021;

•The Company announced a repurchase program on July 28, 2022 for the repurchase up to 5% of outstanding common stock. As of September 30, 2022, the Company repurchased and retired 119,941 shares of common stock for an aggregate cost of $2.2 million; and

•The Bank changed its name from Pacific City Bank to PCB Bank and opened 2 new full-service branches in Dallas, Texas and Palisades Park, New Jersey.

“We are pleased to announce our continued solid financial performance for the third quarter of 2022,” stated Henry Kim, President and Chief Executive Officer. “We funded $172 million in loans held-for-investment during the third quarter, resulting in a loan balance increase of 6.9% quarter-over-quarter or 13.1% year-to-date. Compared with the second quarter of 2022, our net interest margin expanded 24 basis points to 4.25% and our net interest income increased 12.5% to $24.0 million for the third quarter. In keeping with our expansion strategic initiative to increase the value of our franchise, we successfully opened two new full-service branches in Dallas, Texas, and Palisades Park, New Jersey during the third quarter of 2022.”

“As we look ahead into the fourth quarter of this year, we will continue to remain opportunistic with our strong capital position and invest in our long-term franchise value by strategically expanding our footprint. We are on schedule to open one more full-service branch in Carrollton, Texas during the fourth quarter of this year,” concluded Kim.

(1) Loans held-for-investment are presented net of deferred fees and costs in this press release.

(2) Adjusted Allowance to loans held-for-investment ratio is a non-GAAP measure, which excludes U.S. Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans from loans held-for-investment. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.

Financial Highlights (Unaudited)

( in thousands, except per share data)	Three Months Ended																		Nine Months Ended
				6/30/2022				% Change			9/30/2021				% Change			9/30/2022				9/30/2021				% Change
Net income	$	6,953			$	9,092			(23.5)	%		$	11,023			(36.9)	%		$	26,285			$	29,427			(10.7)	%
Diluted earnings per common share	$	0.46			$	0.60			(23.3)	%		$	0.73			(37.0)	%		$	1.73			$	1.92			(9.9)	%
Net interest income	$	24,023			$	21,351			12.5	%		$	20,227			18.8	%		$	65,367			$	57,042			14.6	%
Provision (reversal) for loan losses	3,753				(109)				NM			(1,053)				NM			2,453				(3,134)				NM
Noninterest income	3,176				3,648				(12.9)	%		5,588				(43.2)	%		12,110				13,596				(10.9)	%
Noninterest expense	13,695				12,245				11.8	%		11,232				21.9	%		38,011				32,040				18.6	%
Return on average assets (1)	1.19		%		1.65		%					2.11		%					1.58		%		1.94		%
Return on average shareholders’ equity (1)	8.16		%		12.48		%					17.98		%					11.84		%		16.40		%
Return on average tangible common equity (“TCE”) (2)	10.25		%		13.85		%					17.98		%					13.31		%		16.40		%
Net interest margin (1)	4.25		%		4.01		%					3.93		%					4.05		%		3.82		%
Efficiency ratio (3)	50.35		%		48.98		%					43.51		%					49.06		%		45.36		%

All values are in US Dollars.

($ in thousands, except per share data)	9/30/2022			6/30/2022			% Change		12/31/2021			% Change		9/30/2021			% Change
Total assets	$	2,327,051		$	2,344,560		(0.7)	%	$	2,149,735		8.2	%	$	2,104,699		10.6	%
Net loans held-for-investment	1,935,476			1,811,939			6.8	%	1,709,824			13.2	%	1,684,071			14.9	%
Total deposits	1,978,098			1,997,607			(1.0)	%	1,867,134			5.9	%	1,832,666			7.9	%
Book value per common share (4)	$	22.40		$	22.36				$	17.24				$	16.68
TCE per common share (2)	$	17.75		$	17.73				$	17.24				$	16.68
Tier 1 leverage ratio (consolidated)	14.74		%	15.37		%			12.11		%			11.91		%
Total shareholders’ equity to total assets	14.30		%	14.26		%			11.92		%			11.76		%
TCE to total assets (2), (5)	11.33		%	11.31		%			11.92		%			11.76		%

(1)Ratios are presented on an annualized basis.

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

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

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

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

Result of Operations (Unaudited)

Net Interest Income and Net Interest Margin

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

	Three Months Ended													Nine Months Ended
($ in thousands)	9/30/2022			6/30/2022			% Change		9/30/2021			% Change		9/30/2022			9/30/2021			% Change
Interest income/expense on
Loans	$	24,835		$	21,243		16.9	%	$	20,537		20.9	%	$	66,268		$	58,792		12.7	%
Investment securities	806			668			20.7	%	437			84.4	%	1,950			1,172			66.4	%
Other interest-earning assets	1,194			535			123.2	%	194			515.5	%	1,957			513			281.5	%
Total interest-earning assets	26,835			22,446			19.6	%	21,168			26.8	%	70,175			60,477			16.0	%
Interest-bearing deposits	2,798			1,041			168.8	%	885			216.2	%	4,689			3,196			46.7	%
Borrowings	14			54			(74.1)	%	56			(75.0)	%	119			239			(50.2)	%
Total interest-bearing liabilities	2,812			1,095			156.8	%	941			198.8	%	4,808			3,435			40.0	%
Net interest income	$	24,023		$	21,351		12.5	%	$	20,227		18.8	%	$	65,367		$	57,042		14.6	%
Average balance of
Loans	$	1,905,366		$	1,804,368		5.6	%	$	1,715,106		11.1	%	$	1,828,187		$	1,683,084		8.6	%
Investment securities	137,363			135,324			1.5	%	136,874			0.4	%	132,023			131,039			0.8	%
Other interest-earning assets	200,367			195,633			2.4	%	188,137			6.5	%	198,311			180,663			9.8	%
Total interest-earning assets	$	2,243,096		$	2,135,325		5.0	%	$	2,040,117		9.9	%	$	2,158,521		$	1,994,786		8.2	%
Interest-bearing deposits	$	1,137,739		$	1,001,424		13.6	%	$	1,000,332		13.7	%	$	1,058,105		$	1,026,842		3.0	%
Borrowings	2,033			11,132			(81.7)	%	18,152			(88.8)	%	7,824			37,363			(79.1)	%
Total interest-bearing liabilities	$	1,139,772		$	1,012,556		12.6	%	$	1,018,484		11.9	%	$	1,065,929		$	1,064,205		0.2	%
Total funding (1)	$	1,965,134		$	1,902,247		3.3	%	$	1,812,649		8.4	%	$	1,917,766		$	1,772,005		8.2	%
Annualized average yield/cost of
Loans	5.17		%	4.72		%			4.75		%			4.85		%	4.67		%
Investment securities	2.33		%	1.98		%			1.27		%			1.97		%	1.20		%
Other interest-earning assets	2.36		%	1.10		%			0.41		%			1.32		%	0.38		%
Total interest-earning assets	4.75		%	4.22		%			4.12		%			4.35		%	4.05		%
Interest-bearing deposits	0.98		%	0.42		%			0.35		%			0.59		%	0.42		%
Borrowings	2.73		%	1.95		%			1.22		%			2.03		%	0.86		%
Total interest-bearing liabilities	0.98		%	0.43		%			0.37		%			0.60		%	0.43		%
Net interest margin	4.25		%	4.01		%			3.93		%			4.05		%	3.82		%
Cost of total funding (1)	0.57		%	0.23		%			0.21		%			0.34		%	0.26		%
Supplementary information
Net accretion of discount on loans	$	867		$	907		(4.4)	%	$	932		(7.0)	%	$	2,682		$	2,689		(0.3)	%
Net amortization of deferred loan fees	$	243		$	606		(59.9)	%	$	1,983		(87.7)	%	$	2,014		$	4,662		(56.8)	%

(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 were primarily due to an increase in overall interest rates on loans from the rising interest rate environment, partially offset by a decrease in 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:

	9/30/2022				6/30/2022				12/31/2021				9/30/2021
	% 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	24.0	%	4.43	%	24.5	%	4.35	%	28.4	%	3.98	%	29.9	%	3.86	%
Hybrid rate loans	38.0	%	4.23	%	37.0	%	4.11	%	29.1	%	4.16	%	26.4	%	4.28	%
Variable rate loans	38.0	%	6.75	%	38.5	%	5.12	%	42.5	%	3.95	%	43.7	%	3.96	%

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 mortgage-backed securities and collateralized mortgage obligations 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 (“FRB”) account. The increases in average balance for the current quarter and year-to-date period compared with the same periods of 2021 were primarily due to an increase in average balance of deposits and the Emergency Capital Investment Program (“ECIP”) capital investment, partially offset by an increase in loans. The Company maintains most of its cash at the FRB account.

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.

Provision (reversal) for Loan Losses

Provision (reversal) for loan losses was $3.8 million for the current quarter compared with $(109) thousand for the previous quarter and $(1.1) million for the year-ago quarter. For the current and previous year-to-date periods, provision (reversal) for loan losses was $2.5 million and $(3.1) million, respectively. The increase in provision for loan losses was primarily due to increases in gross loan balance, and qualitative adjustment factors related to current economic condition and increased charge-offs during the current quarter.

The Company recorded net charge-offs of $1.1 million for the current quarter compared with $18 thousand for the previous quarter and $29 thousand for the year-ago quarter. For the current and previous year-to-date periods, the Company recorded net charge-offs (recoveries) of $1.1 million and $(431) thousand, respectively.

Adjusted Allowance to loans held-for-investment ratio(1) was 1.21%, 1.15%, 1.34%, and 1.48% at September 30, 2022, June 30, 2022, December 31, 2021, and September 30, 2021, respectively.

(1) Adjusted Allowance to loans held-for-investment ratio is a non-GAAP measure, which excludes SBA PPP loans from loans held-for-investment. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.

Noninterest Income

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

	Three Months Ended										Nine Months Ended
($ in thousands)	9/30/2022		6/30/2022		% Change		9/30/2021		% Change		9/30/2022		9/30/2021		% Change
Gain on sale of loans	$	1,415	$	2,039	(30.6)	%	$	4,269	(66.9)	%	$	7,231	$	9,558	(24.3)	%
Service charges and fees on deposits	341		330		3.3	%	292		16.8	%	974		887		9.8	%
Loan servicing income	780		755		3.3	%	655		19.1	%	2,235		2,082		7.3	%
Bank-owned life insurance income	178		175		1.7	%	—		—	%	525		—		—	%
Other income	462		349		32.4	%	372		24.2	%	1,145		1,069		7.1	%
Total noninterest income	$	3,176	$	3,648	(12.9)	%	$	5,588	(43.2)	%	$	12,110	$	13,596	(10.9)	%

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)	9/30/2022		6/30/2022		% Change		9/30/2021		% Change		9/30/2022		9/30/2021		% Change
Gain on sale of SBA loans
Sold loan balance	$	27,313	$	38,442	(29.0)	%	$	45,048	(39.4)	%	$	105,438	$	90,074	17.1	%
Premium received	2,036		2,600		(21.7)	%	4,879		(58.3)	%	8,842		10,360		(14.7)	%
Gain recognized	1,407		2,039		(31.0)	%	4,263		(67.0)	%	7,223		9,412		(23.3)	%
Gain on sale of residential property loans
Sold loan balance	$	858	$	—	—	%	$	301	185.0	%	$	858	$	9,823	(91.3)	%
Gain recognized	8		—		—	%	2		300.0	%	8		142		(94.4)	%

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

	Three Months Ended										Nine Months Ended
($ in thousands)	9/30/2022		6/30/2022		% Change		9/30/2021		% Change		9/30/2022		9/30/2021		% Change
Loan servicing income
Servicing income received	$	1,302	$	1,287	1.2	%	$	1,180	10.3	%	$	3,819	$	3,577	6.8	%
Servicing assets amortization	(522)		(532)		(1.9)	%	(525)		(0.6)	%	(1,584)		(1,495)		6.0	%
Loan servicing income	$	780	$	755	3.3	%	$	655	19.1	%	$	2,235	$	2,082	7.3	%
Underlying loans at end of period	$	538,904	$	537,990	0.2	%	$	511,930	5.3	%	$	538,904	$	511,930	5.3	%

The Company services SBA loans and certain residential property loans that are 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)	9/30/2022		6/30/2022		% Change		9/30/2021		% Change		9/30/2022		9/30/2021		% Change
Salaries and employee benefits	$	8,457	$	8,125	4.1	%	$	7,606	11.2	%	$	25,177	$	20,913	20.4	%
Occupancy and equipment	1,650		1,537		7.4	%	1,399		17.9	%	4,584		4,158		10.2	%
Professional fees	587		642		(8.6)	%	422		39.1	%	1,632		1,574		3.7	%
Marketing and business promotion	909		310		193.2	%	416		118.5	%	1,426		1,070		33.3	%
Data processing	427		441		(3.2)	%	391		9.2	%	1,272		1,164		9.3	%
Director fees and expenses	179		182		(1.6)	%	144		24.3	%	530		433		22.4	%
Regulatory assessments	150		147		2.0	%	12		1,150.0	%	438		399		9.8	%
Other expense	1,336		861		55.2	%	842		58.7	%	2,952		2,329		26.7	%
Total noninterest expense	$	13,695	$	12,245	11.8	%	$	11,232	21.9	%	$	38,011	$	32,040	18.6	%

Salaries and Employee Benefits. The increases for the current quarter compared with the previous and year-ago quarters were primarily due to increases in salaries and other employee benefit expense from the increased number of employees, partially offset by a decrease in incentives tied to the sales of Loan Production Offices (“LPO”) originated SBA loans and an increase in loan origination cost, which offsets the recognition of salaries. The increase for the current year-to-date period compared with the previous year-to-date period was due to increases in salaries, other employee benefit expense, the incentives tied to sales of LPO originated SBA loans, and a decrease in loan origination cost.

Total loan origination cost included in salaries and employee benefits were $488 thousand, $461 thousand, and $421 thousand for the current, previous, and year-ago quarters, respectively, and $1.3 million and $1.8 million for the current and previous year-to-date periods, respectively. The Company recognized a higher loan origination cost for the previous year-to-date period primarily due to the SBA PPP loan production in the first quarter of 2021. The number of full-time equivalent employees was 274, 271, and 249 as of September 30, 2022, June 30, 2022, and September 30, 2021, respectively.

Occupancy and Equipment. The increases for the current quarter and year-to-date period were primarily due to new branch openings. The Company opened 2 new branches in Dallas, Texas and Palisades Park, New Jersey during the current quarter and plans to open one more branch in Carrollton, Texas during the fourth quarter of 2022.

Marketing and Business Promotion. The increases for the current quarter and year-to-date period were primarily due to increases in marketing activities and advertisement for the Bank's name change to PCB Bank, and new branch openings.

Director Fees and Expenses. The increases for the current quarter and year-to-date periods compared with the same periods of 2021 were primarily due to a new director appointed during the fourth quarter of 2021.

Regulatory Assessments. During the year-ago quarter, an adjustment was made for the assessment rate decrease.

Other Expense. The increases for the current quarter and year-to-date period were primarily due to an increase in office expense for the new branches and a legal settlement of $150 thousand for the current quarter.

Balance Sheet (Unaudited)

Total assets were $2.33 billion at September 30, 2022, a decrease of $17.5 million, or 0.7%, from $2.34 billion at June 30, 2022, but an increase of $177.3 million, or 8.2%, from $2.15 billion at December 31, 2021 and an increase of $222.4 million, or 10.6%, from $2.10 billion at September 30, 2021. The decrease for the current quarter was primarily due to decreases in cash and cash equivalents and securities available-for-sale, partially offset by increases in loans held-for-sale and loans held-for-investment. The increase for the current year-to-date period was primarily due to increases in loans held-for-investment and securities available-for-sale, partially offset by decreases in cash and cash equivalents and 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)	9/30/2022		6/30/2022		% Change		12/31/2021		% Change		9/30/2021		% Change
Real estate loans
Commercial property	$	1,271,781	$	1,204,142	5.6	%	$	1,105,843	15.0	%	$	1,054,351	20.6	%
Residential property	297,506		258,259		15.2	%	209,485		42.0	%	201,635		47.5	%
SBA property	136,088		131,420		3.6	%	129,661		5.0	%	127,845		6.4	%
Construction	14,592		12,595		15.9	%	8,252		76.8	%	6,572		122.0	%
Commercial and industrial loans
Commercial term	80,225		73,885		8.6	%	73,438		9.2	%	74,390		7.8	%
Commercial lines of credit	117,960		111,916		5.4	%	100,936		16.9	%	101,456		16.3	%
SBA commercial term	16,542		16,985		(2.6)	%	17,640		(6.2)	%	18,338		(9.8)	%
SBA PPP	1,309		1,583		(17.3)	%	65,329		(98.0)	%	101,901		(98.7)	%
Other consumer loans	23,234		22,225		4.5	%	21,621		7.5	%	21,390		8.6	%
Loans held-for-investment	1,959,237		1,833,010		6.9	%	1,732,205		13.1	%	1,707,878		14.7	%
Loans held-for-sale	18,982		9,627		97.2	%	37,026		(48.7)	%	29,020		(34.6)	%
Total loans	$	1,978,219	$	1,842,637	7.4	%	$	1,769,231	11.8	%	$	1,736,898	13.9	%

The increase in loans held-for-investment for the current quarter was primarily due to new funding of $171.9 million and advances on lines of credit of $42.0 million, partially offset by pay-downs and pay-offs of $86.6 million. The increase for the current year-to-date period was primarily due to new funding of $450.8 million and advances of lines of credit of $111.3 million, partially offset by pay-downs and pay-offs of $333.9 million. SBA PPP loans of $274 thousand and $64.0 million were paid off through regular payments or forgiveness from SBA during the current quarter and year-to-date period, respectively.

The increase in loans held-for-sale for the current quarter was primarily due to new funding of $37.1 million, partially offset by sales of $27.7 million. The decrease for the current year-to-date period was primarily due to sales of $105.8 million, partially offset by new funding of $88.2 million.

The following table presents a composition of commitments to extend credit as of the dates indicated:

($ in thousands)	9/30/2022		6/30/2022		% Change		12/31/2021		% Change		9/30/2021		% Change
Real estate loans
Commercial property	$	18,400	$	20,425	(9.9)	%	$	20,194	(8.9)	%	$	17,873	2.9	%
SBA property	3,730		4,265		(12.5)	%	3,068		21.6	%	4,747		(21.4)	%
Construction	11,093		12,080		(8.2)	%	5,180		114.2	%	9,478		17.0	%
Commercial and industrial loans
Commercial term	2,027		2,347		(13.6)	%	1,097		84.8	%	1,455		39.3	%
Commercial lines of credit	254,738		218,850		16.4	%	169,000		50.7	%	156,411		62.9	%
SBA commercial term	572		383		49.3	%	149		283.9	%	245		133.5	%
Other consumer loans	847		1,086		(22.0)	%	595		42.4	%	130		551.5	%
Total commitments to extend credit	$	291,407	$	259,436	12.3	%	$	199,283	46.2	%	$	190,339	53.1	%

Credit Quality

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

($ in thousands)	9/30/2022			6/30/2022			% Change		12/31/2021			% Change		9/30/2021			% Change
Nonaccrual loans
Real estate loans
Commercial property	$	2,444		$	—		—	%	$	—		—	%	$	—		—	%
Residential property	372			450			(17.3)	%	—			—	%	—			—	%
SBA property	552			564			(2.1)	%	746			(26.0)	%	766			(27.9)	%
Commercial and industrial loans
Commercial term	3			—			—	%	—			—	%	—			—	%
Commercial lines of credit	4,000			—			—	%	—			—	%	—			—	%
SBA commercial term	—			185			(100.0)	%	213			(100.0)	%	314			(100.0)	%
Other consumer loans	25			24			4.2	%	35			(28.6)	%	33			(24.2)	%
Total nonaccrual loans held-for-investment	7,396			1,223			504.7	%	994			644.1	%	1,113			564.5	%
Loans past due 90 days or more and still accruing	—			—			—	%	—			—	%	3			(100.0)	%
Non-performing loans (“NPLs”)	7,396			1,223			504.7	%	994			644.1	%	1,116			562.7	%
Other real estate owned (“OREO”)	—			808			(100.0)	%	—			—	%	—			—	%
Non-performing assets (“NPAs”)	$	7,396		$	2,031		264.2	%	$	994		644.1	%	$	1,116		562.7	%
Loans past due and still accruing
Past due 30 to 59 days	$	215		$	682		(68.5)	%	$	549		(60.8)	%	$	292		(26.4)	%
Past due 60 to 89 days	195			—			—	%	5			3,800.0	%	—			—	%
Past due 90 days or more	—			—			—	%	—			—	%	3			(100.0)	%
Total loans past due and still accruing	$	410		$	682		(39.9)	%	554			(26.0)	%	$	295		39.0	%
Troubled debt restructurings (“TDRs”)
Accruing TDRs	$	542		$	555		(2.3)	%	$	576		(5.9)	%	$	589		(8.0)	%
Nonaccrual TDRs	7			10			(30.0)	%	17			(58.8)	%	26			(73.1)	%
Total TDRs	$	549		$	565		(2.8)	%	$	593		(7.4)	%	$	615		(10.7)	%
Special mention loans	$	5,986		$	6,313		(5.2)	%	$	18,092		(66.9)	%	$	17,315		(65.4)	%
Classified assets
Classified loans	$	10,293		$	3,980		158.6	%	$	5,168		99.2	%	$	5,345		92.6	%
OREO	—			808			(100.0)	%	—			—	%	—			—	%
Classified assets	$	10,293		$	4,788		115.0	%	$	5,168		99.2	%	$	5,345		92.6	%
NPLs to loans held-for-investment	0.38		%	0.07		%			0.06		%			0.07		%
NPAs to total assets	0.32		%	0.09		%			0.05		%			0.05		%
Classified assets to total assets	0.44		%	0.20		%			0.24		%			0.25		%

The decrease in special mention loans for the current year-to-date period was primarily due to improvements of 2 loans with an aggregated carrying value of $11.3 million at December 31, 2021. The increases in nonaccrual commercial property loans and commercial lines of credit, and classified loans for the current quarter were primarily due to downgrades of loans to a single credit relationship.

Investment Securities

Total investment securities were $129.4 million at September 30, 2022, a decrease of $9.7 million, or 6.95%, from $139.1 million at June 30, 2022 and a decrease of $3.7 million, or 2.8%, from $133.1 million at September 30, 2021, but an increase of $6.2 million, or 5.03%, from $123.2 million at December 31, 2021. The decrease for the current quarter was primarily due to principal pay-downs and calls of $6.4 million, a fair value decrease of $6.3 million, and net premium amortization of $75 thousand, partially offset by purchases of $3.1 million. The increase for the current year-to-date period was primarily due to purchases of $41.1 million, partially offset by principal pay-downs and calls of $18.8 million, a fair value decrease of $15.8 million, and net premium amortization of $307 thousand.

Deposits

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

	9/30/2022				6/30/2022				12/31/2021				9/30/2021
($ in thousands)	Amount		% to Total		Amount		% to Total		Amount		% to Total		Amount		% to Total
Noninterest-bearing demand deposits	$	809,842	40.9	%	$	988,454	49.5	%	$	830,383	44.5	%	$	832,240	45.4	%
Interest-bearing deposits
Savings	13,028		0.7	%	14,686		0.7	%	16,299		0.9	%	13,294		0.7	%
NOW	17,550		0.9	%	18,881		0.9	%	20,185		1.1	%	20,461		1.1	%
Retail money market accounts	522,412		26.4	%	458,605		22.9	%	386,041		20.5	%	376,333		20.5	%
Brokered money market accounts	10,010		0.5	%	1		0.1	%	1		0.1	%	4		0.1	%
Retail time deposits of
$250,000 or less	236,864		12.0	%	235,956		11.8	%	256,956		13.8	%	262,207		14.3	%
More than $250,000	239,271		12.1	%	186,024		9.3	%	172,269		9.2	%	163,127		8.9	%
State and brokered time deposits	129,121		6.5	%	95,000		4.8	%	185,000		9.9	%	165,000		9.0	%
Total interest-bearing deposits	1,168,256		59.1	%	1,009,153		50.5	%	1,036,751		55.5	%	1,000,426		54.6	%
Total deposits	$	1,978,098	100.0	%	$	1,997,607	100.0	%	$	1,867,134	100.0	%	$	1,832,666	100.0	%

The decrease in noninterest-bearing demand deposits for the current quarter was primarily due to strong deposit market competition and the migration of large amount of noninterest-bearing demand deposits to money market accounts and time deposits attributable to the rising market rates. To remain competitive in this rising interest rate environment, the Bank started to offer higher rates on deposit products to retain and attract new customers.

The increase in retail time deposits for the current quarter was primarily due to new accounts of $152.8 million, renewals of the matured accounts of $182.6 million and balance increases of $6.3 million, partially offset by matured and closed accounts of $287.7 million. The increase for the current year-to-date period was primarily due to new accounts of $252.2 million, renewals of the matured accounts of $480.2 million and balance increases of $15.8 million, partially offset by matured and closed accounts of $701.4 million.

Liquidity

The following table presents a summary of the Company’s liquidity position as of September 30, 2022:

($ in thousands)	9/30/2022
Cash and cash equivalents	$	154,038
Cash and cash equivalents to total assets	6.6		%
Available borrowing capacity
FHLB advances	$	586,125
Federal Reserve Discount Window	29,065
Overnight federal funds lines	65,000
Total	$	680,190
Total available borrowing capacity to total assets	29.2		%

Shareholders’ Equity

Shareholders’ equity was $332.7 million at September 30, 2022, a decrease of $1.7 million, or 0.5%, from $334.4 million at June 30, 2022, but an increase of $76.4 million, or 29.8%, from $256.3 million at December 31, 2021 and an increase of $85.1 million, or 34.4%, from $247.6 million at September 30, 2021. The decrease for the current quarter and year-to-date period were primarily due to cash dividends declared on common stock, an increase in accumulated other comprehensive loss, and repurchase of common stock, partially offset by net income. The increase for the current year-to-date period was primarily due to net income and issuance of preferred stock (as discussed below), partially offset by cash dividends declared on common stock, repurchase of common stock and an increase in accumulated other comprehensive loss. The Company declared cash dividends of $2.2 million and $6.7 million for the current quarter and year-to-date period, respectively.

Stock Repurchase

On April 8, 2021, the Company’s Board of Directors approved a repurchase program authorizing the repurchase of up to 5% of the Company’s outstanding common stock as of the date of the board meeting, which represented 775,000 shares, through September 7, 2021. The Company repurchased and retired 680,269 shares of common stock totaling $10.9 million at a weighted-average price of $15.99 per share under this program.

On July 28, 2022, the Company’s Board of Directors approved a repurchase program authorizing for the repurchase of up to 5% of the Company’s outstanding common stock as of the date of the board meeting, which represented 747,938 shares, through February 1, 2023. The Company repurchased and retired 119,941 shares of common stock at a weighted-average price of $18.75 per share, totaling $2.2 million under this repurchase program as of September 30, 2022.

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”). 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 changes to the Federal Reserve’s definition of a “Small Bank Holding Company” that increased the threshold to $3 billion in assets in August 2018, the Company is not currently subject to separate minimum capital measurements. At such time as the Company reaches the $3 billion asset level, it will again be subject to capital measurements independent of the Bank. For comparison purposes, the Company’s ratios are included in following discussion. The following table presents capital ratios for the Company and the Bank as of the dates indicated:

	9/30/2022		6/30/2022		12/31/2021		9/30/2021		Well Capitalized Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)	13.69	%	14.44	%	14.79	%	15.07	%	N/A
Total capital (to risk-weighted assets)	18.34	%	19.25	%	16.04	%	16.32	%	N/A
Tier 1 capital (to risk-weighted assets)	17.14	%	18.11	%	14.79	%	15.07	%	N/A
Tier 1 capital (to average assets)	14.74	%	15.37	%	12.11	%	11.91	%	N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets)	16.82	%	17.79	%	14.48	%	14.76	%	6.5	%
Total capital (to risk-weighted assets)	18.02	%	18.92	%	15.73	%	16.01	%	10.0	%
Tier 1 capital (to risk-weighted assets)	16.82	%	17.79	%	14.48	%	14.76	%	8.0	%
Tier 1 capital (to average assets)	14.47	%	15.09	%	11.85	%	11.66	%	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 general economic uncertainty in the United States and abroad, the impact of inflation, changes in interest rates (including actions taken by the Federal Reserve to address inflation), deposit flows, and real estate values, and their corresponding impact on our customers, and the network and data incident discovered on August 30, 2021. These and other important factors are detailed in various securities law filings made periodically by the Company, copies of which are available 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 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.

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)

	9/30/2022			6/30/2022			% Change		12/31/2021			% Change		9/30/2021			% Change
Assets
Cash and due from banks	$	22,252		$	23,125		(3.8)	%	$	15,222		46.2	%	$	19,688		13.0	%
Interest-bearing deposits in other financial institutions	131,786			276,785			(52.4)	%	188,063			(29.9)	%	195,285			(32.5)	%
Total cash and cash equivalents	154,038			299,910			(48.6)	%	203,285			(24.2)	%	214,973			(28.3)	%
Securities available-for-sale, at fair value	129,401			139,067			(7.0)	%	123,198			5.0	%	133,102			(2.8)	%
Loans held-for-sale	18,982			9,627			97.2	%	37,026			(48.7)	%	29,020			(34.6)	%
Loans held-for-investment	1,959,237			1,833,010			6.9	%	1,732,205			13.1	%	1,707,878			14.7	%
Allowance for loan losses	(23,761)			(21,071)			12.8	%	(22,381)			6.2	%	(23,807)			(0.2)	%
Net loans held-for-investment	1,935,476			1,811,939			6.8	%	1,709,824			13.2	%	1,684,071			14.9	%
Premises and equipment, net	4,671			3,633			28.6	%	3,098			50.8	%	3,306			41.3	%
Federal Home Loan Bank and other bank stock	10,183			10,183			—	%	8,577			18.7	%	8,577			18.7	%
Other real estate owned, net	—			808			(100.0)	%	—			—	%	—			—	%
Bank-owned life insurance	29,883			29,705			0.6	%	29,358			1.8	%	—			—	%
Deferred tax assets, net	12,135			11,869			2.2	%	10,824			12.1	%	7,519			61.4	%
Servicing assets	7,627			7,716			(1.2)	%	7,269			4.9	%	7,009			8.8	%
Operating lease assets	6,897			6,512			5.9	%	6,786			1.6	%	7,164			(3.7)	%
Accrued interest receivable	6,070			5,212			16.5	%	5,368			13.1	%	5,494			10.5	%
Other assets	11,688			8,379			39.5	%	5,122			128.2	%	4,464			161.8	%
Total assets	$	2,327,051		$	2,344,560		(0.7)	%	$	2,149,735		8.2	%	$	2,104,699		10.6	%
Liabilities
Deposits
Noninterest-bearing demand	$	809,842		$	988,454		(18.1)	%	$	830,383		(2.5)	%	$	832,240		(2.7)	%
Savings, NOW and money market accounts	563,000			492,173			14.4	%	422,526			33.2	%	410,092			37.3	%
Time deposits of $250,000 or less	305,985			270,956			12.9	%	341,956			(10.5)	%	327,207			(6.5)	%
Time deposits of more than $250,000	299,271			246,024			21.6	%	272,269			9.9	%	263,127			13.7	%
Total deposits	1,978,098			1,997,607			(1.0)	%	1,867,134			5.9	%	1,832,666			7.9	%
Federal Home Loan Bank advances	—			—			—	%	10,000			(100.0)	%	10,000			(100.0)	%
Operating lease liabilities	7,402			7,067			4.7	%	7,444			(0.6)	%	7,862			(5.9)	%
Accrued interest payable and other liabilities	8,832			5,511			60.3	%	8,871			(0.4)	%	6,573			34.4	%
Total liabilities	1,994,332			2,010,185			(0.8)	%	1,893,449			5.3	%	1,857,101			7.4	%
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock	69,141			69,141			—	%	—			—	%	—			—	%
Common stock	153,890			155,842			(1.3)	%	154,992			(0.7)	%	154,618			(0.5)	%
Retained earnings	120,699			115,992			4.1	%	101,140			19.3	%	92,248			30.8	%
Accumulated other comprehensive income (loss), net	(11,011)			(6,600)			66.8	%	154			NM		732			NM
Total shareholders’ equity	332,719			334,375			(0.5)	%	256,286			29.8	%	247,598			34.4	%
Total liabilities and shareholders’ equity	$	2,327,051		$	2,344,560		(0.7)	%	$	2,149,735		8.2	%	$	2,104,699		10.6	%
Outstanding common shares	14,853,140			14,956,760					14,865,825					14,841,626
Book value per common share (1)	$	22.40		$	22.36				$	17.24				$	16.68
TCE per common share (2)	$	17.75		$	17.73				$	17.24				$	16.68
Total loan to total deposit ratio	100.01		%	92.24		%			94.76		%			94.77		%
Noninterest-bearing deposits to total deposits	40.94		%	49.48		%			44.47		%			45.41		%

(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
	9/30/2022			6/30/2022			% Change		9/30/2021			% Change		9/30/2022			9/30/2021			% Change
Interest and dividend income
Loans, including fees	$	24,835		$	21,243		16.9	%	$	20,537		20.9	%	$	66,268		$	58,792		12.7	%
Investment securities	806			668			20.7	%	437			84.4	%	1,950			1,172			66.4	%
Other interest-earning assets	1,194			535			123.2	%	194			515.5	%	1,957			513			281.5	%
Total interest income	26,835			22,446			19.6	%	21,168			26.8	%	70,175			60,477			16.0	%
Interest expense
Deposits	2,798			1,041			168.8	%	885			216.2	%	4,689			3,196			46.7	%
Other borrowings	14			54			(74.1)	%	56			(75.0)	%	119			239			(50.2)	%
Total interest expense	2,812			1,095			156.8	%	941			198.8	%	4,808			3,435			40.0	%
Net interest income	24,023			21,351			12.5	%	20,227			18.8	%	65,367			57,042			14.6	%
Provision (reversal) for loan losses	3,753			(109)			NM		(1,053)			NM		2,453			(3,134)			NM
Net interest income after provision (reversal) for loan losses	20,270			21,460			(5.5)	%	21,280			(4.7)	%	62,914			60,176			4.5	%
Noninterest income
Gain on sale of loans	1,415			2,039			(30.6)	%	4,269			(66.9)	%	7,231			9,558			(24.3)	%
Service charges and fees on deposits	341			330			3.3	%	292			16.8	%	974			887			9.8	%
Loan servicing income	780			755			3.3	%	655			19.1	%	2,235			2,082			7.3	%
Bank-owned life insurance income	178			175			1.7	%	—			—	%	525			—			—	%
Other income	462			349			32.4	%	372			24.2	%	1,145			1,069			7.1	%
Total noninterest income	3,176			3,648			(12.9)	%	5,588			(43.2)	%	12,110			13,596			(10.9)	%
Noninterest expense
Salaries and employee benefits	8,457			8,125			4.1	%	7,606			11.2	%	25,177			20,913			20.4	%
Occupancy and equipment	1,650			1,537			7.4	%	1,399			17.9	%	4,584			4,158			10.2	%
Professional fees	587			642			(8.6)	%	422			39.1	%	1,632			1,574			3.7	%
Marketing and business promotion	909			310			193.2	%	416			118.5	%	1,426			1,070			33.3	%
Data processing	427			441			(3.2)	%	391			9.2	%	1,272			1,164			9.3	%
Director fees and expenses	179			182			(1.6)	%	144			24.3	%	530			433			22.4	%
Regulatory assessments	150			147			2.0	%	12			1,150.0	%	438			399			9.8	%
Other expense	1,336			861			55.2	%	842			58.7	%	2,952			2,329			26.7	%
Total noninterest expense	13,695			12,245			11.8	%	11,232			21.9	%	38,011			32,040			18.6	%
Income before income taxes	9,751			12,863			(24.2)	%	15,636			(37.6)	%	37,013			41,732			(11.3)	%
Income tax expense	2,798			3,771			(25.8)	%	4,613			(39.3)	%	10,728			12,305			(12.8)	%
Net income	$	6,953		$	9,092		(23.5)	%	$	11,023		(36.9)	%	$	26,285		$	29,427		(10.7)	%
Earnings per common share
Basic	$	0.47		$	0.61				$	0.74				$	1.76		$	1.94
Diluted	$	0.46		$	0.60				$	0.73				$	1.73		$	1.92
Average common shares
Basic	14,877,879			14,883,768					14,779,707					14,869,997			15,090,989
Diluted	15,088,089			15,122,452					15,031,558					15,126,863			15,298,065
Dividend paid per common share	$	0.15		$	0.15				$	0.12				$	0.45		$	0.32
Return on average assets (1)	1.19		%	1.65		%			2.11		%			1.58		%	1.94		%
Return on average shareholders’ equity (1)	8.16		%	12.48		%			17.98		%			11.84		%	16.40		%
Return on average TCE (1), (2)	10.25		%	13.85		%			17.98		%			13.31		%	16.40		%
Efficiency ratio (3)	50.35		%	48.98		%			43.51		%			49.06		%	45.36		%

(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
	9/30/2022						6/30/2022						9/30/2021
	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)	$	1,905,366	$	24,835	5.17	%	$	1,804,368	$	21,243	4.72	%	$	1,715,106	$	20,537	4.75	%
Mortgage-backed securities	93,546		518		2.20	%	88,032		416		1.90	%	95,908		278		1.15	%
Collateralized mortgage obligation	24,090		151		2.49	%	25,929		125		1.93	%	22,534		57		1.00	%
SBA loan pool securities	10,435		56		2.13	%	11,164		43		1.54	%	10,390		45		1.72	%
Municipal bonds (2)	4,491		34		3.00	%	5,347		37		2.78	%	5,759		36		2.48	%
Corporate bonds	4,801		47		3.88	%	4,852		47		3.89	%	2,283		21		3.65	%
Other interest-earning assets	200,367		1,194		2.36	%	195,633		535		1.10	%	188,137		194		0.41	%
Total interest-earning assets	2,243,096		26,835		4.75	%	2,135,325		22,446		4.22	%	2,040,117		21,168		4.12	%
Noninterest-earning assets
Cash and due from banks	20,609						20,801						19,915
Allowance for loan losses	(21,117)						(21,204)						(24,854)
Other assets	76,851						73,137						35,187
Total noninterest-earning assets	76,343						72,734						30,248
Total assets	$	2,319,439					$	2,208,059					$	2,070,365
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	577,975	1,375		0.94	%	$	464,829	430		0.37	%	$	387,661	291		0.30	%
Savings	14,990		2		0.05	%	14,989		2		0.05	%	12,806		2		0.06	%
Time deposits	544,774		1,421		1.03	%	521,606		609		0.47	%	599,865		592		0.39	%
Total interest-bearing deposits	1,137,739		2,798		0.98	%	1,001,424		1,041		0.42	%	1,000,332		885		0.35	%
Other borrowings	2,033		14		2.73	%	11,132		54		1.95	%	18,152		56		1.22	%
Total interest-bearing liabilities	1,139,772		2,812		0.98	%	1,012,556		1,095		0.43	%	1,018,484		941		0.37	%
Noninterest-bearing liabilities
Noninterest-bearing demand	825,362						889,691						794,165
Other liabilities	16,057						13,677						14,531
Total noninterest-bearing liabilities	841,419						903,368						808,696
Total liabilities	1,981,191						1,915,924						1,827,180
Total shareholders’ equity	338,248						292,135						243,185
Total liabilities and shareholders’ equity	$	2,319,439					$	2,208,059					$	2,070,365
Net interest income			$	24,023					$	21,351					$	20,227
Net interest spread (3)					3.77	%					3.79	%					3.75	%
Net interest margin (4)					4.25	%					4.01	%					3.93	%
Total deposits	$	1,963,101	$	2,798	0.57	%	$	1,891,115	$	1,041	0.22	%	$	1,794,497	$	885	0.20	%
Total funding (5)	$	1,965,134	$	2,812	0.57	%	$	1,902,247	$	1,095	0.23	%	$	1,812,649	$	941	0.21	%

(1)Total loans include both loans held-for-sale and loans held-for-investment, net of deferred loan fees and costs.

(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
	9/30/2022						9/30/2021
	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)	$	1,828,187	$	66,268	4.85	%	$	1,683,084	$	58,792	4.67	%
Mortgage-backed securities	88,634		1,241		1.87	%	90,095		726		1.08	%
Collateralized mortgage obligation	22,775		324		1.90	%	23,442		168		0.96	%
SBA loan pool securities	10,566		137		1.73	%	10,959		148		1.81	%
Municipal bonds (2)	5,152		107		2.78	%	5,774		109		2.52	%
Corporate bonds	4,896		141		3.85	%	769		21		3.65	%
Other interest-earning assets	198,311		1,957		1.32	%	180,663		513		0.38	%
Total interest-earning assets	2,158,521		70,175		4.35	%	1,994,786		60,477		4.05	%
Noninterest-earning assets
Cash and due from banks	20,599						19,359
Allowance for loan losses	(21,561)						(25,753)
Other assets	72,563						37,371
Total noninterest-earning assets	71,601						30,977
Total assets	$	2,230,122					$	2,025,763
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	492,130	2,118		0.58	%	$	398,459	941		0.32	%
Savings	15,205		6		0.05	%	11,676		4		0.05	%
Time deposits	550,770		2,565		0.62	%	616,707		2,251		0.49	%
Total interest-bearing deposits	1,058,105		4,689		0.59	%	1,026,842		3,196		0.42	%
Other borrowings	7,824		119		2.03	%	37,363		239		0.86	%
Total interest-bearing liabilities	1,065,929		4,808		0.60	%	1,064,205		3,435		0.43	%
Noninterest-bearing liabilities
Noninterest-bearing demand	851,837						707,800
Other liabilities	15,485						13,925
Total noninterest-bearing liabilities	867,322						721,725
Total liabilities	1,933,251						1,785,930
Total shareholders’ equity	296,871						239,833
Total liabilities and shareholders’ equity	$	2,230,122					$	2,025,763
Net interest income			$	65,367					$	57,042
Net interest spread (3)					3.75	%					3.62	%
Net interest margin (4)					4.05	%					3.82	%
Total deposits	$	1,909,942	$	4,689	0.33	%	$	1,734,642	$	3,196	0.25	%
Total funding (5)	$	1,917,766	$	4,808	0.34	%	$	1,772,005	$	3,435	0.26	%

(1)Total loans include both loans held-for-sale and loans held-for-investment, net of deferred loan fees and costs.

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

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

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

(6)Annualized.

PCB Bancorp and Subsidiary

Non-GAAP Measures

($ in thousands)

Adjusted allowance for loan losses to loans held-for-investment ratio

Adjusted Allowance to loans held-for-investment ratio is calculated by removing SBA PPP loans from loans held-for-investment from the Allowance to loans held-for-investment ratio calculation. The SBA launched the PPP to provide a direct incentive for small businesses to keep their workers on the payroll in response to the COVID-19 pandemic. The SBA guarantees 100% of the PPP loans made to eligible borrowers, and the loans are eligible to be forgiven if certain conditions are met, at which point the SBA will make payments to the Bank for the forgiven amounts. The SBA guarantee on PPP loans cannot be separated from the loan and therefore is not a separate unit of account. The Company considered the SBA guarantee in the Allowance evaluation and determined that it is not required to reserve an Allowance on SBA PPP loans. Management believes this non-GAAP measure enhances comparability to prior periods and provide supplemental information regarding the Company’s credit trends. This disclosure should not be viewed as a substitute for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. The following tables provide reconciliations of the non-GAAP measure with financial measure defined by GAAP.

( in thousands)	9/30/2022			6/30/2022			12/31/2021			9/30/2021
Loans held-for-investment	$	1,959,237		$	1,833,010		$	1,732,205		$	1,707,878
Less: SBA PPP loans	1,309			1,583			65,329			101,901
Loans held-for-investment, excluding SBA PPP loans	$	1,957,928		$	1,831,427		$	1,666,876		$	1,605,977
Allowance	$	23,761		$	21,071		$	22,381		$	23,807
Allowance to loans held-for-investment ratio	1.21		%	1.15		%	1.29		%	1.39		%
Adjusted Allowance to loans held-for-investment ratio	1.21		%	1.15		%	1.34		%	1.48		%

All values are in US Dollars.

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 stockholders’ 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. This disclosure should not be viewed as a substitute for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance 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
	9/30/2022				6/30/2022				9/30/2021				9/30/2022				9/30/2021
Average total shareholders' equity		$	338,248			$	292,135			$	243,185			$	296,871			$	239,833
Less: average preferred stock		69,141				28,872				—				32,924				—
Average TCE		$	269,107			$	263,263			$	243,185			$	263,947			$	239,833
Net income		$	6,953			$	9,092			$	11,023			$	26,285			$	29,427
Return on average shareholder's equity (1)		8.16		%		12.48		%		17.98		%		11.84		%		16.40		%
Return on average TCE (1)		10.25		%		13.85		%		17.98		%		13.31		%		16.40		%

All values are in US Dollars.

(1) Annualized.

( in thousands, except per share data)	9/30/2022			6/30/2022			12/31/2021			9/30/2021
Total shareholders' equity	$	332,719		$	334,375		$	256,286		$	247,598
Less: preferred stock	69,141			69,141			—			—
TCE	$	263,578		$	265,234		$	256,286		$	247,598
Outstanding common shares	14,853,140			14,956,760			14,865,825			14,841,626
Book value per common share	$	22.40		$	22.36		$	17.24		$	16.68
TCE per common share	$	17.75		$	17.73		$	17.24		$	16.68
Total assets	$	2,327,051		$	2,344,560		$	2,149,735		$	2,104,699
Total shareholders' equity to total assets	14.30		%	14.26		%	11.92		%	11.76		%
TCE to total assets	11.33		%	11.31		%	11.92		%	11.76		%

All values are in US Dollars.

pcbinvestordeckq322

This presentation (and oral statements made regarding the subject of this presentation) contains certain “forward- looking statements” that are based on various facts and derived utilizing numerous important assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include information about our future financial performance, business and growth strategy, projected plans and objectives, as well as projections of macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Forward-looking statements are based on management’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from the Company’s historical results or those described in our forward-looking statements. PCB Bancorp disclaims any obligation to update any forward-looking statement. This presentation contains certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of this presentation. Numbers in the presentation may not sum due to rounding. 2

4(1) As of October 25, 2022.

$0.08 $0.11 $0.12 $0.12 $0.25 $0.40 $0.44 $0.45 $0.15 $8.26 $9.48 $10.60 $13.16 $14.44 $15.19 $17.24 $22.40 $17.75 $0. 00 $5. 00 $10 .00 $15 .00 $20 .00 $25 .00 $0. 00 $0. 10 $0. 20 $0. 30 $0. 40 $0. 50 $0. 60 $0. 70 $0. 80 2015 2016 2017 2018 2019 2020 2021 09/22 YTD 4Q22 Cash Dividend & Book Value/Tangible Common Equity Per Share (1), (2) Cash Dividend Per Share Book Value Per Share TCE Per Share As of October 25, 2022 Common Stock Ticker PCB Market Cap $291.6 million Price Per Share $19.70 52 Week Range $18.07 - $25.43 Dividend Yield (Dividend Payout Ratio) 3.05% (22.89% 4Q21-3Q22) Number of Shares 14,800,133 Shares Preferred Stock Senior Non-Cumulative Perpetual, Series C 69,141 Shares ($69.1 million) Stock Repurchase Plan Announced on July 28, 2022 5% of Outstanding (747,938 shares) Purchased 172,948 shares as of October 25, 2022 (1) Book value / Tangible Common Equity (“TCE”) per share at period end. (2) TCE per share is not presented in accordance with U.S. generally accepted accounting principles (“GAAP”). See “Non- GAAP measure” for a reconciliation of this measure to its most comparable GAAP measure.

$1.19 $1.34 $1.45 $1.58 $1.73 $1.96 0.0 00 0.5 00 1.0 00 1.5 00 2.0 00 2.5 00 2017 2018 2019 2020 2021 Sep-22 Held-For-Investment Loans ($bn) $1.25 $1.44 $1.48 $1.59 $1.87 $1.98 0.0 00 0.5 00 1.0 00 1.5 00 2.0 00 2.5 00 2017 2018 2019 2020 2021 Sep-22 Deposits ($bn) $16.4 $24.3 $24.1 $16.2 $40.1 $26.3 0.0 00 5.0 00 10. 000 15. 000 20. 000 25. 000 30. 000 35. 000 40. 000 45. 000 2017 2018 2019 2020 2021 09/22 YTD Net Income ($mm) $1.21 $1.65 $1.49 $1.04 $2.62 $1.73 0.0 00 0.5 00 1.0 00 1.5 00 2.0 00 2.5 00 3.0 00 2017 2018 2019 2020 2021 09/22 YTD Diluted Earnings Per Share CAGR +9.8% CAGR +10.5% 6

1.22% 1.53% 1.40% 0.84% 1.96% 1.58% 0.0 0% 0.5 0% 1.0 0% 1.5 0% 2.0 0% 2.5 0% 2017 2018 2019 2020 2021 09/22 YTD Return on Average Assets 12.00% 14.26% 10.88% 7.08% 16.52% 11.84% 0 0.0 2 0.0 4 0.0 6 0.0 8 0.1 0.1 2 0.1 4 0.1 6 0.1 8 2017 2018 2019 2020 2021 09/22 YTD Return on Average Equity/TCE (1) 52.0% 52.8% 52.3% 53.5% 45.2% 49.1% 0.0 0% 10. 00% 20. 00% 30. 00% 40. 00% 50. 00% 60. 00% 2017 2018 2019 2020 2021 09/22 YTD Efficiency Ratio 4.22% 4.23% 4.11% 3.53% 3.83% 4.05% 0.0 0% 0.5 0% 1.0 0% 1.5 0% 2.0 0% 2.5 0% 3.0 0% 3.5 0% 4.0 0% 4.5 0% 2017 2018 2019 2020 2021 09/22 YTD Net Interest Margin (2) (2) (2) (1) Return on average TCE (“ROATCE”) is not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure. (2) Annualized. 13.31%(1) 7

As of or For the Quarter Ended ($ in thousands except per share data) 09/30/22 06/30/22 09/30/21 Income Statement Summary: Interest Income $ 26,835 $ 22,446 $ 21,168 Interest Expense 2,812 1,095 941 Net Interest Income 24,023 21,351 20,227 Noninterest Income 3,176 3,648 5,588 Noninterest Expense 13,695 12,245 11,232 Provision (reversal) for Loan Losses 3,753 (109) (1,053) Pretax Income 9,751 12,863 15,636 Income Tax Expense 2,798 3,771 4,613 Net Income 6,953 9,092 11,023 Diluted Earnings Per Share (“EPS”) $ 0.46 $ 0.60 $ 0.73 Selected Balance Sheet Items: Loans held-for-investment (“HFI”) $ 1,959,237 $ 1,833,010 $ 1,707,878 Loans held-for-sale (“HFS”) 18,982 9,627 29,020 Total Deposits 1,978,098 1,997,607 1,832,666 Total Assets 2,327,051 2,344,560 2,104,699 Shareholders’ Equity 332,719 334,375 247,598 Key Metrics: Book Value Per Share $ 22.40 $ 22.36 $ 16,68 TCE Per Share (1) $ 17.75 $ 17.73 $ 16,68 Return on Average Assets (“ROAA”) (2) 1.19% 1.65% 2.11% Return on Average Equity (“ROAE”) (2) 8.16% 12.48% 17.98% ROATCE (1), (2) 10.25% 13.85% 17.98% Net Interest Margin (2) 4.25% 4.01% 3.93% Efficiency Ratio 50.35% 48.98% 43.51% o Recorded a provision for loan losses of $3.8 million in 3Q22 primarily due to increases in gross loan balance, and qualitative adjustment factors related to current economic condition and increased charge-offs. o Allowance for loan losses to HFI loans ratio was 1.21% at 09/30/22 compared with 1.15% at 06/30/22. o Declared cash dividend of $0.15 per share in 3Q22 o Changed the Bank’s name from Pacific City Bank to PCB Bank, effective August 25, 2022 and introduced a new logo o Opened 2 new branches in Dallas, Texas and Palisades Park, New Jersey (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of these measures to their most comparable GAAP measures. (2) Annualized. 9

Commercial Property - Owner Occupied 29% Commercial Property - Non-Owner Occupied 44% Commercial and Industrial 11% SBA PPP 0% Residential Property 15% Other Consumer 1% HFI Loan Composition $1,023 $1,062 $1,136 $1,189 $1,244 $1,289 $1,348 $1,422 $205 $193 $184 $194 $192 $194 $203 $215 $198 $191 $197 $202 $209 $215 $258 $298 $22 $21 $22 $21 $22 $22 $22 $23 $136 $219 $181 $102 $65 $23 $2 $1 $1,584 $1,686 $1,720 $1,708 $1,732 $1,743 $1,833 $1,959 0 500 1,00 0 1,50 0 2,00 0 2,50 0 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 HFI Loan Trend Commercial Property Commercial and Industrial Residential Property Other Consumer SBA PPP ($ in millions) September 30, 2022 YoY +14.7% $629 $636 $679 $706 $733 $756 $819 $898 256% 251% 269% 270% 270% 270% 230% 249% 0.0% 50.0 % 100 .0% 150 .0% 200 .0% 250 .0% 300 .0% 300 .0 400 .0 500 .0 600 .0 700 .0 800 .0 900 .0 1,00 0.0 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Commercial Real Estate (1) Loan Trend CRE Loans % to the Bank's Total Risk-Based Capital ($ in millions) (1) Per regulatory definitions in the Commercial Real Estate (“CRE”) Concentration Guidance 10

Fixed (WA Rate: 4.44%) 24% Variable (WA Rate: 6.75%) 38% Hybrid (WA Rate: 4.23%) 38% Interest Rate Mix(2) $32 $49 $17 $25 $19 $25 $36 $70 $24 $23 $85 $93 $69 $67 $126 $68 $45 $51 $105 $105 $97 $62 $117 $128 3.94% 4.02% 3.90% 3.95% 4.01% 4.18% 4.69% 5.77% -3.00% -2.00% -1.00% 0.00 % 1.00 % 2.00 % 3.00 % 4.00 % 5.00 % 6.00 % 0.0 50.0 100 .0 150 .0 200 .0 250 .0 300 .0 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 New Production (1),(2) by Rate Type Fixed Hybrid Variable WA Rate (1) Total commitment basis (2) Excluding SBA PPP loans. September 30, 2022($ in millions) 25% 27% 26% 25% 26% 26% 24% 24% 23% 22% 25% 28% 30% 32% 37% 38% 52% 51% 49% 47% 44% 42% 39% 38% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100 % Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Interest Rate Mix Trend (2) Fixed Hybrid Variable 11

Loan Repricing Schedule as of September 30, 2022 HFI Loans HFS Loans Total Loans (2) ($ in thousands) Carrying Value Rate (1) Carrying Value Rate (1) Carrying Value Rate (1) Less Than 3 Months $ 690,860 6.96% $ 18,982 7.65% $ 709,842 6.96% 3 to 12 Months 75,581 4.66% 0 75,581 4.66% 1 to 3 Years 282,507 4.62% 0 282,507 4.62% 3 to 5 Years 785,700 4.18% 0 785,700 4.18% More than 5 Years 124,589 4.10% 0 124,589 4.10% Total $ 1,959,237 5.24% $ 18,982 7.65% $ 1,978,219 5.24% Breakout of Interest and Fee Income on Loans Total Loans (2), Excl. SBA PPP SBA PPP Loans Total Loans (2) ($ in thousands) Amount Yield Amount Yield Amount Yield 3Q22 Average Carrying Value $ 1,903,957 $ 1,409 $ 1,905,366 Interest on Loans $ 23,721 4.94% $ 4 1.13% $ 23,725 4.94% Fee (Cost) 105 0.02% 12 3.38% 117 0.02% Prepayment Penalty & Late Charges 126 0.03% 0 126 0.03% Discount (Premium) 867 0.18% 0 867 0.18% Total Interest & Fees $ 24,819 5.17% $ 16 4.51% $ 24,835 5.17% (1) Weighted-average contractual rate (2) Include both HFI & HFS loans 09/22 YTD Average Carrying Value $ 1,810,271 $ 17,916 $ 1,828,187 Interest on Loans $ 61,439 4.54% $ 133 0.99% $ 61,572 4.50% Fee (Cost) 249 0.02% 1,449 10.81% 1,698 0.12% Prepayment Penalty & Late Charges 316 0.02% 0 316 0.02% Discount (Premium) 2,682 0.20% 0 2,682 0.20% Total Interest & Fees $ 64,686 4.78% $ 1,582 11.81% $ 66,268 4.85% 12

Real Estate Loans – Commercial By Property Type as of September 30, 2022 ($ in thousands) Carrying Value % to Total LTV(1) Retail (More than 50%) $ 300,929 21.1% 49.8% Industrial 271,675 19.1% 50.9% Mixed Use 148,624 10.4% 48.3% Apartments 101,649 7.1% 51.9% Gas Station 98,008 6.9% 55.1% Office 96,172 6.8% 54.7% Motel / Hotel 91,774 6.5% 52.0% Medical 65,957 4.6% 47.0% Car Wash 44,999 3.2% 57.4% Auto (Sales, Repair, & etc.) 39,358 2.8% 58.4% Golf Course 31,607 2.2% 51.6% Condominium (Commercial) 26,073 1.8% 49.8% Spa, Sauna, & other self-care 25,103 1.8% 53.8% Construction 14,592 1.0% 51.4% Church 12,401 0.9% 34.9% Supermarket 6,952 0.5% 67.6% Others 46,588 3.3% 51.8% Total $ 1,422,461 100.0% 51.3% Real Estate Loans – Residential as of September 30, 2022 (1) Collateral value at origination ($ in thousands) Carrying Value LTV(1) FICO Residential Property $ 297,506 60.3% 760 13

Commercial and Industrial Loans – By Industry Type as of September 30, 2022 ($ in thousands) Carrying Value % to Total General Manufacturing & Wholesale Trade $ 58,584 27.1% Food Services 37,080 17.2% Real Estate Related 33,499 15.5% Retail Trade 29,695 13.7% Finance & Insurance 17,216 8.0% Professional, Scientific & Technical Services 16,319 7.6% Entertainment & Recreation 6,806 3.2% Other Services 5,806 2.7% Health Care & Social Assistance 4,530 2.1% Transportation & Warehousing 3,135 1.5% All Other 3,366 1.6% Total $ 216,036 100.0% 14

Geographic Concentration as of September 30, 2022 Real Estate - Commercial Real Estate – Residential Commercial & Industrial ($ in thousands) Carrying Value % to Total Carrying Value % to Total Carrying Value % to Total California $ 1,161,281 81.7% $ 295,880 99.5% $ 176,369 81.6% Texas 62,802 4.4% 0 3,564 1.6% New York 50,933 3.6% 0 9,048 4.2% New Jersey 43,368 3.0% 1,626 0.5% 8,996 4.2% Washington 38,326 2.7% 0 3,157 1.5% Nevada 16,637 1.2% 0 3,741 1.7% Georgia 9,751 0.7% 0 712 0.3% Illinois 6,691 0.5% 0 813 0.4% Colorado 6,524 0.5% 0 882 0.4% Oregon 3,286 0.2% 0 4,056 1.9% Virginia 3,470 0.2% 0 68 0.0% Maryland 1,860 0.1% 0 1,060 0.5% Pennsylvania 2,678 0.2% 0 16 0.0% Other States 14,854 1.0% 0 3,554 1.6% Total $ 1,422,461 100.0% $ 258,259 100.0% $ 216,036 100.0% 15

$4.6 $3.8 $1.4 $1.1 $1.0 $1.4 $2.0 $7.4 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Non-Performing Assets (“NPAs”) 0.24% 0.19% 0.07% 0.05% 0.05% 0.06% 0.09% 0.32% 0.0 0% 0.0 5% 0.1 0% 0.1 5% 0.2 0% 0.2 5% 0.3 0% 0.3 5% Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 NPAs to Total Assets 1.67% 1.51% 1.45% 1.39% 1.29% 1.22% 1.15% 1.21% 0.0 0% 0.2 0% 0.4 0% 0.6 0% 0.8 0% 1.0 0% 1.2 0% 1.4 0% 1.6 0% 1.8 0% 2.0 0% Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Allowance (1) to HFI Loans 1.83%(2) 1.23%(2) 1.21%(2) 838% 1746% 1721% 2133% 2252% 1495% 1723% 321% 0.0 0% 500 .00% 100 0.00% 150 0.00% 200 0.00% 250 0.00% Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Allowance (1) to Non-Performing Loans (1) Allowance for Loan Losses (2) This adjusted allowance to HFI Loans ratio excludes SBA PPP loans and is not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measures. ($ in millions) 1.74%(2) 1.62%(2) 1.34%(2) 1.48%(2) 1.15%(2) 16

(1) 0.66% 0.66% 0.41% 0.37% 0.31% 0.21% 0.21% 0.14% 0.12% 0.0 0% 0.1 0% 0.2 0% 0.3 0% 0.4 0% 0.5 0% 0.6 0% 0.7 0% Shinhan America Hope Peer PCB USM Hanmi CBB Open Woori America NPAs / (Total Loans + OREO) (2) 1.36% 0.77% 0.63% 0.44% 0.16% 0.0 0% 0.2 0% 0.4 0% 0.6 0% 0.8 0% 1.0 0% 1.2 0% 1.4 0% 1.6 0% Hope Hanmi CBB PCB Open Classified Assets to Total Assets (3) (1) Korean-American banks operating in Southern California (2) Source: UBPR (3) Source: Press release concerning financial performance September 30, 2022 Peer Data as of June 30, 2022 September 30, 2022 Peer Data as of June 30, 2022 17

$1,246 $1,422 $1,459 $1,505 $1,510 $1,602 $1,717 $1,600 78% 81% 81% 82% 81% 84% 86% 81% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $50 0 $70 0 $90 0 $1,1 00 $1,3 00 $1,5 00 $1,7 00 $1,9 00 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Core Deposits (1) Core Deposits % to Total Deposits Noninterest DDA 41% Retail Other Interest- Bearing 28% Retail Time Deposits 24% State and Brokered Deposits 7% Deposit Composition (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure. $538 $716 $796 $833 $830 $892 $989 $810 $384 $412 $392 $410 $423 $464 $492 $553 $468 $443 $445 $425 $429 $420 $422 $476 $25 $18 $180 $165 $165 $165 $185 $135 $95 $139 $1,595 $1,754 $1,798 $1,833 $1,867 $1,911 $1,998 $1,978 0 500 1,00 0 1,50 0 2,00 0 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Deposit Trend Noninterest DDA Retail Other Interest-Bearing Retail Time Deposits Internet Time Deposits State and Brokered Deposits YoY +7.9% ($ in millions) ($ in millions) September 30, 2022 18

Time Deposits as of September 30, 2022 Retail Time Deposits State and Brokered Time Deposits Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 136,203 1.05% $ 95,000 1.14% $ 231,203 1.23% 3 to 6 Months 100,535 1.26% 10,004 3.60% 110,539 1.47% 6 to 9 Months 68,859 1.13% 10,000 3.90% 78,859 1.48% 9 to 12 Months 163,566 2.24% 10,361 3.85% 173,927 2.34% More than 12 Months 6,972 1.26% 3,756 3.90% 10,728 2.19% Total $ 476,135 1.52% $ 129,121 2.10% $ 605,256 1.64% 19

$5.8 $8.6 $9.8 $11.0 $10.7 $10.2 $9.1 $7.0 $10.4 $11.0 $13.0 $14.6 $13.8 $13.2 $12.8 $13.5 -1.0 1.0 3.0 5.0 7.0 9.0 11. 0 13. 0 15. 0 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Net Income PTPP 1.19% 1.75% 1.96% 2.11% 2.01% 1.92% 1.65% 1.19% 2.13% 2.25% 2.58% 2.79% 2.59% 2.48% 2.32% 2.31% 0.0 0% 0.5 0% 1.0 0% 1.5 0% 2.0 0% 2.5 0% 3.0 0% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 ROAA Adjusted ROAA $0.38 $0.55 $0.64 $0.73 $0.70 $0.67 $0.60 $0.46 $0.67 $0.71 $0.85 $0.97 $0.91 $0.87 $0.84 $0.89 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Diluted EPS Adjusted Diluted EPS 9.92% 14.66% 16.49% 17.98% 16.84% 16.01% 12.48% 8.16% 17.79% 18.85% 21.79% 23.79% 21.72% 20.65% 17.51% 15.84% 0.0 0% 5.0 0% 10. 00% 15. 00% 20. 00% 25. 00% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 ROAE Adjusted ROAE ($ in millions) Net Income & PTPP(1) Income Diluted EPS & Adjusted Diluted EPS(1) ROAA & Adjusted ROAA(1) ROAE & Adjusted ROAE(1) (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. 20

$42.4 $10.9 $34.1 $45.0 $36.8 $39.7 $38.4 $27.3 10.5% 12.0% 12.2% 10.8% 10.0% 10.6% 6.8% 7.5% 7.5% 10.9% 11.6% 9.5% 9.1% 9.5% 5.3% 5.2% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0 % 5.0 % 10. 0% -5.0 5.0 15. 0 25. 0 35. 0 45. 0 55. 0 65. 0 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 SBA Loan Sale Trend SBA Loan Sold $ Premium % Gain % ($ in millions) ($ in millions) $25.3 $17.7 $53.0 $71.4 $52.3 $29.7 $42.7 $46.1 0.0 10. 0 20. 0 30. 0 40. 0 50. 0 60. 0 70. 0 80. 0 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 SBA 7(a) Loan Production (1) $1.0 $1.5 $1.2 $1.3 $1.4 $1.5 $1.6 $1.4 $3.5 $1.3 $4.0 $4.3 $3.4 $3.8 $2.0 $1.8 77% 46% 77% 76% 70% 71% 56% 45% 0% 10% 20% 30% 40% 50% 60% 70% 80% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Noninterest Income Trend All Other Income Gain % to Total (1) Total commitment basis ($ in millions) Gain on Sale of Loans 21

$7.4 $6.2 $7.1 $7.6 $7.1 $8.6 $8.1 $8.5 $4.2 $3.5 $4.0 $3.6 $4.1 $3.5 $4.1 $5.2 2.38% 1.95% 2.21% 2.17% 2.12% 2.23% 2.22% 2.36% 0.0 0% 0.5 0% 1.0 0% 1.5 0% 2.0 0% 2.5 0% 0.0 2.0 4.0 6.0 8.0 10. 0 12. 0 14. 0 16. 0 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Noninterest Expense Trend Compensation All Other Expenses % to Average Total Assets 52.7% 46.8% 46.1% 43.5% 44.8% 47.8% 49.0% 50.4% 60.4% 64.1% 59.4% 59.2% 59.8% 62.1% 60.5% 0.00 % 10.0 0% 20.0 0% 30.0 0% 40.0 0% 50.0 0% 60.0 0% 70.0 0% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Efficiency Ratio (2) PCB Peer Average 246 246 248 249 247 256 271 274 230 235 240 245 250 255 260 265 270 275 280 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Number of FTE (3) Employees (1) (1) Annualized (2) Source: Peer $1 to $3 billion per UBPR (3) Full-time equivalent ($ in millions) 22

4.73% 4.63% 4.63% 4.75% 4.59% 4.62% 4.72% 5.17% 3.64% 3.70% 3.83% 3.93% 3.87% 3.87% 4.01% 4.25% 0.73% 0.52% 0.40% 0.37% 0.35% 0.35% 0.43% 0.98% 0.49% 0.34% 0.24% 0.21% 0.19% 0.19% 0.23% 0.57% -1.00% 0.00 % 1.00 % 2.00 % 3.00 % 4.00 % 5.00 % 6.00 % 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Yield & Cost (1) Loan Yield NIM Cost of Int-Bearing Liab Cost of Funds (1) Annualized 23

14.47% 16.82% 16.82% 18.02% 5.00% 6.50% 8.00% 10.00% 0.00 % 2.00 % 4.00 % 6.00 % 8.00 % 10.0 0% 12.0 0% 14.0 0% 16.0 0% 18.0 0% 20.0 0% Tier 1 Leverage CET 1 Capital Tier 1 Capital Total Capital Bank Regulatory Capital Ratios Actual Minimum Requirement For Well-Capitalized $15.19 $15.53 $16.09 $16.68 $17.24 $17.47 $22.36 $22.40 $17.47 $17.73 $17.75 $12 .00 $14 .00 $16 .00 $18 .00 $20 .00 $22 .00 $24 .00 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Book Value/TCE Per Share BV Per Share TCE Per Share September 30, 2022 12.16% 11.72% 11.60% 11.76% 11.92% 11.87% 14.26% 14.30% 11.87% 11.31% 11.33% 5.00 % 6.00 % 7.00 % 8.00 % 9.00 % 10.0 0% 11.0 0% 12.0 0% 13.0 0% 14.0 0% 15.0 0% Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Total Equity/TCE to Total Assets Total Equity to Total Assets TCE to Total Assets (1) Not presented in accordance with U.S. GAAP. See “Non-GAAP measure” for a reconciliation of these measure to its most comparable GAAP measures. (1) (1) 24

Adjusted Allowance to HFI Loans Ratio Adjusted allowance to HFI loans ratio is a non-GAAP measure that we use to enhance comparability to prior periods and provide supplemental information regarding the Company’s credit trends. We calculate adjusted allowance to HFI loan ratio as allowance divided by loans held-for-investment excluding SBA PPP loans. The SBA launched the PPP to provide a direct incentive for small businesses to keep their workers on the payroll in response to the COVID-19 pandemic. The SBA guarantees 100% of the PPP loans made to eligible borrowers, and the loans are eligible to be forgiven if certain conditions are met, at which point the SBA will make payments to the Bank for the forgiven amounts. The SBA guarantee on PPP loans cannot be separated from the loan and therefore is not a separate unit of account. The Company considered the SBA guarantee in the allowance for loan losses evaluation and determined that it is not required to reserve an allowance on SBA PPP loans. 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. 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. 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. The limitations associated with operating 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 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. 25

The following table reconciles adjusted allowance to HFI loans ratio and core deposits to their most comparable GAAP measures: ($ in thousands) 12/31/20 03/31/21 06/30/21 09/30/21 12/31/21 03/31/22 06/30/22 09/30/22 HFI Loans (a) $ 1,583,578 $ 1,685,916 $ 1,719,656 $ 1,707,878 $ 1,732,205 $ 1,742,955 $ 1,833,010 $ 1,959,237 Less: SBA PPP Loans (135,654) (218,709) (181,019) (101,901) (65,329) (22,926) (1,583) (1,309) HFI Loans, Excluding SBA PPP Loans (b) $ 1,447,924 $ 1,467,207 $ 1,538,637 $ 1,605,977 $ 1,666,876 $ 1,720,029 $ 1,831,427 $ 1,957,928 Allowance (c) $ 26,510 $ 25,514 $ 24,889 $ 23,807 $ 22,381 $ 21,198 $ 21,071 $ 23,761 Allowance to HFI Loans Ratio (c)/(a) 1.67% 1.51% 1.45% 1.39% 1.29% 1.22% 1.15% 1.21% Adjusted Allowance to HFI Loans Ratio (c)/(b) 1.83% 1.74% 1.62% 1.48% 1.34% 1.23% 1.15% 1.21% Total Deposits (d) $ 1,594,851 $ 1,753,772 $ 1,797,648 $ 1,832,666 $ 1,867,134 $ 1,910,379 $ 1,997,607 $ 1,978,098 Less: Time Deposits Greater Than $250K (268,683) (266,845) (273,401) (263,127) (272,269) (273,844) (246,024) (299,271) Less: Brokered Deposits (80,002) (65,004) (65,004) (65,004) (85,001) (35,001) (35,001) (79,131) Core Deposits (e) $ 1,246,166 $ 1,421,923 $ 1,459,243 $ 1,504,535 $ 1,509,864 $ 1,601,534 $ 1,716,582 $ 1,599,696 Core Deposits to Total Deposits (e)/(d) 78.1% 81.1% 81.2% 82.1% 80.9% 83.8% 85.9% 80.9% 26

The following table reconciles PTPP income, and adjusted ROAA, ROAE and diluted EPS for PTPP to their most comparable GAAP measures: (1) Annualized. ($ in thousands) 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Net Income (a) $ 5,787 $ 8,560 $ 9,844 $ 11,023 $ 10,676 $ 10,240 $ 9,092 $ 6,953 Add: Provision (Reversal) for Loan Losses 2,142 (1,147) (934) (1,053) (1,462) (1,191) (109) 3,753 Add: Income Tax Provision 2,452 3,594 4,098 4,613 4,551 4,159 3,771 2,798 PTPP Income (Non-GAAP) (b) $ 10,381 $ 11,007 $ 13,008 $ 14,583 $ 13,765 $ 13,208 $ 12,754 $ 13,504 Average Total Assets (c) $ 1,939,326 $ 1,987,217 $ 2,018,789 $ 2,070,365 $ 2,111,834 $ 2,161,132 $ 2,208,059 $ 2,319,439 ROAA (1) (a)/(c) 1.19% 1.75% 1.96% 2.11% 2.01% 1.92% 1.65% 1.19% Adjusted ROAA (Non-GAAP)(1) (b)/(c) 2.13% 2.25% 2.58% 2.79% 2.59% 2.48% 2.32% 2.31% Average Total Shareholders' Equity (d) $ 232,156 $ 236,790 $ 239,448 $ 243,185 $ 251,477 $ 259,367 $ 292,135 $ 338,248 ROAE (1) (a)/(d) 9.92% 14.66% 16.49% 17.98% 16.84% 16.01% 12.48% 8.16% Adjusted ROAE (Non-GAAP)(1) (b)/(d) 17.79% 18.85% 21.79% 23.79% 21.72% 20.65% 17.51% 15.84% Net Income $ 5,787 $ 8,560 $ 9,844 $ 11,023 $ 10,676 $ 10,240 $ 9,092 $ 6,953 Less: Income Allocated to Participating Securities (11) (33) (41) (43) (40) (48) (42) (30) Net Income Allocated to Common Stock (e) 5,776 8,527 9,803 10,980 10,636 10,192 9,050 6923 Add: Provision for Loan Losses 2,142 (1,147) (934) (1,053) (1,462) (1,191) (109) 3,753 Add: Income Tax Provision 2,452 3,594 4,098 4,613 4,551 4,159 3,771 2,798 PTPP Income Allocated to Common Stock (f) $ 10,370 $ 10,974 $ 12,967 $ 14,540 $ 13,725 $ 13,160 $ 12,712 $ 13,474 WA common shares outstanding, diluted (g) 15,392,355 15,533,608 15,309,873 15,031,558 15,093,351 15,141,693 15,122,452 15,088,089 Diluted EPS (e)/(g) $ 0.38 $ 0.55 $ 0.64 $ 0.73 $ 0.70 $ 0.67 $ 0.60 $ 0.46 Adjusted Diluted EPS (Non-GAAP) (f)/(g) $ 0.67 $ 0.71 $ 0.85 $ 0.97 $ 0.91 $ 0.87 $ 0.84 $ 0.89 27

The following table reconciles ROATCE to its most comparable GAAP measure: (1) Annualized. ($ in thousands) 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 09/22 YTD Average Total Shareholders' Equity (a)$ 232,156 $ 236,790 $ 239,448 $ 243,185 $ 251,477 $ 259,367 $ 292,135 $ 338,248 $ 296,871 Less: Average Preferred Stock 0 0 0 0 0 0 28,872 69,141 32,924 Average TCE (Non-GAAP) (b)$ 232,156 $ 236,790 $ 239,448 $ 243,185 $ 251,477 $ 259,367 $ 263,263 $ 269,107 $ 263,947 Net Income (c) $ 5,787 $ 8,560 $ 9,844 $ 11,023 $ 10,676 $ 10,240 $ 9,092 $ 6,953 $ 26,285 ROAE (1) (c)/(a) 9.92% 14.66% 16.49% 17.98% 16.84% 16.01% 12.48% 8.16% 11.84% ROATCE (Non-GAAP)(1) (c)/(b) 9.92% 14.66% 16.49% 17.98% 16.84% 16.01% 13.85% 10.25% 13.31% The following table reconciles TCE per share and TCE to total assets to their most comparable GAAP measures: ($ in thousands, except per share data) 12/31/20 03/31/21 06/30/21 09/30/21 12/31/21 03/31/22 06/30/22 09/30/22 Total Shareholders' Equity (a) $ 233,788 $ 240,263 $ 238,941 $ 247,598 $ 256,286 $ 261,058 $ 334,375 $ 332,719 Less: Preferred Stock 0 0 0 0 0 0 69,141 69,141 TCE (Non-GAAP) (b) $ 233,788 $ 240,263 $ 238,941 $ 247,598 $ 256,286 $ 261,058 $ 265,234 $ 263,578 Outstanding Shares (c) 15,385,878 15,468,242 14,854,315 14,841,626 14,865,825 14,944,663 14,956,760 14,853,140 Book Value Per Share (a)/(c) $ 15.19 $ 15.53 $ 16.09 $ 16.68 $ 17.24 $ 17.47 $ 22.36 $ 22.40 TCE Per Share (Non-GAAP) (b)/(c) $ 15.19 $ 15.53 $ 16.09 $ 16.68 $ 17.24 $ 17.47 $ 17.73 $ 17.75 Total Assets (d) $ 1,922,853 $ 2,050,672 $ 2,060,003 $ 2,104,699 $ 2,149,735 $ 2,199,742 $ 2,344,560 $ 2,327,051 Total Shareholders’ Equity to Total Assets (a)/(d) 12.16% 11.72% 11.60% 11.76% 11.92% 11.87% 14.26% 14.30% TCE to Total Assets (Non-GAAP) (b)/(d) 12.16% 11.72% 11.60% 11.76% 11.92% 11.87% 11.31% 11.33% 28

Document

Exhibit 99.3

PCB Bancorp Declares Quarterly Cash Dividend of $0.15 Per Common Share

Los Angeles, California - October 27, 2022 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank, announced that on October 27, 2022, its Board of Directors declared a quarterly cash dividend of $0.15 per common share. The dividend will be paid on or about November 18, 2022, to shareholders of record as of the close of business on November 10, 2022.

About PCB Bancorp

Contact:

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000