Equibles

8-K

PCB BANCORP (PCB)

8-K 2023-01-26 For: 2023-01-26
View Original
Added on April 06, 2026

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): January 26, 2023

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 January 26, 2023, PCB Bancorp, a California corporation (the “Company”), issued a press release concerning its unaudited results for the fourth 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 January 26, 2023, the Company issued a press release announcing that on January 26, 2023, its Board of Directors declared a quarterly cash dividend of $0.15 per common share. The dividend will be paid on or about February 17, 2023, to shareholders of record as of the close of business on February 10, 2023. A copy of the press release is attached as Exhibit 99.3 to this Current Report and is incorporated herein by reference.

On January 26, 2023, the Company issued a press release announcing that on January 26, 2023, its Board of Directors approved an amendment to extend the expiration date of the Company’s current stock repurchase program that was set to expire on February 1, 2023, but has been extended to February 1, 2024. The original repurchase program, which was approved and announced on July 28, 2022, authorized the repurchase of up to 5% of the Company’s outstanding common stock as of the date of the board meeting. Currently, there are 331,663 shares remaining in the repurchase program.

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

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

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

99.1    Press release of PCB Bancorp, issued January 26, 2023, concerning the results of operations and financial condition for the fourth quarter of 2022 and name change for its subsidiary

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

99.3    Press release of PCB Bancorp, issued January 26, 2023, announcing the declaration of a quarterly cash dividend

99.4    Press release of PCB Bancorp, issued January 26, 2023, announcing the amendment to the stock repurchase program

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

EXHIBIT INDEX

Exhibit No. Description
99.1 Press release of PCB Bancorp, issuedJanuary26, 2023, concerning the results of operations and financial condition for thefourthquarter of 2022 and name change for its subsidiary
99.2 Investor presentation of PCB Bancorp concerning the unaudited results for thefourthquarter of 2022
99.3 Press release of PCB Bancorp, issuedJanuary26, 2023, announcing the declaration of a quarterly cash dividend
99.4 Press release of PCB Bancorp, issued January 26, 2023, announcing theamendment to the stock repurchase program

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: January 26, 2023 /s/ Timothy Chang
Timothy Chang
Executive Vice President and Chief Financial Officer

4

Document

Exhibit 99.1

pcbbancorpa.jpg

PCB Bancorp Reports Earnings of $8.7 million for Q4 2022 and $35.0 million for 2022

Los Angeles, California - January 26, 2023 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income of $8.7 million, or $0.58 per diluted common share, for the fourth quarter of 2022, compared with $7.0 million, or $0.46 per diluted common share, for the previous quarter and $10.7 million, or $0.70 per diluted common share, for the year-ago quarter. For 2022, net income was $35.0 million, or $2.31 per diluted common share, compared with $40.1 million, or $2.62 per diluted common share, for the previous year.

Q4 2022 and Full Year Highlights

•Net income totaled $8.7 million, or $0.58 per diluted common share, for the current quarter and $35.0 million, or $2.31 per diluted common share, for the current year;

◦The Company recorded a provision (reversal) for loan losses of $1.1 million for the current quarter compared with $3.8 million for the previous quarter and $(1.5) million for the year-ago quarter. For the current year, provision (reversal) for loan losses was $3.6 million compared with $(4.6) million for the previous year.

◦Allowance for loan losses (“Allowance”) to loans held-for-investment(1) ratio was 1.22% at December 31, 2022 compared with 1.21% at September 30, 2022 and 1.29% at December 31, 2021. Adjusted Allowance to loans held-for-investment ratio(2) was 1.22% at December 31, 2022 compared with 1.21% at September 30, 2022 and 1.34% at December 31, 2021.

◦Net interest income was $24.3 million for the current quarter compared with $24.0 million for the previous quarter and $20.1 million for the year-ago quarter. Net interest margin was 4.15% for the current quarter compared with 4.25% for the previous quarter and 3.87% for the year-ago quarter. For the current year, net interest income and net interest margin were $89.6 million and 4.08%, respectively, compared with $77.1 million and 3.83%, respectively, for the previous year.

◦Gain on sale of loans was $759 thousand for the current quarter compared with $1.4 million for the previous quarter and $3.4 million for the year-ago quarter. For the current year, gain on sale of loans was $8.0 million compared with $12.9 million for the previous year.

•Total assets were $2.42 billion at December 31, 2022, an increase of $93.0 million, or 4.0%, from $2.33 billion at September 30, 2022 and an increase of $270.3 million, or 12.6%, from $2.15 billion at December 31, 2021.

•Loans held-for-investment were $2.05 billion at December 31, 2022, an increase of $86.8 million, or 4.4%, from $1.96 billion at September 30, 2022 and an increase of $313.9 million, or 18.1%, from $1.73 billion at December 31, 2021;

•Total deposits were $2.05 billion at December 31, 2022, an increase of $67.9 million, or 3.4%, from $1.98 billion at September 30, 2022 and an increase of $178.8 million, or 9.6%, from $1.87 billion at December 31, 2021;

•The Company opened 1 new full-service branch in Carrollton, Texas; and

•As of December 31, 2022, the Company repurchased and retired 362,557 shares of common stock for an aggregate cost of $6.7 million under the repurchase program announced on July 28, 2022. 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.

(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.

“We are pleased to announce another solid financial performance for the fourth quarter of 2022 to close out the year,” stated Henry Kim, President and Chief Executive Officer. “For the fourth quarter, we achieve a well-balance loan held-for-investment portfolio growth of $86.8 million, or 17.6% annualized, that contributed to further diversification, sound deposit balance growth of $67.9 million, or 13.6% annualized, in spite of the ongoing challenges in the deposit market due to competition and rising market interest rate environment, and a record net interest income of $24.3 million.”

“During the 2022 fourth quarter, we successfully executed several key strategic plans of expanding our branch network in Texas by opening a full service branch in Carrollton to complement our Dallas branch that opened in September 2022, maintaining our exceptional credit quality by being proactive with our borrowers, and actively continuing our stock repurchase program.”

“As we look ahead of 2023 and beyond, our strong balance sheet combined with our exceptionally robust capital position will provide us with the capacity to maneuver through potential uncertain economic environment ahead. We remain entirely committed to helping for the success of our customers and increase the shareholder value through disciplined growth.”

Financial Highlights (Unaudited)

( in thousands, except per share data) Three Months Ended Year Ended
9/30/2022 % Change 12/31/2021 % Change 12/31/2022 12/31/2021 % Change
Net income $ 8,702 $ 6,953 25.2 % $ 10,676 (18.5) % $ 34,987 $ 40,103 (12.8) %
Diluted earnings per common share $ 0.58 $ 0.46 26.1 % $ 0.70 (17.1) % $ 2.31 $ 2.62 (11.8) %
Net interest income $ 24,265 $ 24,023 1.0 % $ 20,095 20.8 % $ 89,632 $ 77,137 16.2 %
Provision (reversal) for loan losses 1,149 3,753 (69.4) % (1,462) NM 3,602 (4,596) NM
Noninterest income 2,389 3,176 (24.8) % 4,838 (50.6) % 14,499 18,434 (21.3) %
Noninterest expense 13,115 13,695 (4.2) % 11,168 17.4 % 51,126 43,208 18.3 %
Return on average assets (1) 1.44 % 1.19 % 2.01 % 1.54 % 1.96 %
Return on average shareholders’ equity (1) 10.31 % 8.16 % 16.84 % 11.42 % 16.52 %
Return on average tangible common equity (“TCE”) (2) 12.99 % 10.25 % 16.84 % 13.23 % 16.52 %
Net interest margin (1) 4.15 % 4.25 % 3.87 % 4.08 % 3.83 %
Efficiency ratio (3) 49.20 % 50.35 % 44.79 % 49.10 % 45.21 %

All values are in US Dollars.

($ in thousands, except per share data) 12/31/2022 9/30/2022 % Change 12/31/2021 % Change
Total assets $ 2,420,036 $ 2,327,051 4.0 % $ 2,149,735 12.6 %
Net loans held-for-investment 2,021,121 1,935,476 4.4 % 1,709,824 18.2 %
Total deposits 2,045,983 1,978,098 3.4 % 1,867,134 9.6 %
Book value per common share (4) $ 22.94 $ 22.40 $ 17.24
TCE per common share (2) $ 18.21 $ 17.75 $ 17.24
Tier 1 leverage ratio (consolidated) 14.33 % 14.74 % 12.11 %
Total shareholders’ equity to total assets 13.86 % 14.30 % 11.92 %
TCE to total assets (2), (5) 11.00 % 11.33 % 11.92 %

(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 Year Ended
($ in thousands) 12/31/2022 9/30/2022 % Change 12/31/2021 % Change 12/31/2022 12/31/2021 % Change
Interest income/expense on
Loans $ 28,786 $ 24,835 15.9 % $ 20,363 41.4 % $ 95,054 $ 79,155 20.1 %
Investment securities 957 806 18.7 % 441 117.0 % 2,907 1,613 80.2 %
Other interest-earning assets 1,833 1,194 53.5 % 191 859.7 % 3,790 704 438.4 %
Total interest-earning assets 31,576 26,835 17.7 % 20,995 50.4 % 101,751 81,472 24.9 %
Interest-bearing deposits 7,295 2,798 160.7 % 847 761.3 % 11,984 4,043 196.4 %
Borrowings 16 14 14.3 % 53 (69.8) % 135 292 (53.8) %
Total interest-bearing liabilities 7,311 2,812 160.0 % 900 712.3 % 12,119 4,335 179.6 %
Net interest income $ 24,265 $ 24,023 1.0 % $ 20,095 20.8 % $ 89,632 $ 77,137 16.2 %
Average balance of
Loans $ 2,004,220 $ 1,905,366 5.2 % $ 1,758,421 14.0 % $ 1,872,557 $ 1,702,073 10.0 %
Investment securities 134,066 137,363 (2.4) % 128,650 4.2 % 132,538 130,437 1.6 %
Other interest-earning assets 182,018 200,367 (9.2) % 175,468 3.7 % 194,205 179,353 8.3 %
Total interest-earning assets $ 2,320,304 $ 2,243,096 3.4 % $ 2,062,539 12.5 % $ 2,199,300 $ 2,011,863 9.3 %
Interest-bearing deposits $ 1,269,739 $ 1,137,739 11.6 % $ 1,008,027 26.0 % $ 1,111,449 $ 1,022,099 8.7 %
Borrowings 1,739 2,033 (14.5) % 13,315 (86.9) % 6,290 31,302 (79.9) %
Total interest-bearing liabilities $ 1,271,478 $ 1,139,772 11.6 % $ 1,021,342 24.5 % $ 1,117,739 $ 1,053,401 6.1 %
Total funding (1) $ 2,043,110 $ 1,965,134 4.0 % $ 1,845,846 10.7 % $ 1,949,360 $ 1,790,617 8.9 %
Annualized average yield/cost of
Loans 5.70 % 5.17 % 4.59 % 5.08 % 4.65 %
Investment securities 2.83 % 2.33 % 1.36 % 2.19 % 1.24 %
Other interest-earning assets 4.00 % 2.36 % 0.43 % 1.95 % 0.39 %
Total interest-earning assets 5.40 % 4.75 % 4.04 % 4.63 % 4.05 %
Interest-bearing deposits 2.28 % 0.98 % 0.33 % 1.08 % 0.40 %
Borrowings 3.65 % 2.73 % 1.58 % 2.15 % 0.93 %
Total interest-bearing liabilities 2.28 % 0.98 % 0.35 % 1.08 % 0.41 %
Net interest margin 4.15 % 4.25 % 3.87 % 4.08 % 3.83 %
Cost of total funding (1) 1.42 % 0.57 % 0.19 % 0.62 % 0.24 %
Supplementary information
Net accretion of discount on loans $ 869 $ 867 0.2 % $ 815 6.6 % $ 3,551 $ 3,504 1.3 %
Net amortization of deferred loan fees $ 167 $ 243 (31.3) % $ 1,434 (88.4) % $ 2,181 $ 6,096 (64.2) %

(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 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:

12/31/2022 9/30/2022 12/31/2021
% to Total Loans Weighted-Average Contractual Rate % to Total Loans Weighted-Average Contractual Rate % to Total Loans Weighted-Average Contractual Rate
Fixed rate loans 23.2 % 4.51 % 24.0 % 4.43 % 28.4 % 3.98 %
Hybrid rate loans 39.1 % 4.40 % 38.0 % 4.23 % 29.1 % 4.16 %
Variable rate loans 37.7 % 7.86 % 38.0 % 6.75 % 42.5 % 3.95 %

Investment Securities. The increases in average yield for the current quarter and year 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 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 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 were primarily due to an increase in market rates.

Provision (reversal) for Loan Losses

Provision (reversal) for loan losses was $1.1 million for the current quarter compared with $3.8 million for the previous quarter and $(1.5) million for the year-ago quarter. For the current and previous years, provision (reversal) for loan losses was $3.6 million and $(4.6) million, respectively. The additional provision for loan losses for the current quarter was primarily due to an increase in gross loan balance. For the current year, the additional provision for loan losses was primarily due to an increase in gross loan balance and changes in qualitative adjustment factors related to current economic conditions.

The Company recorded net charge-offs (recoveries) of $(32) thousand for the current quarter compared with $1.1 million for the previous quarter and $(36) thousand for the year-ago quarter. For the current and previous years, the Company recorded net charge-offs (recoveries) of $1.0 million and $(467) thousand, respectively.

Adjusted Allowance to loans held-for-investment ratio(1) was 1.22%, 1.21% and 1.34% at December 31, 2022, September 30, 2022 and December 31, 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 Year Ended
($ in thousands) 12/31/2022 9/30/2022 % Change 12/31/2021 % Change 12/31/2022 12/31/2021 % Change
Gain on sale of loans $ 759 $ 1,415 (46.4) % $ 3,374 (77.5) % $ 7,990 $ 12,932 (38.2) %
Service charges and fees on deposits 352 341 3.2 % 308 14.3 % 1,326 1,195 11.0 %
Loan servicing income 734 780 (5.9) % 688 6.7 % 2,969 2,770 7.2 %
Bank-owned life insurance income 181 178 1.7 % 108 67.6 % 706 108 553.7 %
Other income 363 462 (21.4) % 360 0.8 % 1,508 1,429 5.5 %
Total noninterest income $ 2,389 $ 3,176 (24.8) % $ 4,838 (50.6) % $ 14,499 $ 18,434 (21.3) %

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

Three Months Ended Year Ended
($ in thousands) 12/31/2022 9/30/2022 % Change 12/31/2021 % Change 12/31/2022 12/31/2021 % Change
Gain on sale of SBA loans
Sold loan balance $ 17,448 $ 27,313 (36.1) % $ 36,765 (52.5) % $ 122,886 $ 126,839 (3.1) %
Premium received 1,102 2,036 (45.9) % 3,683 (70.1) % 9,944 14,043 (29.2) %
Gain recognized 759 1,407 (46.1) % 3,363 (77.4) % 7,982 12,775 (37.5) %
Gain on sale of residential property loans
Sold loan balance $ — $ 858 (100.0) % $ 559 (100.0) % $ 858 $ 10,382 (91.7) %
Gain recognized — 8 (100.0) % 9 (100.0) % 8 151 (94.7) %

The Company also sold certain commercial property loans of $3.4 million and $8.6 million during the year-ago quarter and previous year, respectively.

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

Three Months Ended Year Ended
($ in thousands) 12/31/2022 9/30/2022 % Change 12/31/2021 % Change 12/31/2022 12/31/2021 % Change
Loan servicing income
Servicing income received $ 1,284 $ 1,302 (1.4) % $ 1,202 6.8 % $ 5,103 $ 4,779 6.8 %
Servicing assets amortization (550) (522) 5.4 % (514) 7.0 % (2,134) (2,009) 6.2 %
Loan servicing income $ 734 $ 780 (5.9) % $ 688 6.7 % $ 2,969 $ 2,770 7.2 %
Underlying loans at end of period $ 531,095 $ 538,904 (1.4) % $ 519,706 2.2 % $ 531,095 $ 519,706 2.2 %

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 Year Ended
($ in thousands) 12/31/2022 9/30/2022 % Change 12/31/2021 % Change 12/31/2022 12/31/2021 % Change
Salaries and employee benefits $ 7,879 $ 8,457 (6.8) % $ 7,061 11.6 % $ 33,056 $ 27,974 18.2 %
Occupancy and equipment 1,897 1,650 15.0 % 1,417 33.9 % 6,481 5,575 16.3 %
Professional fees 607 587 3.4 % 585 3.8 % 2,239 2,159 3.7 %
Marketing and business promotion 724 909 (20.4) % 586 23.5 % 2,150 1,656 29.8 %
Data processing 434 427 1.6 % 408 6.4 % 1,706 1,572 8.5 %
Director fees and expenses 176 179 (1.7) % 161 9.3 % 706 594 18.9 %
Regulatory assessments 159 150 6.0 % 138 15.2 % 597 537 11.2 %
Other expense 1,239 1,336 (7.3) % 812 52.6 % 4,191 3,141 33.4 %
Total noninterest expense $ 13,115 $ 13,695 (4.2) % $ 11,168 17.4 % $ 51,126 $ 43,208 18.3 %

Salaries and Employee Benefits. The decrease for the current quarter compared with the previous quarter was primarily due to decreases in bonus and vacation accruals, and incentives tied to the sales of Loan Production Offices (“LPO”) originated SBA loans, partially offset by a decrease in loan origination cost, which offsets the recognition of salaries. The increases for the current quarter and year compared with the same periods of 2021 were primarily due to increases in salaries and other employee benefit expense from the increased number of employees and a decrease in loan origination cost, partially offset by a decrease the incentives tied to sales of LPO originated SBA loans.

Total loan origination cost included in salaries and employee benefits were $345 thousand, $488 thousand and $435 thousand for the current, previous and year-ago quarters, respectively, and $1.7 million and $2.2 million for the current and previous years, respectively. The Company recognized a higher loan origination cost for the previous year primarily due to the SBA PPP loan production in the first quarter of 2021. The number of full-time equivalent employees was 272, 274 and 248 as of December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

Occupancy and Equipment. The increases for the current quarter and year were primarily due to new branch openings. The Company opened 3 new full-service branches in Dallas and Carrollton, Texas and Palisades Park, New Jersey during the current year.

Professional Fees. The increases for the current quarter and year were primarily due to the additional legal expenses associated with the on-going legal matters related to the 2021 Network and Data Incident, partially offset by a decrease in internal audit fees.

Marketing and Business Promotion. The increases for the current year was 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 compared with the same periods of 2021 were primarily due to a new director appointed during the fourth quarter of 2021.

Other Expense. The increases for the current quarter and year compared with the same periods of 2021 were primarily due to an increase in office expense for the new branches. The decrease for the current quarter compared with the previous quarter was primarily due to a legal settlement of $150 thousand for the previous quarter.

Balance Sheet (Unaudited)

Total assets were $2.42 billion at December 31, 2022, an increase of $93.0 million, or 4.0%, from $2.33 billion at September 30, 2022 and an increase of $270.3 million, or 12.6%, from $2.15 billion at December 31, 2021. The increase for the current quarter was primarily due to increases in cash and cash equivalents, securities available-for-sale, loans held-for-sale and loans held-for-investment. The increase for the current year 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) 12/31/2022 9/30/2022 % Change 12/31/2021 % Change
Real estate loans
Commercial property $ 1,288,392 $ 1,271,781 1.3 % $ 1,105,843 16.5 %
Residential property 333,726 297,506 12.2 % 209,485 59.3 %
SBA property 134,892 136,088 (0.9) % 129,661 4.0 %
Construction 17,054 14,592 16.9 % 8,252 106.7 %
Commercial and industrial loans
Commercial term 77,700 80,225 (3.1) % 73,438 5.8 %
Commercial lines of credit 154,142 117,960 30.7 % 100,936 52.7 %
SBA commercial term 16,211 16,542 (2.0) % 17,640 (8.1) %
SBA PPP 1,197 1,309 (8.6) % 65,329 (98.2) %
Other consumer loans 22,749 23,234 (2.1) % 21,621 5.2 %
Loans held-for-investment 2,046,063 1,959,237 4.4 % 1,732,205 18.1 %
Loans held-for-sale 22,811 18,982 20.2 % 37,026 (38.4) %
Total loans $ 2,068,874 $ 1,978,219 4.6 % $ 1,769,231 16.9 %

The increase in loans held-for-investment for the current quarter was primarily due to new funding of $181.1 million and advances on lines of credit of $51.1 million, partially offset by pay-downs and pay-offs of $141.4 million. The increase for the current year was primarily due to new funding of $631.9 million and advances of lines of credit of $162.4 million, partially offset by pay-downs and pay-offs of $474.8 million. SBA PPP loans of $112 thousand and $64.1 million were paid off through regular payments or forgiveness from SBA during the current quarter and year, respectively.

The increase in loans held-for-sale for the current quarter was primarily due to new funding of $17.3 million and transfer of $4.0 million from loans held-for-investment, partially offset by sales of $17.4 million. The decrease for the current year was primarily due to sales of $123.7 million, partially offset by new funding of $105.6 million and transfer of $4.5 million from loans held-for-investment.

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

($ in thousands) 12/31/2022 9/30/2022 % Change 12/31/2021 % Change
Real estate loans
Commercial property $ 16,172 $ 18,400 (12.1) % $ 20,194 (19.9) %
SBA property 3,730 3,730 — % 3,068 21.6 %
Construction 18,211 11,093 64.2 % 5,180 251.6 %
Commercial and industrial loans
Commercial term 139 2,027 (93.1) % 1,097 (87.3) %
Commercial lines of credit 254,295 254,738 (0.2) % 169,000 50.5 %
SBA commercial term 234 572 (59.1) % 149 57.0 %
Other consumer loans 692 847 (18.3) % 595 16.3 %
Total commitments to extend credit $ 293,473 $ 291,407 0.7 % $ 199,283 47.3 %

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) 12/31/2022 9/30/2022 % Change 12/31/2021 % Change
Nonaccrual loans
Real estate loans
Commercial property $ 2,400 $ 2,444 (1.8) % $ — — %
Residential property 372 372 — % — — %
SBA property 585 552 6.0 % 746 (21.6) %
Commercial and industrial loans
Commercial term — 3 (100.0) % — — %
Commercial lines of credit — 4,000 (100.0) % — — %
SBA commercial term — — — % 213 (100.0) %
Other consumer loans 3 25 (88.0) % 35 (91.4) %
Total nonaccrual loans held-for-investment 3,360 7,396 (54.6) % 994 238.0 %
Loans past due 90 days or more and still accruing — — — % — — %
Non-performing loans (“NPLs”) held-for-investment 3,360 7,396 (54.6) % 994 238.0 %
NPLs held-for-sale 4,000 — — % — — %
Total NPLs 7,360 7,396 (0.5) % 994 640.4 %
Other real estate owned (“OREO”) — — — % — — %
Non-performing assets (“NPAs”) $ 7,360 $ 7,396 (0.5) % $ 994 640.4 %
Loans past due and still accruing
Past due 30 to 59 days $ 47 $ 215 (78.1) % $ 549 (91.4) %
Past due 60 to 89 days 87 195 (55.4) % 5 1,640.0 %
Past due 90 days or more — — — % — — %
Total loans past due and still accruing $ 134 $ 410 (67.3) % 554 (75.8) %
Troubled debt restructurings (“TDRs”)
Accruing TDRs $ 534 $ 542 (1.5) % $ 576 (7.3) %
Nonaccrual TDRs — 7 (100.0) % 17 (100.0) %
Total TDRs $ 534 $ 549 (2.7) % $ 593 (9.9) %
Special mention loans $ 6,857 $ 5,986 14.6 % $ 18,092 (62.1) %
Classified assets
Classified loans held-for-investment $ 6,211 $ 10,293 (39.7) % $ 5,168 20.2 %
Classified loans held-for-sale 4,000 — — % — — %
OREO — — — % — — %
Classified assets $ 10,211 $ 10,293 (0.8) % $ 5,168 97.6 %
NPLs held-for-investment to loans held-for-investment 0.16 % 0.38 % 0.06 %
NPAs to total assets 0.30 % 0.32 % 0.05 %
Classified assets to total assets 0.42 % 0.44 % 0.24 %

During the current quarter, nonaccrual commercial lines of credit of $4.0 million were transferred to loan held-for-sale. The decrease in special mention loans for the current year was primarily due to improvements of 2 loans with an aggregated carrying value of $11.3 million at December 31, 2021.

Investment Securities

Total investment securities were $141.9 million at December 31, 2022, an increase of $12.5 million, or 9.6%, from $129.4 million at September 30, 2022 and an increase of $18.7 million, or 15.2%, from $123.2 million at December 31, 2021. The increase for the current quarter was primarily due to purchases of $16.3 million and a fair value increase of $711 thousand, partially offset by principal pay-downs and calls of $4.5 million and net premium amortization of $60 thousand. The increase for the current year was primarily due to purchases of $57.4 million, partially offset by principal pay-downs and calls of $23.2 million, a fair value decrease of $15.1 million and net premium amortization of $367 thousand.

Deposits

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

12/31/2022 9/30/2022 12/31/2021
($ in thousands) Amount % to Total Amount % to Total Amount % to Total
Noninterest-bearing demand deposits $ 734,989 35.9 % $ 809,842 40.9 % $ 830,383 44.5 %
Interest-bearing deposits
Savings 8,579 0.4 % 13,028 0.7 % 16,299 0.9 %
NOW 11,405 0.6 % 17,550 0.9 % 20,185 1.1 %
Retail money market accounts 494,749 24.2 % 522,412 26.4 % 386,041 20.5 %
Brokered money market accounts 8 — % 10,010 0.5 % 1 0.1 %
Retail time deposits of
$250,000 or less 295,354 14.4 % 236,864 12.0 % 256,956 13.8 %
More than $250,000 353,876 17.3 % 239,271 12.1 % 172,269 9.2 %
State and brokered time deposits 147,023 7.2 % 129,121 6.5 % 185,000 9.9 %
Total interest-bearing deposits 1,310,994 64.1 % 1,168,256 59.1 % 1,036,751 55.5 %
Total deposits $ 2,045,983 100.0 % $ 1,978,098 100.0 % $ 1,867,134 100.0 %

The decrease in noninterest-bearing demand deposits was primarily due to strong deposit market competition and the migration 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 $384.5 million, renewals of the matured accounts of $122.6 million and balance increases of $7.6 million, partially offset by matured and closed accounts of $341.6 million. The increase for the current year was primarily due to new accounts of $636.7 million, renewals of the matured accounts of $602.9 million and balance increases of $23.4 million, partially offset by matured and closed accounts of $1.04 billion.

Liquidity

The following table presents a summary of the Company’s liquidity position as of December 31, 2022:

($ in thousands) 12/31/2022
Cash and cash equivalents $ 147,031
Cash and cash equivalents to total assets 6.1 %
Available borrowing capacity
FHLB advances $ 581,745
Federal Reserve Discount Window 23,902
Overnight federal funds lines 65,000
Total $ 670,647
Total available borrowing capacity to total assets 27.7 %

Shareholders’ Equity

Shareholders’ equity was $335.4 million at December 31, 2022, an increase of $2.7 million, or 0.8%, from $332.7 million at September 30, 2022 and an increase of $79.2 million, or 30.9%, from $256.3 million at December 31, 2021. The increase for the current quarter was primarily due to net income, partially offset by cash dividends declared on common stock of $2.2 million and repurchase of common stock of $4.5 million. The increase for the current year was primarily due to net income and issuance of preferred stock of $69.1 million (as discussed below), partially offset by cash dividends declared on common stock of $8.9 million, repurchase of common stock of $6.7 million and an increase in accumulated other comprehensive loss of $10.7 million.

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. 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 repurchased and retired 362,557 shares of common stock at a weighted-average price of $18.57 per share, totaling $6.7 million under this repurchase program as of December 31, 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:

12/31/2022 9/30/2022 12/31/2021 Well Capitalized Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets) 13.29 % 13.69 % 14.79 % N/A
Total capital (to risk-weighted assets) 17.83 % 18.34 % 16.04 % N/A
Tier 1 capital (to risk-weighted assets) 16.62 % 17.14 % 14.79 % N/A
Tier 1 capital (to average assets) 14.33 % 14.74 % 12.11 % N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets) 16.30 % 16.82 % 14.48 % 6.5 %
Total capital (to risk-weighted assets) 17.52 % 18.02 % 15.73 % 10.0 %
Tier 1 capital (to risk-weighted assets) 16.30 % 16.82 % 14.48 % 8.0 %
Tier 1 capital (to average assets) 14.05 % 14.47 % 11.85 % 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)

12/31/2022 9/30/2022 % Change 12/31/2021 % Change
Assets
Cash and due from banks $ 23,202 $ 22,252 4.3 % $ 15,222 52.4 %
Interest-bearing deposits in other financial institutions 123,829 131,786 (6.0) % 188,063 (34.2) %
Total cash and cash equivalents 147,031 154,038 (4.5) % 203,285 (27.7) %
Securities available-for-sale, at fair value 141,863 129,401 9.6 % 123,198 15.2 %
Loans held-for-sale 22,811 18,982 20.2 % 37,026 (38.4) %
Loans held-for-investment 2,046,063 1,959,237 4.4 % 1,732,205 18.1 %
Allowance for loan losses (24,942) (23,761) 5.0 % (22,381) 11.4 %
Net loans held-for-investment 2,021,121 1,935,476 4.4 % 1,709,824 18.2 %
Premises and equipment, net 6,916 4,671 48.1 % 3,098 123.2 %
Federal Home Loan Bank and other bank stock 10,183 10,183 — % 8,577 18.7 %
Bank-owned life insurance 30,064 29,883 0.6 % 29,358 2.4 %
Deferred tax assets, net 3,115 12,135 (74.3) % 10,824 (71.2) %
Servicing assets 7,347 7,627 (3.7) % 7,269 1.1 %
Operating lease assets 6,358 6,897 (7.8) % 6,786 (6.3) %
Accrued interest receivable 7,472 6,070 23.1 % 5,368 39.2 %
Other assets 15,755 11,688 34.8 % 5,122 207.6 %
Total assets $ 2,420,036 $ 2,327,051 4.0 % $ 2,149,735 12.6 %
Liabilities
Deposits
Noninterest-bearing demand $ 734,989 $ 809,842 (9.2) % $ 830,383 (11.5) %
Savings, NOW and money market accounts 514,741 563,000 (8.6) % 422,526 21.8 %
Time deposits of $250,000 or less 382,377 305,985 25.0 % 341,956 11.8 %
Time deposits of more than $250,000 413,876 299,271 38.3 % 272,269 52.0 %
Total deposits 2,045,983 1,978,098 3.4 % 1,867,134 9.6 %
Federal Home Loan Bank advances 20,000 — — % 10,000 100.0 %
Operating lease liabilities 6,809 7,402 (8.0) % 7,444 (8.5) %
Accrued interest payable and other liabilities 11,802 8,832 33.6 % 8,871 33.0 %
Total liabilities 2,084,594 1,994,332 4.5 % 1,893,449 10.1 %
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock 69,141 69,141 — % — — %
Common stock 149,631 153,890 (2.8) % 154,992 (3.5) %
Retained earnings 127,181 120,699 5.4 % 101,140 25.7 %
Accumulated other comprehensive income (loss), net (10,511) (11,011) (4.5) % 154 NM
Total shareholders’ equity 335,442 332,719 0.8 % 256,286 30.9 %
Total liabilities and shareholders’ equity $ 2,420,036 $ 2,327,051 4.0 % $ 2,149,735 12.6 %
Outstanding common shares 14,625,474 14,853,140 14,865,825
Book value per common share (1) $ 22.94 $ 22.40 $ 17.24
TCE per common share (2) $ 18.21 $ 17.75 $ 17.24
Total loan to total deposit ratio 101.12 % 100.01 % 94.76 %
Noninterest-bearing deposits to total deposits 35.92 % 40.94 % 44.47 %

(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 Year Ended
12/31/2022 9/30/2022 % Change 12/31/2021 % Change 12/31/2022 12/31/2021 % Change
Interest and dividend income
Loans, including fees $ 28,786 $ 24,835 15.9 % $ 20,363 41.4 % $ 95,054 $ 79,155 20.1 %
Investment securities 957 806 18.7 % 441 117.0 % 2,907 1,613 80.2 %
Other interest-earning assets 1,833 1,194 53.5 % 191 859.7 % 3,790 704 438.4 %
Total interest income 31,576 26,835 17.7 % 20,995 50.4 % 101,751 81,472 24.9 %
Interest expense
Deposits 7,295 2,798 160.7 % 847 761.3 % 11,984 4,043 196.4 %
Other borrowings 16 14 14.3 % 53 (69.8) % 135 292 (53.8) %
Total interest expense 7,311 2,812 160.0 % 900 712.3 % 12,119 4,335 179.6 %
Net interest income 24,265 24,023 1.0 % 20,095 20.8 % 89,632 77,137 16.2 %
Provision (reversal) for loan losses 1,149 3,753 (69.4) % (1,462) NM 3,602 (4,596) NM
Net interest income after provision (reversal) for loan losses 23,116 20,270 14.0 % 21,557 7.2 % 86,030 81,733 5.3 %
Noninterest income
Gain on sale of loans 759 1,415 (46.4) % 3,374 (77.5) % 7,990 12,932 (38.2) %
Service charges and fees on deposits 352 341 3.2 % 308 14.3 % 1,326 1,195 11.0 %
Loan servicing income 734 780 (5.9) % 688 6.7 % 2,969 2,770 7.2 %
Bank-owned life insurance income 181 178 1.7 % 108 67.6 % 706 108 553.7 %
Other income 363 462 (21.4) % 360 0.8 % 1,508 1,429 5.5 %
Total noninterest income 2,389 3,176 (24.8) % 4,838 (50.6) % 14,499 18,434 (21.3) %
Noninterest expense
Salaries and employee benefits 7,879 8,457 (6.8) % 7,061 11.6 % 33,056 27,974 18.2 %
Occupancy and equipment 1,897 1,650 15.0 % 1,417 33.9 % 6,481 5,575 16.3 %
Professional fees 607 587 3.4 % 585 3.8 % 2,239 2,159 3.7 %
Marketing and business promotion 724 909 (20.4) % 586 23.5 % 2,150 1,656 29.8 %
Data processing 434 427 1.6 % 408 6.4 % 1,706 1,572 8.5 %
Director fees and expenses 176 179 (1.7) % 161 9.3 % 706 594 18.9 %
Regulatory assessments 159 150 6.0 % 138 15.2 % 597 537 11.2 %
Other expense 1,239 1,336 (7.3) % 812 52.6 % 4,191 3,141 33.4 %
Total noninterest expense 13,115 13,695 (4.2) % 11,168 17.4 % 51,126 43,208 18.3 %
Income before income taxes 12,390 9,751 27.1 % 15,227 (18.6) % 49,403 56,959 (13.3) %
Income tax expense 3,688 2,798 31.8 % 4,551 (19.0) % 14,416 16,856 (14.5) %
Net income $ 8,702 $ 6,953 25.2 % $ 10,676 (18.5) % $ 34,987 $ 40,103 (12.8) %
Earnings per common share
Basic $ 0.59 $ 0.47 $ 0.72 $ 2.35 $ 2.66
Diluted $ 0.58 $ 0.46 $ 0.70 $ 2.31 $ 2.62
Average common shares
Basic 14,700,010 14,877,879 14,799,973 14,833,191 15,017,637
Diluted 14,904,106 15,088,089 15,093,351 15,076,348 15,253,820
Dividend paid per common share $ 0.15 $ 0.15 $ 0.12 $ 0.60 $ 0.44
Return on average assets (1) 1.44 % 1.19 % 2.01 % 1.54 % 1.96 %
Return on average shareholders’ equity (1) 10.31 % 8.16 % 16.84 % 11.42 % 16.52 %
Return on average TCE (1), (2) 12.99 % 10.25 % 16.84 % 13.23 % 16.52 %
Efficiency ratio (3) 49.20 % 50.35 % 44.79 % 49.10 % 45.21 %

(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
12/31/2022 9/30/2022 12/31/2021
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) $ 2,004,220 $ 28,786 5.70 % $ 1,905,366 $ 24,835 5.17 % $ 1,758,421 $ 20,363 4.59 %
Mortgage-backed securities 90,346 585 2.57 % 93,546 518 2.20 % 88,501 263 1.18 %
Collateralized mortgage obligation 25,570 221 3.43 % 24,090 151 2.49 % 20,233 53 1.04 %
SBA loan pool securities 9,545 71 2.95 % 10,435 56 2.13 % 9,199 41 1.77 %
Municipal bonds (2) 4,050 33 3.23 % 4,491 34 3.00 % 5,698 37 2.58 %
Corporate bonds 4,555 47 4.09 % 4,801 47 3.88 % 5,019 47 3.72 %
Other interest-earning assets 182,018 1,833 4.00 % 200,367 1,194 2.36 % 175,468 191 0.43 %
Total interest-earning assets 2,320,304 31,576 5.40 % 2,243,096 26,835 4.75 % 2,062,539 20,995 4.04 %
Noninterest-earning assets
Cash and due from banks 21,139 20,609 20,618
Allowance for loan losses (23,800) (21,117) (23,835)
Other assets 78,069 76,851 52,512
Total noninterest-earning assets 75,408 76,343 49,295
Total assets $ 2,395,712 $ 2,319,439 $ 2,111,834
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts $ 540,312 2,852 2.09 % $ 577,975 1,375 0.94 % $ 406,343 301 0.29 %
Savings 10,692 3 0.11 % 14,990 2 0.05 % 14,161 2 0.06 %
Time deposits 718,735 4,440 2.45 % 544,774 1,421 1.03 % 587,523 544 0.37 %
Total interest-bearing deposits 1,269,739 7,295 2.28 % 1,137,739 2,798 0.98 % 1,008,027 847 0.33 %
Other borrowings 1,739 16 3.65 % 2,033 14 2.73 % 13,315 53 1.58 %
Total interest-bearing liabilities 1,271,478 7,311 2.28 % 1,139,772 2,812 0.98 % 1,021,342 900 0.35 %
Noninterest-bearing liabilities
Noninterest-bearing demand 771,632 825,362 824,504
Other liabilities 17,770 16,057 14,511
Total noninterest-bearing liabilities 789,402 841,419 839,015
Total liabilities 2,060,880 1,981,191 1,860,357
Total shareholders’ equity 334,832 338,248 251,477
Total liabilities and shareholders’ equity $ 2,395,712 $ 2,319,439 $ 2,111,834
Net interest income $ 24,265 $ 24,023 $ 20,095
Net interest spread (3) 3.12 % 3.77 % 3.69 %
Net interest margin (4) 4.15 % 4.25 % 3.87 %
Total deposits $ 2,041,371 $ 7,295 1.42 % $ 1,963,101 $ 2,798 0.57 % $ 1,832,531 $ 847 0.18 %
Total funding (5) $ 2,043,110 $ 7,311 1.42 % $ 1,965,134 $ 2,812 0.57 % $ 1,845,846 $ 900 0.19 %

(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)

Year Ended
12/31/2022 12/31/2021
Average Balance Interest Income/ Expense Avg. Yield/Rate Average Balance Interest Income/ Expense Avg. Yield/Rate
Assets
Interest-earning assets
Total loans (1) $ 1,872,557 $ 95,054 5.08 % $ 1,702,073 $ 79,155 4.65 %
Mortgage-backed securities 89,066 1,826 2.05 % 89,693 989 1.10 %
Collateralized mortgage obligation 23,479 545 2.32 % 22,633 221 0.98 %
SBA loan pool securities 10,309 208 2.02 % 10,515 189 1.80 %
Municipal bonds (2) 4,874 140 2.87 % 5,755 146 2.54 %
Corporate bonds 4,810 188 3.91 % 1,841 68 3.69 %
Other interest-earning assets 194,205 3,790 1.95 % 179,353 704 0.39 %
Total interest-earning assets 2,199,300 101,751 4.63 % 2,011,863 81,472 4.05 %
Noninterest-earning assets
Cash and due from banks 20,735 19,676
Allowance for loan losses (22,125) (25,270)
Other assets 73,951 41,187
Total noninterest-earning assets 72,561 35,593
Total assets $ 2,271,861 $ 2,047,456
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts $ 504,275 4,970 0.99 % $ 400,446 1,242 0.31 %
Savings 14,068 9 0.06 % 12,302 6 0.05 %
Time deposits 593,106 7,005 1.18 % 609,351 2,795 0.46 %
Total interest-bearing deposits 1,111,449 11,984 1.08 % 1,022,099 4,043 0.40 %
Other borrowings 6,290 135 2.15 % 31,302 292 0.93 %
Total interest-bearing liabilities 1,117,739 12,119 1.08 % 1,053,401 4,335 0.41 %
Noninterest-bearing liabilities
Noninterest-bearing demand 831,621 737,216
Other liabilities 16,061 14,073
Total noninterest-bearing liabilities 847,682 751,289
Total liabilities 1,965,421 1,804,690
Total shareholders’ equity 306,440 242,766
Total liabilities and shareholders’ equity $ 2,271,861 $ 2,047,456
Net interest income $ 89,632 $ 77,137
Net interest spread (3) 3.55 % 3.64 %
Net interest margin (4) 4.08 % 3.83 %
Total deposits $ 1,943,070 $ 11,984 0.62 % $ 1,759,315 $ 4,043 0.23 %
Total funding (5) $ 1,949,360 $ 12,119 0.62 % $ 1,790,617 $ 4,335 0.24 %

(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.

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) 12/31/2022 9/30/2022 12/31/2021
Loans held-for-investment $ 2,046,063 $ 1,959,237 $ 1,732,205
Less: SBA PPP loans 1,197 1,309 65,329
Loans held-for-investment, excluding SBA PPP loans $ 2,044,866 $ 1,957,928 $ 1,666,876
Allowance $ 24,942 $ 23,761 $ 22,381
Allowance to loans held-for-investment ratio 1.22 % 1.21 % 1.29 %
Adjusted Allowance to loans held-for-investment ratio 1.22 % 1.21 % 1.34 %

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 Year Ended
12/31/2022 9/30/2022 12/31/2021 12/31/2022 12/31/2021
Average total shareholders' equity $ 334,832 $ 338,248 $ 251,477 $ 306,440 $ 242,766
Less: average preferred stock 69,141 69,141 — 42,053 —
Average TCE $ 265,691 $ 269,107 $ 251,477 $ 264,387 $ 242,766
Net income $ 8,702 $ 6,953 $ 10,676 $ 34,987 $ 40,103
Return on average shareholder's equity (1) 10.31 % 8.16 % 16.84 % 11.42 % 16.52 %
Return on average TCE (1) 12.99 % 10.25 % 16.84 % 13.23 % 16.52 %

All values are in US Dollars.

(1) Annualized.

( in thousands, except per share data) 12/31/2022 9/30/2022 12/31/2021
Total shareholders' equity $ 335,442 $ 332,719 $ 256,286
Less: preferred stock 69,141 69,141 —
TCE $ 266,301 $ 263,578 $ 256,286
Outstanding common shares 14,625,474 14,853,140 14,865,825
Book value per common share $ 22.94 $ 22.40 $ 17.24
TCE per common share $ 18.21 $ 17.75 $ 17.24
Total assets $ 2,420,036 $ 2,327,051 $ 2,149,735
Total shareholders' equity to total assets 13.86 % 14.30 % 11.92 %
TCE to total assets 11.00 % 11.33 % 11.92 %

All values are in US Dollars.

16

pcbinvestordeckq422

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

3

4(1) As of January 24, 2023.

$0.08 $0.11 $0.12 $0.12 $0.25 $0.40 $0.44 $0.60 $0.15 $8.26 $9.48 $10.60 $13.16 $14.44 $15.19 $17.24 $22.94 $18.21 $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 2022 1Q23 Cash Dividend & Book Value/Tangible Common Equity Per Share (1), (2) Cash Dividend Per Share Book Value Per Share TCE Per Share As of January 24, 2023 Common Stock Ticker PCB Market Cap $260.8 million Price Per Share $17.90 52 Week Range $17.65 - $25.43 Dividend Yield (Dividend Payout Ratio) 3.35% (25.43% 1Q21-4Q22) Number of Shares 14,571,556 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 & Retired 416,275 shares (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.

$1.34 $1.45 $1.58 $1.73 $2.05 0.000 0.500 1.000 1.500 2.000 2.500 2018 2019 2020 2021 2022 Held-For-Investment Loans ($bn) $1.44 $1.48 $1.59 $1.87 $2.05 0.000 0.500 1.000 1.500 2.000 2.500 2018 2019 2020 2021 2022 Deposits ($bn) $24.3 $24.1 $16.2 $40.1 $35.0 0.000 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 2018 2019 2020 2021 2022 Net Income ($mm) $1.65 $1.49 $1.04 $2.62 $2.31 0.000 0.500 1.000 1.500 2.000 2.500 3.000 2018 2019 2020 2021 2022 Diluted Earnings Per Share CAGR +11.2% CAGR +9.1% 6

1.53% 1.40% 0.84% 1.96% 1.54% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 2018 2019 2020 2021 2022 Return on Average Assets 14.26% 10.88% 7.08% 16.52% 11.41% 0 0.02 0.04 0.06 0.08 0.1 0.12 0.14 0.16 0.18 2018 2019 2020 2021 2022 Return on Average Equity/TCE (1) 52.8% 52.3% 53.5% 45.2% 49.1% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 2018 2019 2020 2021 2022 Efficiency Ratio 4.23% 4.11% 3.53% 3.83% 4.08% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 2018 2019 2020 2021 2022 Net Interest Margin (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. 13.23%(1) 7

8

As of or For the Quarter Ended ($ in thousands except per share data) 12/31/22 09/30/22 12/31/21 Income Statement Summary: Interest Income $ 31,576 $ 26,835 $ 20,995 Interest Expense 7,311 2,812 900 Net Interest Income 24,265 24,023 20,095 Noninterest Income 2,389 3,176 4,838 Noninterest Expense 13,115 13,695 11,168 Provision (reversal) for Loan Losses 1,149 3,753 (1,462) Pretax Income 12,390 9,751 15,227 Income Tax Expense 3,688 2,798 4,551 Net Income 8,702 6,953 10,676 Diluted Earnings Per Share (“EPS”) $ 0.58 $ 0.46 $ 0.70 Selected Balance Sheet Items: Loans held-for-investment (“HFI”) $ 2,046,063 $ 1,959,237 $ 1,732,205 Loans held-for-sale (“HFS”) 22,811 18,982 37,026 Total Deposits 2,045,983 1,978,098 1,867,134 Total Assets 2,420,036 2,327,051 2,149,735 Shareholders’ Equity 335,442 332,719 256,286 Key Metrics: Book Value Per Share $ 22.94 $ 22.40 $ 17.24 TCE Per Share (1) $ 18.21 $ 17.75 $ 17.24 Return on Average Assets (“ROAA”) (2) 1.44% 1.19% 2.01% Return on Average Equity (“ROAE”) (2) 10.31% 8.16% 16.84% ROATCE (1), (2) 12.99% 10.25% 16.84% Net Interest Margin (2) 4.15% 4.25% 3.87% Efficiency Ratio 49.20% 50.35% 44.79% o Recorded a provision for loan losses of $1.1 million in 4Q22 primarily due to increases in gross loan balance and qualitative adjustment factors related to current economic condition o Allowance for loan losses to HFI loans ratio was 1.22% at 12/31/22 compared with 1.21% at 09/30/22. o Declared cash dividend of $0.15 per share in 4Q22 o Opened 1 new branch in Carrollton, Texas (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 27% Commercial Property - Non-Owner Occupied 43% Commercial and Industrial 12% SBA PPP 0% Residential Property 17% Other Consumer 1% HFI Loan Composition $1,062 $1,136 $1,189 $1,244 $1,289 $1,348 $1,422 $1,440 $193 $184 $194 $192 $194 $203 $215 $248 $191 $197 $202 $209 $215 $258 $298 $334 $21 $22 $21 $22 $22 $22 $23 $23 $219 $181 $102 $65 $23 $2 $1 $1 $1,686 $1,720 $1,708 $1,732 $1,743 $1,833 $1,959 $2,046 0 500 1,000 1,500 2,000 2,500 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 HFI Loan Trend Commercial Property Commercial and Industrial Residential Property Other Consumer SBA PPP ($ in millions) December 31, 2022 YoY +18.1% $636 $679 $706 $733 $756 $819 $898 $925 251% 269% 270% 270% 270% 230% 249% 254% 0.0% 50.0% 100.0% 150.0% 200.0% 250.0% 300.0% 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Commercial Real Estate(1) Loan Trend CRE Loans % to the Bank's Total Risk-Based Capital ($ in millions) (1) Per regulatory definitions in the Commercial Real Estate (“CRE”) Concentration Guidance 10

Fixed (WA Rate: 4.52%) 23% Variable (WA Rate: 7.86%) 38% Hybrid (WA Rate: 4.40%) 39% Interest Rate Mix(2) $49 $17 $25 $19 $25 $23 $29 $15 $23 $85 $93 $69 $67 $126 $68 $64 $51 $105 $105 $97 $62 $129 $169 $110 4.02% 3.90% 3.95% 4.01% 4.26% 5.23% 5.92% 7.17% -3.00% -1.00% 1.00% 3.00% 5.00% 7.00% 0.0 50.0 100.0 150.0 200.0 250.0 300.0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 New Production(1),(2) by Rate Type Fixed Hybrid Variable WA Rate (1) Total commitment basis (2) Excluding SBA PPP loans. December 31, 2022($ in millions) 27% 26% 25% 26% 26% 24% 24% 23% 22% 25% 28% 30% 32% 37% 38% 39% 51% 49% 47% 44% 42% 39% 38% 38% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Interest Rate Mix Trend(2) Fixed Hybrid Variable 11

Loan Repricing Schedule as of December 31, 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 $ 671,741 8.35% $ 18,811 8.78% $ 690,552 8.35% 3 to 12 Months 84,231 4.32% 0 84,231 4.32% 1 to 3 Years 342,986 4.74% 0 342,986 4.74% 3 to 5 Years 835,122 4.41% 0 835,122 4.41% More than 5 Years 111,983 4.39% 4,000 0.00% 115,983 4.39% Total $ 2,046,063 5.73% $ 22,811 7.24% $ 2,068,874 5.73% 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 4Q22 Average Carrying Value $ 2,002,910 $ 1,310 $ 2,004,220 Interest on Loans $ 27,747 5.50% $ 3 0.91% $ 27,750 5.49% Fee (Cost) 136 0.03% 9 2.73% 145 0.03% Prepayment Penalty & Late Charges 22 0.00% 0 22 0.00% Discount (Premium) 869 0.17% 0 869 0.17% Total Interest & Fees $ 28,774 5.70% $ 16 3.63% $ 28,786 5.70% (1) Weighted-average contractual rate (2) Include both HFI & HFS loans 2022 Average Carrying Value $ 1,858,825 $ 13,732 $ 1,872,557 Interest on Loans $ 89,187 4.80% $ 136 0.99% $ 89,322 4.77% Fee (Cost) 385 0.02% 1,458 10.62% 1,843 0.10% Prepayment Penalty & Late Charges 338 0.02% 0 338 0.02% Discount (Premium) 3,550 0.19% 0 3,551 0.19% Total Interest & Fees $ 93,460 5.03% $ 1,594 11.61% $ 95,054 5.08% 12

Real Estate Loans – Commercial By Property Type as of December 31, 2022 ($ in thousands) Carrying Value % to Total LTV(1) Retail (More than 50%) $ 305,480 21.2% 49.8% Industrial 278,319 19.3% 50.4% Mixed Use 149,223 10.4% 48.0% Apartments 104,617 7.3% 53.0% Office 100,733 7.0% 55.0% Motel & Hotel 95,437 6.6% 50.8% Gas Station 95,237 6.6% 54.6% Medical 63,995 4.4% 46.7% Car Wash 43,409 3.0% 57.5% Auto (Sales, Repair, & etc.) 37,260 2.6% 59.1% Condominium (Commercial) 29,443 2.0% 49.2% Golf Course 28,416 2.0% 50.6% Spa, Sauna, & Other Self-Care 24,903 1.7% 53.7% Construction 17,054 1.2% 51.8% Church 11,110 0.8% 36.7% Supermarket 6,826 0.5% 67.8% Others 48,876 3.4% 53.2% Total $ 1,440,338 100.0% 51.2% Real Estate Loans – Residential as of December 31, 2022 (1) Collateral value at origination ($ in thousands) Carrying Value LTV(1) FICO Residential Property $ 333,726 60.7% 760 13

Commercial and Industrial Loans – By Industry Type as of December 31, 2022 ($ in thousands) Carrying Value % to Total General Manufacturing & Wholesale Trade $ 53,584 21.5% Finance & Insurance 44,208 17.7% Food Services 37,775 15.2% Real Estate Related 29,527 11.8% Retail Trade 28,684 11.5% Entertainment & Recreation 21,637 8.7% Professional, Scientific, & Technical Services 17,637 7.1% Other Services 4,888 2.0% Transportation & Warehousing 4,398 1.8% Health Care & Social Assistance 3,323 1.3% All Other 3,589 1.4% Total $ 249,250 100.0% 14

Geographic Concentration as of December 31, 2022 Real Estate - Commercial Real Estate – Residential Commercial & Industrial ($ in thousands) Carrying Value % to Total Carrying Value % to Total Carrying Value % to Total California $ 1,158,763 80.5% $ 332,108 99.5% $ 207,142 83.2% New York 64,713 4.5% 0 8,844 3.5% Texas 66,016 4.6% 0 4,249 1.7% New Jersey 48,017 3.3% 1,618 0.5% 8,326 3.3% Washington 36,980 2.6% 0 2,374 1.0% Nevada 13,537 0.9% 0 3,716 1.5% Georgia 9,614 0.7% 0 792 0.3% Illinois 7,121 0.5% 0 766 0.3% Colorado 6,189 0.4% 0 791 0.3% Oregon 2,564 0.2% 0 3,945 1.6% Virginia 3,454 0.2% 0 860 0.3% Maryland 1,849 0.1% 0 1,017 0.4% Pennsylvania 2,662 0.2% 0 16 0.0% Other States 18,859 1.3% 0 6,412 2.6% Total $ 1,440,338 100.0% $ 333,726 100.0% $ 249,250 100.0% 15

$3.8 $1.4 $1.1 $1.0 $1.4 $2.0 $7.4 $7.4 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Non-Performing Assets (“NPAs”) 0.19% 0.07% 0.05% 0.05% 0.06% 0.09% 0.32% 0.30% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 NPAs to Total Assets 1.51% 1.45% 1.39% 1.29% 1.22% 1.15% 1.21% 1.22% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Allowance(1) to HFI Loans 1.23%(2) 1.21%(2) 1746% 1721% 2133% 2252% 1495% 1723% 321% 742% 0.00% 500.00% 1000.00% 1500.00% 2000.00% 2500.00% Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Allowance(1) to Non-Performing HFI Loans (1) Allowance for Loan Losses (2) This adjusted allowance to HFI Loans ratio excludes SBA PPP loans and is not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measures. ($ in millions) 1.74%(2) 1.62%(2) 1.34%(2) 1.48%(2) 1.15%(2) 16 1.22%(2)

(1) 0.65% 0.52% 0.43% 0.36% 0.28% 0.21% 0.14% 0.12% 0.11% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% Shinhan America Hope Peer Group PCB USM Hanmi Open Woori America CBB NPAs / (Total Loans + OREO)(2) 1.08% 0.68% 0.51% 0.42% 0.17% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 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 December 31, 2022 Peer Data as of September 30, 2022 December 31, 2022 Peer Data as of September 30, 2022 17

$1,422 $1,459 $1,505 $1,510 $1,602 $1,717 $1,600 $1,545 81% 81% 82% 81% 84% 86% 81% 76% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $500 $700 $900 $1,100 $1,300 $1,500 $1,700 $1,900 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Core Deposits(1) Core Deposits % to Total Deposits Noninterest DDA 36% Retail Other Interest- Bearing 25% Retail Time Deposits 32% 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. $716 $796 $833 $830 $892 $989 $810 $735 $412 $392 $410 $423 $464 $492 $553 $515 $443 $445 $425 $429 $420 $422 $476 $649$18 $0$165 $165 $165 $185 $135 $95 $139 $147 $1,754 $1,798 $1,833 $1,867 $1,911 $1,998 $1,978 $2,046 0 500 1,000 1,500 2,000 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Deposit Trend Noninterest DDA Retail Other Interest-Bearing Retail Time Deposits Internet Time Deposits State and Brokered Deposits YoY +9.6% ($ in millions) ($ in millions) December 31, 2022 18

Time Deposits as of December 31, 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 $ 139,048 2.36% $ 70,004 3.65% $ 209,052 2.79% 3 to 6 Months 70,749 2.51% 36,871 3.90% 107,620 2.99% 6 to 9 Months 77,332 2.40% 17,827 3.91% 95,159 2.68% 9 to 12 Months 355,617 4.11% 17,608 4.20% 373,225 4.11% More than 12 Months 6,484 1.56% 4,713 3.99% 11,197 2.58% Total $ 649,230 3.33% $ 147,023 3.82% $ 796,253 3.42% 19

$8.6 $9.8 $11.0 $10.7 $10.2 $9.1 $7.0 $8.7 $11.0 $13.0 $14.6 $13.8 $13.2 $12.8 $13.5 $13.5 -1.0 1.0 3.0 5.0 7.0 9.0 11.0 13.0 15.0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Net Income PTPP 1.75% 1.96% 2.11% 2.01% 1.92% 1.65% 1.19% 1.44% 2.25% 2.58% 2.79% 2.59% 2.48% 2.32% 2.31% 2.24% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 ROAA Adjusted ROAA $0.55 $0.64 $0.73 $0.70 $0.67 $0.60 $0.46 $0.58 $0.71 $0.85 $0.97 $0.91 $0.87 $0.84 $0.89 $0.91 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Diluted EPS Adjusted Diluted EPS 14.66% 16.49% 17.98% 16.84% 16.01% 12.48% 8.16% 10.31% 18.85% 21.79% 23.79% 21.72% 20.65% 17.51% 15.84% 16.04% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 ROAE Adjusted ROAE ($ 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

$10.9 $34.1 $45.0 $36.8 $39.7 $38.4 $27.3 $17.4 12.0% 12.2% 10.8% 10.0% 10.6% 6.8% 7.5% 6.3% 10.9% 11.6% 9.5% 9.1% 9.5% 5.3% 5.2% 4.4% -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 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 SBA Loan Sale Trend SBA Loan Sold $ Premium % Gain % ($ in millions) ($ in millions) $17.7 $53.0 $71.4 $52.3 $29.7 $42.7 $46.1 $22.3 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 SBA 7(a) Loan Production (1) $1.5 $1.2 $1.3 $1.4 $1.5 $1.6 $1.8 $1.6 $1.3 $4.0 $4.3 $3.4 $3.8 $2.0 $1.4 $0.8 46% 77% 76% 70% 71% 56% 45% 32% 0% 10% 20% 30% 40% 50% 60% 70% 80% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Noninterest Income Trend All Other Income Gain % to Total (1) Total commitment basis ($ in millions) Gain on Sale of Loans 21

$6.2 $7.1 $7.6 $7.1 $8.6 $8.1 $8.5 $7.9 $3.5 $4.0 $3.6 $4.1 $3.5 $4.1 $5.2 $5.2 1.95% 2.21% 2.17% 2.12% 2.23% 2.22% 2.36% 2.19% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Noninterest Expense Trend Compensation All Other Expenses % to Average Total Assets 46.8% 46.1% 43.5% 44.8% 47.8% 49.0% 50.4% 49.2% 64.1% 59.4% 59.2% 59.8% 62.1% 60.5% 59.2% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Efficiency Ratio(2) PCB Peer Average 246 248 249 247 256 271 274 272 230 235 240 245 250 255 260 265 270 275 280 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-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

4.63% 4.63% 4.75% 4.59% 4.62% 4.72% 5.17% 5.70% 3.70% 3.83% 3.93% 3.87% 3.87% 4.01% 4.25% 4.15% 0.52% 0.40% 0.37% 0.35% 0.35% 0.43% 0.98% 2.28% 0.34% 0.24% 0.21% 0.19% 0.19% 0.23% 0.57% 1.42% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Yield & Cost(1) Loan Yield NIM Cost of Int-Bearing Liab Cost of Funds (1) Annualized 23

14.05% 16.30% 16.30% 17.52% 5.00% 6.50% 8.00% 10.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00% Tier 1 Leverage CET 1 Capital Tier 1 Capital Total Capital Bank Regulatory Capital Ratios Actual Minimum Requirement For Well-Capitalized $15.53 $16.09 $16.68 $17.24 $17.47 $22.36 $22.40 $22.94 $17.73 $17.75 $18.21 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Book Value/TCE Per Share BV Per Share TCE Per Share December 31, 2022 11.72% 11.60% 11.76% 11.92% 11.87% 14.26% 14.30% 13.86% 11.31% 11.33% 11.00% 8.00% 9.00% 10.00% 11.00% 12.00% 13.00% 14.00% 15.00% Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-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) 03/31/21 06/30/21 09/30/21 12/31/21 03/31/22 06/30/22 09/30/22 12/31/22 HFI Loans (a) $ 1,685,916 $ 1,719,656 $ 1,707,878 $ 1,732,205 $ 1,742,955 $ 1,833,010 $ 1,959,237 $ 2,046,063 Less: SBA PPP Loans (218,709) (181,019) (101,901) (65,329) (22,926) (1,583) (1,309) (1,197) HFI Loans, Excluding SBA PPP Loans (b) $ 1,467,207 $ 1,538,637 $ 1,605,977 $ 1,666,876 $ 1,720,029 $ 1,831,427 $ 1,957,928 $ 2,044,866 Allowance (c) $ 25,514 $ 24,889 $ 23,807 $ 22,381 $ 21,198 $ 21,071 $ 23,761 $ 24,942 Allowance to HFI Loans Ratio (c)/(a) 1.51% 1.45% 1.39% 1.29% 1.22% 1.15% 1.21% 1.22% Adjusted Allowance to HFI Loans Ratio (c)/(b) 1.74% 1.62% 1.48% 1.34% 1.23% 1.15% 1.21% 1.22% Total Deposits (d) $ 1,753,772 $ 1,797,648 $ 1,832,666 $ 1,867,134 $ 1,910,379 $ 1,997,607 $ 1,978,098 $ 2,045,983 Less: Time Deposits Greater Than $250K (266,845) (273,401) (263,127) (272,269) (273,844) (246,024) (299,271) (413,876) Less: Brokered Deposits (65,004) (65,004) (65,004) (85,001) (35,001) (35,001) (79,131) (87,031) Core Deposits (e) $ 1,421,923 $ 1,459,243 $ 1,504,535 $ 1,509,864 $ 1,601,534 $ 1,716,582 $ 1,599,696 $ 1,545,076 Core Deposits to Total Deposits (e)/(d) 81.1% 81.2% 82.1% 80.9% 83.8% 85.9% 80.9% 75.5% 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) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Net Income (a) $ 8,560 $ 9,844 $ 11,023 $ 10,676 $ 10,240 $ 9,092 $ 6,953 $ 8,702 Add: Provision (Reversal) for Loan Losses (1,147) (934) (1,053) (1,462) (1,191) (109) 3,753 1,149 Add: Income Tax Provision 3,594 4,098 4,613 4,551 4,159 3,771 2,798 3,688 PTPP Income (Non-GAAP) (b) $ 11,007 $ 13,008 $ 14,583 $ 13,765 $ 13,208 $ 12,754 $ 13,504 $ 13,539 Average Total Assets (c) $ 1,987,217 $ 2,018,789 $ 2,070,365 $ 2,111,834 $ 2,161,132 $ 2,208,059 $ 2,319,439 $ 2,395,712 ROAA (1) (a)/(c) 1.75% 1.96% 2.11% 2.01% 1.92% 1.65% 1.19% 1.44% Adjusted ROAA (Non-GAAP)(1) (b)/(c) 2.25% 2.58% 2.79% 2.59% 2.48% 2.32% 2.31% 2.24% Average Total Shareholders' Equity (d) $ 236,790 $ 239,448 $ 243,185 $ 251,477 $ 259,367 $ 292,135 $ 338,248 $ 334,832 ROAE (1) (a)/(d) 14.66% 16.49% 17.98% 16.84% 16.01% 12.48% 8.16% 10.31% Adjusted ROAE (Non-GAAP)(1) (b)/(d) 18.85% 21.79% 23.79% 21.72% 20.65% 17.51% 15.84% 16.04% Net Income $ 8,560 $ 9,844 $ 11,023 $ 10,676 $ 10,240 $ 9,092 $ 6,953 $ 8,702 Less: Income Allocated to Participating Securities (33) (41) (43) (40) (48) (42) (30) (37) Net Income Allocated to Common Stock (e) 8,527 9,803 10,980 10,636 10,192 9,050 6,923 8,665 Add: Provision for Loan Losses (1,147) (934) (1,053) (1,462) (1,191) (109) 3,753 1,149 Add: Income Tax Provision 3,594 4,098 4,613 4,551 4,159 3,771 2,798 3,688 PTPP Income Allocated to Common Stock (f) $ 10,974 $ 12,967 $ 14,540 $ 13,725 $ 13,160 $ 12,712 $ 13,474 $ 13,502 WA common shares outstanding, diluted (g) 15,533,608 15,309,873 15,031,558 15,093,351 15,141,693 15,122,452 15,088,089 14,904,106 Diluted EPS (e)/(g) $ 0.55 $ 0.64 $ 0.73 $ 0.70 $ 0.67 $ 0.60 $ 0.46 $ 0.58 Adjusted Diluted EPS (Non-GAAP) (f)/(g) $ 0.71 $ 0.85 $ 0.97 $ 0.91 $ 0.87 $ 0.84 $ 0.89 $ 0.91 27

The following table reconciles ROATCE to its most comparable GAAP measure: (1) Annualized. ($ in thousands) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2022 Average Total Shareholders' Equity (a)$ 236,790 $ 239,448 $ 243,185 $ 251,477 $ 259,367 $ 292,135 $ 338,248 $ 334,832 $ 306,440 Less: Average Preferred Stock 0 0 0 0 0 28,872 69,141 69,141 42,053 Average TCE (Non-GAAP) (b)$ 236,790 $ 239,448 $ 243,185 $ 251,477 $ 259,367 $ 263,263 $ 269,107 $ 265,691 $ 264,387 Net Income (c)$ 8,560 $ 9,844 $ 11,023 $ 10,676 $ 10,240 $ 9,092 $ 6,953 $ 8,702 $ 34,987 ROAE (1) (c)/(a) 14.66% 16.49% 17.98% 16.84% 16.01% 12.48% 8.16% 10.31% 11.42% ROATCE (Non-GAAP)(1) (c)/(b) 14.66% 16.49% 17.98% 16.84% 16.01% 13.85% 10.25% 12.99% 13.23% The following table reconciles TCE per share and TCE to total assets to their most comparable GAAP measures: ($ in thousands, except per share data) 03/31/21 06/30/21 09/30/21 12/31/21 03/31/22 06/30/22 09/30/22 12/31/22 Total Shareholders' Equity (a) $ 240,263 $ 238,941 $ 247,598 $ 256,286 $ 261,058 $ 334,375 $ 332,719 $ 335,442 Less: Preferred Stock 0 0 0 0 0 69,141 69,141 69,141 TCE (Non-GAAP) (b) $ 240,263 $ 238,941 $ 247,598 $ 256,286 $ 261,058 $ 265,234 $ 263,578 $ 266,301 Outstanding Shares (c) 15,468,242 14,854,315 14,841,626 14,865,825 14,944,663 14,956,760 14,853,140 14,625,474 Book Value Per Share (a)/(c) $ 15.53 $ 16.09 $ 16.68 $ 17.24 $ 17.47 $ 22.36 $ 22.40 $ 22.94 TCE Per Share (Non-GAAP) (b)/(c) $ 15.53 $ 16.09 $ 16.68 $ 17.24 $ 17.47 $ 17.73 $ 17.75 $ 18.21 Total Assets (d) $ 2,050,672 $ 2,060,003 $ 2,104,699 $ 2,149,735 $ 2,199,742 $ 2,344,560 $ 2,327,051 $ 2,420,036 Total Shareholders’ Equity to Total Assets (a)/(d) 11.72% 11.60% 11.76% 11.92% 11.87% 14.26% 14.30% 13.86% TCE to Total Assets (Non-GAAP) (b)/(d) 11.72% 11.60% 11.76% 11.92% 11.87% 11.31% 11.33% 11.00% 28

Document

Exhibit 99.3

pcbbancorp.jpg

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

Los Angeles, California - January 26, 2023 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank, announced that on January 26, 2023, its Board of Directors declared a quarterly cash dividend of $0.15 per common share. The dividend will be paid on or about February 17, 2023, to shareholders of record as of the close of business on February 10, 2023.

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.

Contact:

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000

1

Document

Exhibit 99.4

pcbbancorpb.jpg

PCB Bancorp Announces Amendment to Stock Repurchase Plan

Los Angeles, California - January 26, 2023 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank, announced that on January 26, 2023, its Board of Directors approved an amendment (the “Repurchase Program Amendment”) to its current repurchase program that was approved and announced on July 28, 2022. The original repurchase program authorized 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 Repurchase Program Amendment extends the expiration date from February 1, 2023 to February 1, 2024. As of January 26, 2023, the Company repurchased and retired 416,275 shares of its common stock, leaving an aggregate of 331,663 shares in authorized repurchase authority that is the subject of the Repurchase Program Amendment.

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

As part of the stock repurchase program, the Company intends to enter into a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The 10b5-1 trading plan would permit common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan will be administered by an independent broker and will be subject to price, market volume and timing restrictions.

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

1

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