8-K

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 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 January 27, 2022, PCB Bancorp, a California corporation (the “Company”), issued a press release concerning its unaudited results for the fourth quarter of 2021. 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 27, 2022, the Company issued a press release announcing that on January 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 February 18, 2022, to shareholders of record as of the close of business on February 11, 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 January 27, 2022, concerning the result of operations and financial condition for the fourth quarter of 2021

99.2    Investor presentation of PCB Bancorp concerning the unaudited results for the fourth quarter of 2021

99.3    Press release of PCB Bancorp, issued January 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, issuedJanuary27, 2021, concerning the results of operations and financial condition for thefourthquarter of 2021
99.2	Investor presentation of PCB Bancorp concerning the unaudited results for the fourth quarter of 2021
99.3	Press release of PCB Bancorp, issuedJanuary27, 2021, 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:	January 27, 2022	/s/ Timothy Chang
		Timothy Chang
		Executive Vice President and Chief Financial Officer

4

Document

Exhibit 99.1

PCB Bancorp Reports Earnings of $10.7 million for Q4 2021 and $40.1 million for 2021

Los Angeles, California - January 27, 2022 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of Pacific City Bank (the “Bank”), today reported net income of $10.7 million, or $0.70 per diluted common share, for the fourth quarter of 2021, compared with $11.0 million, or $0.73 per diluted common share, for the previous quarter and $5.8 million, or $0.38 per diluted common share, for the year-ago quarter. For 2021, net income was $40.1 million, or $2.62 per diluted common share, compared with $16.2 million, or $1.04 per diluted common share, for the previous year.

Q4 2021 and Full Year Highlights

•Net income totaled $10.7 million, or $0.70 per diluted common share, for the current quarter and $40.1 million, or $2.62 per diluted common share, for the current year;

◦The Company recorded a provision (reversal) for loan losses of $(1.5) million for the current quarter compared with $(1.1) million for the previous quarter and $2.1 million for the year-ago quarter. For the current year, provision (reversal) for loan losses was $(4.6) million compared with $13.2 million for the previous year.

◦Allowance for loan losses to loans held-for-investment(1) ratio was 1.29% at December 31, 2021 compared with 1.39% at September 30, 2021 and 1.67% at December 31, 2020. Adjusted allowance for loan losses to loans held-for-investment ratio(2) was 1.34% at December 31, 2021 compared with 1.48% at September 30, 2021 and 1.83% at December 31, 2020.

◦Net interest income was $20.1 million for the current quarter compared with $20.2 million for the previous quarter and $17.4 million for the year-ago quarter. Net interest margin was 3.87% for the current quarter compared with 3.93% for the previous quarter and 3.64% for the year-ago quarter. For the current year, net interest income and net interest margin were $77.1 million and 3.83%, respectively, compared with $66.2 million and 3.53%, respectively, for the previous year.

◦Gain on sale of loans was $3.4 million for the current quarter compared with $4.3 million for the previous quarter and $3.5 million for the year-ago quarter. For the current year, gain on sale of loans was $12.9 million compared with $6.5 million for the previous year.

•Total assets were $2.15 billion at December 31, 2021, an increase of $45.0 million, or 2.1%, from $2.10 billion at September 30, 2021 and an increase of $226.9 million, or 11.8%, from $1.92 billion at December 31, 2020;

•Loans held-for-investment were $1.73 billion at December 31, 2021, an increase of $24.3 million, or 1.4%, from $1.71 billion at September 30, 2021 and an increase of $148.6 million, or 9.4%, from $1.58 billion at December 31, 2020;

◦SBA PPP loans totaled $65.3 million, $101.9 million and $135.7 million at December 31, 2021, September 30, 2021 and December 31, 2020, respectively.

◦The Company had no loans under modified terms related to COVID-19 at December 31, 2021 and September 30, 2021. Loans under modified terms related to the COVID-19 pandemic totaled $36.1 million at December 31, 2020.

•Total deposits were $1.87 billion at December 31, 2021, an increase of $34.5 million, or 1.9%, from $1.83 billion at September 30, 2021 and an increase of $272.3 million, or 17.1%, from $1.59 billion at December 31, 2020; and

•Bank-owned life insurance (“BOLI”) of $29.3 million was purchased during the current quarter.

---

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

(2)     Adjusted allowance for loan losses 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.

Exhibit 99.1

Henry Kim, President and Chief Executive Officer, commented, "We are pleased to announce another tremendous quarter with net income of $10.7 million for the fourth quarter of 2021 and record net income of $40.1 million for the year. Excluding SBA PPP loans, our loans held-for-investment increased $60.9 million, or 15.2% annualized, to $1.67 billion at December 31, 2021 compared with $1.61 billion at September 30, 2021. In addition to such record performances, we managed to improve our outstanding credit quality by reducing the non-performing loans to loans held-for-investment ratio to 0.06% and classified assets to total assets ratio to 0.24%.”

“We continue to maintain an exceptional deposit mix consisting of over 44% in noninterest-bearing demand deposits and over 20% in retail money market accounts. In addition to our terrific organic loan growth and deposit mix, we managed to hold our net interest margin and efficiency ratio at 3.87% and 44.8% for the fourth quarter of 2021 and 3.83% and 45.2% for the year, respectively.”

Mr. Kim continued, “As we look ahead, we believe we are on a strong position to deliver another year of solid financial performance, and to carry out our organic growth and strategic expansions. We will remain disciplined in our approach to increase the franchise value and to benefit our shareholders’ return.”

Financial Highlights (Unaudited)

( in thousands, except per share data)	Three Months Ended																		Year Ended
				9/30/2021				% Change			12/31/2020				% Change			12/31/2021				12/31/2020				% Change
Net income	$	10,676			$	11,023			(3.1)	%		$	5,787			84.5	%		$	40,103			$	16,175			147.9	%
Diluted earnings per common share	$	0.70			$	0.73			(4.1)	%		$	0.38			84.2	%		$	2.62			$	1.04			151.9	%
Net interest income	$	20,095			$	20,227			(0.7)	%		$	17,407			15.4	%		$	77,137			$	66,189			16.5	%
Provision (reversal) for loan losses	(1,462)				(1,053)				38.8	%		2,142				(168.3)	%		(4,596)				13,219				(134.8)	%
Noninterest income	4,838				5,588				(13.4)	%		4,524				6.9	%		18,434				11,740				57.0	%
Noninterest expense	11,168				11,232				(0.6)	%		11,550				(3.3)	%		43,208				41,699				3.6	%
Return on average assets (1)	2.01		%		2.11		%					1.19		%					1.96		%		0.84		%
Return on average shareholders’ equity (1), (2)	16.84		%		17.98		%					9.92		%					16.52		%		7.08		%
Net interest margin (1)	3.87		%		3.93		%					3.64		%					3.83		%		3.53		%
Efficiency ratio (3)	44.79		%		43.51		%					52.67		%					45.21		%		53.51		%

All values are in US Dollars.

($ in thousands, except per share data)	12/31/2021			9/30/2021			% Change		12/31/2020			% Change
Total assets	$	2,149,735		$	2,104,699		2.1	%	$	1,922,853		11.8	%
Net loans held-for-investment	1,709,824			1,684,071			1.5	%	1,557,068			9.8	%
Total deposits	1,867,134			1,832,666			1.9	%	1,594,851			17.1	%
Book value per common share (2), (4)	$	17.24		$	16.68		3.4	%	$	15.19		13.5	%
Tier 1 leverage ratio (consolidated)	12.11		%	11.91		%			11.94		%
Total shareholders’ equity to total assets (2)	11.92		%	11.76		%			12.16		%

(1)Ratios are presented on an annualized basis.

(2)The Company did not have any intangible equity components for the presented periods.

(3)The ratios are 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.

COVID-19 Pandemic

The ongoing COVID-19 pandemic, and governmental and societal responses thereto, have had a severe impact on global economic and market conditions. The U.S. government has enacted a number of monetary and fiscal policies to provide fiscal stimulus and relief in order to mitigate the impact of the COVID-19 pandemic. However, the COVID-19 pandemic continues to be a challenge to public health, including the emergence of new variants, and impact global economic and market conditions, including global supply chain disruptions and high inflation.

Since the beginning of the crisis, the Company has taken a number of steps to protect the safety of its employees and to support its customers. The Company has enabled its staff to work remotely and established safety measures within its bank premises and branches for both employees and customers. In order to support its customers, the Company has been in close contact with them, assessing the level of impact on their businesses, and putting a process in place to evaluate each client’s specific situation and provide relief programs where appropriate, including SBA PPP loans and loan modifications related to the COVID-19 pandemic.

In addition, the Company has been monitoring its liquidity and capital closely. As of December 31, 2021, the Company maintained $203.3 million, or 9.5% of total assets, of cash and cash equivalents and $610.4 million, or 28.4% of total assets, of available borrowing capacity. All regulatory capital ratios were also well above the regulatory well-capitalized requirements as of December 31, 2021.

At this time, the Company cannot estimate the long term impact of the COVID-19 pandemic, but these conditions are expected to continue to impact its business, results of operations, and financial condition negatively.

Network and Data Incident

On August 30, 2021, the Bank identified unusual activity on its network. The Bank responded promptly to disable the activity, investigate its source and monitor the Bank’s network. The Bank subsequently became aware of claims that it had been the target of a ransomware attack. On September 7, 2021, the Bank determined that an external actor had illegally accessed and/or acquired certain data on its network. The Bank has been working with third-party forensic investigators to understand the nature and scope of the incident and determine what information may have been accessed and/or acquired and who may have been impacted. The investigation revealed that this incident impacted certain files containing certain Bank customer information. Some of these files contained documents related to loan applications, such as tax returns, Form W-2 information of their employees, and payroll records. The Bank has notified all individuals identified as impacted, consistent with applicable laws. All impacted individuals were offered free Equifax Complete Premier credit monitoring and identify theft protection services. The Bank has notified law enforcement and appropriate authorities of the incident.

On December 16, 2021, a complaint based on the incident was filed in the Los Angeles County Superior Court seeking damages, injunctive relief, and equitable relief. The Bank expresses no opinion on the merits of the Matter and intends to answer, respond, and/or otherwise vigorously defend itself from the claims and causes of action asserted in the complaint to the fullest extent permitted by applicable law. Those defenses will be based in part on the fact that the Bank has implemented security procedures, practices, and a robust information security program pursuant to guidance from financial regulators.

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)	12/31/2021			9/30/2021			% Change		12/31/2020			% Change		12/31/2021			12/31/2020			% Change
Interest income/expense on
Loans	$	20,363		$	20,537		(0.8)	%	$	18,929		7.6	%	$	79,155		$	76,546		3.4	%
Investment securities	441			437			0.9	%	429			2.8	%	1,613			2,127			(24.2)	%
Other interest-earning assets	191			194			(1.5)	%	150			27.3	%	704			1,088			(35.3)	%
Total interest-earning assets	20,995			21,168			(0.8)	%	19,508			7.6	%	81,472			79,761			2.1	%
Interest-bearing deposits	847			885			(4.3)	%	1,958			(56.7)	%	4,043			12,958			(68.8)	%
Borrowings	53			56			(5.4)	%	143			(62.9)	%	292			614			(52.4)	%
Total interest-bearing liabilities	900			941			(4.4)	%	2,101			(57.2)	%	4,335			13,572			(68.1)	%
Net interest income	$	20,095		$	20,227		(0.7)	%	$	17,407		15.4	%	$	77,137		$	66,189		16.5	%
Average balance of
Loans	$	1,758,421		$	1,715,106		2.5	%	$	1,592,705		10.4	%	$	1,702,073		$	1,541,740		10.4	%
Investment securities	128,650			136,874			(6.0)	%	123,785			3.9	%	130,437			122,726			6.3	%
Other interest-earning assets	175,468			188,137			(6.7)	%	187,592			(6.5)	%	179,353			213,124			(15.8)	%
Total interest-earning assets	$	2,062,539		$	2,040,117		1.1	%	$	1,904,082		8.3	%	$	2,011,863		$	1,877,590		7.2	%
Interest-bearing deposits	$	1,008,027		$	1,000,332		0.8	%	$	1,050,369		(4.0)	%	$	1,022,099		$	1,088,164		(6.1)	%
Borrowings	13,315			18,152			(26.6)	%	91,467			(85.4)	%	31,302			94,319			(66.8)	%
Total interest-bearing liabilities	$	1,021,342		$	1,018,484		0.3	%	$	1,141,836		(10.6)	%	$	1,053,401		$	1,182,483		(10.9)	%
Total funding (1)	$	1,845,846		$	1,812,649		1.8	%	$	1,691,758		9.1	%	$	1,790,617		$	1,669,303		7.3	%
Annualized average yield/cost of
Loans	4.59		%	4.75		%			4.73		%			4.65		%	4.96		%
Investment securities	1.36		%	1.27		%			1.38		%			1.24		%	1.73		%
Other interest-earning assets	0.43		%	0.41		%			0.32		%			0.39		%	0.51		%
Total interest-earning assets	4.04		%	4.12		%			4.08		%			4.05		%	4.25		%
Interest-bearing deposits	0.33		%	0.35		%			0.74		%			0.40		%	1.19		%
Borrowings	1.58		%	1.22		%			0.62		%			0.93		%	0.65		%
Total interest-bearing liabilities	0.35		%	0.37		%			0.73		%			0.41		%	1.15		%
Net interest margin	3.87		%	3.93		%			3.64		%			3.83		%	3.53		%
Cost of total funding (1)	0.19		%	0.21		%			0.49		%			0.24		%	0.81		%
Supplementary information
Net accretion of discount on loans	$	815		$	932		(12.6)	%	$	991		(17.8)	%	$	3,504		$	3,292		6.4	%
Net amortization of deferred loan fees	$	1,434		$	1,983		(27.7)	%	$	913		57.1	%	$	6,096		$	2,901		110.1	%

(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 decrease in average yield for the current quarter compared with the previous quarter was primarily due to a decrease in net deferred loan fee amortization from a lower volume of SBA PPP loans forgiven and a decrease in net accretion of discount on loans attributed to a decrease in loan payoffs. The decreases in average yield for the current quarter and year compared with the same periods of 2020 were primarily due to a decrease in overall interest rates on loans from lower market rates, partially offset by increases in net accretion of discount on loans and net amortization of deferred loan fees.

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

	12/31/2021				9/30/2021				12/31/2020
	% to Total Loans		Weighted-Average Contractual Rate		% to Total Loans		Weighted-Average Contractual Rate		% to Total Loans		Weighted-Average Contractual Rate
Fixed rate loans	28.4	%	3.98	%	29.9	%	3.86	%	31.7	%	3.86	%
Hybrid rate loans	29.1	%	4.16	%	26.4	%	4.28	%	20.8	%	4.82	%
Variable rate loans	42.5	%	3.95	%	43.7	%	3.96	%	47.5	%	4.06	%

Investment Securities. The increase in average yield for the current quarter compared with the previous quarter was primarily due to a decrease in net amortization of premiums on mortgage-backed securities and collateralized mortgage obligations. The decreases in average yield for the current quarter and year compared with the same periods of 2020 were primarily due to new investment securities purchased at lower market rates.

Other Interest-Earning Assets. The increase in average yield for the current quarter compared with the previous and year-ago quarters was primarily due to an increase in dividend income on Federal Home Loan Bank (“FHLB”) stock. The decrease in average yield for the current year compared with the previous year was primarily due to lower market rates, partially offset by an increase in dividend income on FHLB stock. The decreases in average balance for the current quarter and year were primarily due to an increase in loans and a purchase of BOLI, partially offset by an increase in deposits. The Company maintains most of its cash at the Federal Reserve Bank account. For additional detail, please see the discussion in “Loans” and “Deposits” under the “Balance Sheet” discussion.

Interest-Bearing Deposits. The decreases in average cost for the current quarter and year were primarily due to the decreases in market rates.

Borrowings. The increases in average cost for the current quarter and year compared with the same periods of 2020 were primarily due to matured borrowings with lower interest rates during the current year. Matured FHLB advances totaled $70.0 million with a weighted-average rate of 0.47% for the current year. At December 31, 2021, the Company had a term FHLB advance of $10.0 million with an interest rate of 2.07% that matures on June 29, 2022.

Provision (reversal) for Loan Losses

Provision (reversal) for loan losses was $(1.5) million for the current quarter compared with $(1.1) million for the previous quarter and $2.1 million for the year-ago quarter. For the current and previous years, provision (reversal) for loan losses was $(4.6) million and $13.2 million, respectively. The reversal for the current quarter was primarily due to a decrease in qualitative adjustment factor allocations related to economic implications of the COVID-19 pandemic. The Company recorded net charge-offs (recoveries) of $(36) thousand for the current quarter compared with $30 thousand for the previous quarter and $178 thousand for the year-ago quarter. For the current and previous years, net charge-offs (recoveries) were $(467) thousand and $1.1 million, respectively.

Adjusted allowance for loan losses to loans held-for-investment ratio(1) was 1.34%, 1.48%, and 1.83% at December 31, 2021, September 30, 2021, and December 31, 2020, respectively.

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(1)     Adjusted allowance for loan losses 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)	12/31/2021		9/30/2021		% Change		12/31/2020		% Change		12/31/2021		12/31/2020		% Change
Gain on sale of loans	$	3,374	$	4,269	(21.0)	%	$	3,483	(3.1)	%	$	12,932	$	6,527	98.1	%
Service charges and fees on deposits	308		292		5.5	%	311		(1.0)	%	1,195		1,256		(4.9)	%
Loan servicing income	688		655		5.0	%	398		72.9	%	2,770		2,710		2.2	%
Bank-owned life insurance income	108		—		NM		—		NM		108		—		NM
Other income	360		372		(3.2)	%	332		8.4	%	1,429		1,247		14.6	%
Total noninterest income	$	4,838	$	5,588	(13.4)	%	$	4,524	6.9	%	$	18,434	$	11,740	57.0	%

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)	12/31/2021		9/30/2021		% Change		12/31/2020		% Change		12/31/2021		12/31/2020		% Change
Gain on sale of SBA loans
Sold loan balance	$	36,765	$	45,048	(18.4)	%	$	42,413	(13.3)	%	$	126,839	$	89,776	41.3	%
Premium received	3,683		4,879		(24.5)	%	4,441		(17.1)	%	14,043		8,456		66.1	%
Gain recognized	3,363		4,263		(21.1)	%	3,197		5.2	%	12,775		6,038		111.6	%
Gain on sale of residential property loans
Sold loan balance	$	559	$	301	85.7	%	$	27,139	(97.9)	%	$	10,382	$	51,921	(80.0)	%
Gain recognized	9		2		350.0	%	286		(96.9)	%	151		489		(69.1)	%

The Company also sold certain commercial property loans of $3.4 million and $8.6 million during the current quarter and 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)	12/31/2021		9/30/2021		% Change		12/31/2020		% Change		12/31/2021		12/31/2020		% Change
Loan servicing income
Servicing income received	$	1,202	$	1,180	1.9	%	$	961	25.1	%	$	4,779	$	4,657	2.6	%
Servicing assets amortization	(514)		(525)		(2.1)	%	(563)		(8.7)	%	(2,009)		(1,947)		3.2	%
Loan servicing income	$	688	$	655	5.0	%	$	398	72.9	%	$	2,770	$	2,710	2.2	%
Underlying loans at end of period	$	519,706	$	511,930	1.5	%	$	498,795	4.2	%	$	519,706	$	498,795	4.2	%

The Company services SBA loans and certain residential property loans that are sold to the secondary market. The increases for the current quarter compared with the previous and year-ago quarters were primarily due to a decrease in servicing asset amortization from a decrease in loan payoffs and an increase in servicing income received. The increase for the current year compared with the previous year was primarily due to an increase in servicing income received, partially offset by an increase in servicing asset amortization from an increase in loan payoffs.

Noninterest Expense

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

	Three Months Ended										Year Ended
($ in thousands)	12/31/2021		9/30/2021		% Change		12/31/2020		% Change		12/31/2021		12/31/2020		% Change
Salaries and employee benefits	$	7,061	$	7,606	(7.2)	%	$	7,397	(4.5)	%	$	27,974	$	26,147	7.0	%
Occupancy and equipment	1,417		1,399		1.3	%	1,424		(0.5)	%	5,575		5,620		(0.8)	%
Professional fees	585		422		38.6	%	625		(6.4)	%	2,159		2,256		(4.3)	%
Marketing and business promotion	586		416		40.9	%	440		33.2	%	1,656		1,360		21.8	%
Data processing	408		391		4.3	%	375		8.8	%	1,572		1,472		6.8	%
Director fees and expenses	161		144		11.8	%	146		10.3	%	594		599		(0.8)	%
Regulatory assessments	138		12		1,050.0	%	250		(44.8)	%	537		978		(45.1)	%
Other expenses	812		842		(3.6)	%	893		(9.1)	%	3,141		3,267		(3.9)	%
Total noninterest expense	$	11,168	$	11,232	(0.6)	%	$	11,550	(3.3)	%	$	43,208	$	41,699	3.6	%

Salaries and Employee Benefits. The decrease for the current quarter compared to the previous quarter was primarily due to a decrease in incentives tied to the sales of Loan Production Offices (“LPO”) originated SBA loans and the incentive paid during the previous quarter for SBA PPP loan production. The increase for the current year compared with the previous year was primarily due to increases in wages, bonus accrual, and increases in incentives for LPO originated SBA loan sales, partially offset by decreases in vacation and stock compensation expense.

Professional Fees. The decrease for the current year compared with the previous year was primarily due to decreases in expenses related to the Bank’s Bank Secrecy Act and Anti-Money Laundering compliance enhancements, partially offset by an increase in audit fees.

Marketing and Business Promotion. The increase for the current quarter compared with the previous quarter was primarily due to the year-end promotion. The increases for the current quarter and year compared with the same periods of 2020 were primarily due to more marketing activities and advertisement for the current quarter and year.

Regulatory Assessments. The increase for the current quarter compared with the previous quarter was primarily due to an prior-period adjustment made during the previous quarter for the assessment rate decrease. The decreases for the current quarter and year compared with the same periods of 2020 were primarily due to a decrease in assessment rate, partially offset by an increase in balance sheet.

Balance Sheet (Unaudited)

Total assets were $2.15 billion at December 31, 2021, an increase of $45.0 million, or 2.1%, from $2.10 billion at September 30, 2021 and an increase of $226.9 million, or 11.8%, from $1.92 billion at December 31, 2020. The increase for the current quarter was primarily due to increases in loans held-for-sale and net loans held-for-investment, and the purchase of BOLI, partially offset by decreases in cash and cash equivalents and investment securities. The increase for the current year was primarily due to increases in loans held-for-investment, loans-held-for-sale, investment securities, and cash and cash equivalents, as well as the purchase of BOLI.

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)	12/31/2021		9/30/2021		% Change		12/31/2020		% Change
Real estate loans
Commercial property	$	1,105,843	$	1,054,351	4.9	%	$	880,736	25.6	%
Residential property	209,485		201,635		3.9	%	198,431		5.6	%
SBA property	129,661		127,845		1.4	%	126,570		2.4	%
Construction	8,252		6,572		25.6	%	15,199		(45.7)	%
Commercial and industrial loans
Commercial term	73,438		74,390		(1.3)	%	87,250		(15.8)	%
Commercial lines of credit	100,936		101,456		(0.5)	%	96,087		5.0	%
SBA commercial term	17,640		18,338		(3.8)	%	21,878		(19.4)	%
SBA PPP	65,329		101,901		(35.9)	%	135,654		(51.8)	%
Other consumer loans	21,621		21,390		1.1	%	21,773		(0.7)	%
Loans held-for-investment	1,732,205		1,707,878		1.4	%	1,583,578		9.4	%
Loans held-for-sale	37,026		29,020		27.6	%	1,979		1,770.9	%
Total loans	$	1,769,231	$	1,736,898	1.9	%	$	1,585,557	11.6	%

The increase in loans held-for-investment for the current quarter was primarily due to new funding of $120.8 million and advances on lines of credit of $30.0 million, partially offset by pay-downs and pay-offs of $123.1 million. The increase for the current year was primarily due to new funding of $619.7 million and advances on lines of credit of $118.9 million, partially offset by pay-downs and pay-offs of $581.0 million. SBA PPP loans of $37.9 million and $182.7 million were paid off through regular payments or forgiveness from SBA, and related unamortized net deferred fees were recognized through interest income, during the current quarter and year.

The increase in loans held-for-sale for the current quarter was primarily due to new funding of $45.4 million, partially offset by sales of $40.7 million. The increase for the current year was primarily due to new funding of $172.2 million, partially offset by sales of $145.8 million.

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

($ in thousands)	12/31/2021		9/30/2021		% Change		12/31/2020		% Change
Real estate loans
Commercial property	$	20,194	$	17,873	13.0	%	$	21,016	(3.9)	%
SBA property	3,068		4,747		(35.4)	%	540		468.1	%
Construction	5,180		9,478		(45.3)	%	13,986		(63.0)	%
Commercial and industrial loans
Commercial term	1,097		1,455		(24.6)	%	1,000		9.7	%
Commercial lines of credit	169,000		156,411		8.0	%	156,870		7.7	%
SBA commercial term	149		245		(39.2)	%	—		—	%
Other consumer loans	595		130		357.7	%	84		608.3	%
Total commitments to extend credit	$	199,283	$	190,339	4.7	%	$	193,496	3.0	%

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)	12/31/2021			9/30/2021			% Change		12/31/2020			% Change
Nonaccrual loans
Real estate loans
Commercial property	$	—		$	—		—	%	$	524		(100.0)	%
Residential property	—			—			—	%	189			(100.0)	%
SBA property	746			766			(2.6)	%	885			(15.7)	%
Commercial and industrial loans
Commercial lines of credit	—			—			—	%	904			(100.0)	%
SBA commercial term	213			314			(32.2)	%	595			(64.2)	%
Other consumer loans	35			33			6.1	%	66			(47.0)	%
Total nonaccrual loans held-for-investment	994			1,113			(10.7)	%	3,163			(68.6)	%
Loans past due 90 days or more and still accruing	—			3			(100.0)	%	—			—	%
Non-performing loans (“NPLs”)	994			1,116			(10.9)	%	3,163			(68.6)	%
Other real estate owned (“OREO”)	—			—			—	%	1,401			(100.0)	%
Non-performing assets (“NPAs”)	$	994		$	1,116		(10.9)	%	$	4,564		(78.2)	%
Loans past due and still accruing
Past due 30 to 59 days	$	549		$	292		88.0	%	$	302		81.8	%
Past due 60 to 89 days	5			—			—	%	36			(86.1)	%
Past due 90 days or more	—			3			(100.0)	%	—			—	%
Total loans past due and still accruing	$	554		$	295		87.8	%	338			63.9	%
Troubled debt restructurings (“TDRs”)
Accruing TDRs	$	576		$	589		(2.2)	%	$	634		(9.1)	%
Nonaccrual TDRs	17			26			(34.6)	%	5			240.0	%
Total TDRs	$	593		$	615		(3.6)	%	$	639		(7.2)	%
Special mention loans	$	18,092		$	17,315		4.5	%	$	16,461		9.9	%
Classified assets
Classified loans	$	5,168		$	5,345		(3.3)	%	$	10,130		(49.0)	%
OREO	—			—			—	%	1,401			(100.0)	%
Classified assets	$	5,168		$	5,345		(3.3)	%	$	11,531		(55.2)	%
NPLs to loans held-for-investment	0.06		%	0.07		%			0.20		%
NPAs to total assets	0.05		%	0.05		%			0.24		%
Classified assets to total assets	0.24		%	0.25		%			0.60		%

Loan Modifications Related to the COVID-19 Pandemic

The Company provided modifications, including interest only payments or payment deferrals, to customers that were adversely affected by the COVID-19 pandemic. The loan modifications met all criteria under the Coronavirus Aid, Relief, and Economic Security Act. Therefore, the modified loans were not considered TDRs. As of December 31, 2021 and September 30, 2021, the Company had no loans under modified terms related to the COVID-19 pandemic. Total loans under modified terms related to the COVID-19 pandemic totaled $36.1 million at December 31, 2020.

The Company had classified the loans that were granted modifications related to the COVID-19 pandemic in excess of 6 months on a cumulative basis as special mention or classified. Special mention and classified loans included $15.6 million and $2.7 million, respectively, at December 31, 2021, $15.6 million and $2.7 million, respectively, at September 30, 2021, and $14.9 million and $4.2 million, respectively, at December 31, 2020, of the loans that were granted such modifications.

Investment Securities

Total investment securities were $123.2 million at December 31, 2021, a decrease of $9.9 million, or 7.4%, from $133.1 million at September 30, 2021, but an increase of $2.7 million, or 2.2%, from $120.5 million at December 31, 2020. The decrease for the current quarter was primarily due to principal pay-downs and calls of $8.9 million and net premium amortization of $192 thousand. The increase in investment securities for the current year was primarily due to purchases of $47.3 million, partially offset by principal pay-downs and calls of $41.1 million and net premium amortization of $1.0 million.

Deposits

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

	12/31/2021				9/30/2021				12/31/2020
($ in thousands)	Amount		% to Total		Amount		% to Total		Amount		% to Total
Noninterest-bearing demand deposits	$	830,383	44.5	%	$	832,240	45.4	%	$	538,009	33.7	%
Interest-bearing deposits
Savings	16,299		0.9	%	13,294		0.7	%	10,481		0.7	%
NOW	20,185		1.1	%	20,461		1.1	%	21,604		1.4	%
Retail money market accounts	386,041		20.5	%	376,333		20.5	%	351,739		22.0	%
Brokered money market accounts	1		0.1	%	4		0.1	%	25,002		1.6	%
Retail time deposits of
$250,000 or less	256,956		13.8	%	262,207		14.3	%	299,431		18.7	%
More than $250,000	172,269		9.2	%	163,127		8.9	%	168,683		10.6	%
Time deposits from internet rate service providers	—		—	%	—		—	%	24,902		1.6	%
State and brokered time deposits	185,000		9.9	%	165,000		9.0	%	155,000		9.7	%
Total interest-bearing deposits	1,036,751		55.5	%	1,000,426		54.6	%	1,056,842		66.3	%
Total deposits	$	1,867,134	100.0	%	$	1,832,666	100.0	%	$	1,594,851	100.0	%

The increase in noninterest-bearing demand deposits for the current year was primarily due to the overall liquid deposit market. During the current year, a total of $93.9 million of SBA PPP loans were funded through the Bank’s noninterest-bearing demand deposits and deposit customers also received $201.1 million of SBA Economic Injury Disaster Loans and SBA Revitalization Funds.

The increase in retail time deposits for the current quarter was primarily due to new accounts of $25.2 million, renewals of the matured accounts of $100.2 million, and balance increases of $4.1 million, partially offset by matured and closed accounts of $125.6 million. The decrease for the current year was primarily due to matured and closed accounts of $583.2 million, partially offset by new accounts of $101.6 million, renewals of the matured accounts of $428.8 million, and balance increases of $13.9 million.

Liquidity

The following table presents a summary of the Company’s liquidity position as of December 31, 2021:

($ in thousands)	12/31/2021
Cash and cash equivalents	$	203,285
Cash and cash equivalents to total assets	9.5		%
Available borrowing capacity
FHLB advances	$	516,158
Federal Reserve Discount Window	29,198
Overnight federal funds lines	65,000
Total	$	610,356
Total available borrowing capacity to total assets	28.4		%

Shareholders’ Equity

Shareholders’ equity was $256.3 million at December 31, 2021, an increase of $8.7 million, or 3.5%, from $247.6 million at September 30, 2021 and an increase of $22.5 million, or 9.6%, from $233.8 million at December 31, 2020. The increase for the current quarter was primarily due to net income, partially offset by cash dividends declared on common stock of $1.8 million and a decrease in accumulated other comprehensive income. The increase for the current year was primarily due to net income, partially offset by repurchases of common stock of $10.9 million, cash dividends declared on common stock of $6.7 million and a decrease in accumulated other comprehensive income.

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.

Emergency Capital Investment Program

On December 14, 2021, the U.S. Department of Treasury (the “Treasury”) informed the Company that the Treasury has reviewed the Company’s application to receive a capital investment from the Treasury under the Emergency Capital Investment Program (“ECIP”), and that the Company would be eligible to receive an ECIP investment in an amount up to $69,141,000 in the form of non-dilutive Tier 1 senior perpetual preferred capital. The Company has not yet determined whether it will accept the offer to receive the ECIP investment.

If the Company moves forward with pursuing the ECIP investment from the Treasury, the Company would be required to fulfill certain conditions established by the Treasury and would be subject to certain restrictions following its acceptance of the investment.

Established by the Consolidated Appropriations Act, 2021, the ECIP was created to encourage low- and moderate-income community financial institutions and minority depository institutions such as the Bank to augment their efforts to support small businesses and consumers in their communities.

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 dates indicated:

	12/31/2021		9/30/2021		12/31/2020		Well Capitalized Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)	14.79	%	15.07	%	15.97	%	N/A
Total capital (to risk-weighted assets)	16.04	%	16.32	%	17.22	%	N/A
Tier 1 capital (to risk-weighted assets)	14.79	%	15.07	%	15.97	%	N/A
Tier 1 capital (to average assets)	12.11	%	11.91	%	11.94	%	N/A
Pacific City Bank
Common tier 1 capital (to risk-weighted assets)	14.48	%	14.76	%	15.70	%	6.5	%
Total capital (to risk-weighted assets)	15.73	%	16.01	%	16.95	%	10.0	%
Tier 1 capital (to risk-weighted assets)	14.48	%	14.76	%	15.70	%	8.0	%
Tier 1 capital (to average assets)	11.85	%	11.66	%	11.74	%	5.0	%

About PCB Bancorp

PCB Bancorp, formerly known as Pacific City Financial Corporation, is the bank holding company for Pacific City 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 our borrowers’ actual payment performance as loan deferrals related to the COVID-19 pandemic expire, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to the COVID-19 pandemic, including the potential adverse impact of loan modifications and payment deferrals implemented consistent with recent regulatory guidance, and the general economic uncertainty caused by the COVID-19 pandemic, and government and societal responses thereto. 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)

	12/31/2021			9/30/2021			% Change		12/31/2020			% Change
Assets
Cash and due from banks	$	15,222		$	19,688		(22.7)	%	$	19,605		(22.4)	%
Interest-bearing deposits in other financial institutions	188,063			195,285			(3.7)	%	174,493			7.8	%
Total cash and cash equivalents	203,285			214,973			(5.4)	%	194,098			4.7	%
Securities available-for-sale, at fair value	123,198			133,102			(7.4)	%	120,527			2.2	%
Loans held-for-sale	37,026			29,020			27.6	%	1,979			1,770.9	%
Loans held-for-investment	1,732,205			1,707,878			1.4	%	1,583,578			9.4	%
Allowance for loan losses	(22,381)			(23,807)			(6.0)	%	(26,510)			(15.6)	%
Net loans held-for-investment	1,709,824			1,684,071			1.5	%	1,557,068			9.8	%
Premises and equipment, net	3,098			3,306			(6.3)	%	4,048			(23.5)	%
Federal Home Loan Bank and other bank stock	8,577			8,577			—	%	8,447			1.5	%
Other real estate owned, net	—			—			—	%	1,401			(100.0)	%
Bank-owned life insurance	29,358			—			NM		—			NM
Deferred tax assets, net	10,824			7,519			44.0	%	8,120			33.3	%
Servicing assets	7,269			7,009			3.7	%	6,400			13.6	%
Operating lease assets	6,786			7,164			(5.3)	%	7,616			(10.9)	%
Accrued interest receivable	5,368			5,494			(2.3)	%	9,334			(42.5)	%
Other assets	5,122			4,464			14.7	%	3,815			34.3	%
Total assets	$	2,149,735		$	2,104,699		2.1	%	$	1,922,853		11.8	%
Liabilities
Deposits
Noninterest-bearing demand	$	830,383		$	832,240		(0.2)	%	$	538,009		54.3	%
Savings, NOW and money market accounts	422,526			410,092			3.0	%	408,826			3.4	%
Time deposits of $250,000 or less	341,956			327,207			4.5	%	379,333			(9.9)	%
Time deposits of more than $250,000	272,269			263,127			3.5	%	268,683			1.3	%
Total deposits	1,867,134			1,832,666			1.9	%	1,594,851			17.1	%
Federal Home Loan Bank advances	10,000			10,000			—	%	80,000			(87.5)	%
Operating lease liabilities	7,444			7,862			(5.3)	%	8,455			(12.0)	%
Accrued interest payable and other liabilities	8,871			6,573			35.0	%	5,759			54.0	%
Total liabilities	1,893,449			1,857,101			2.0	%	1,689,065			12.1	%
Commitments and contingent liabilities
Shareholders’ equity
Common stock, no par value	154,992			154,618			0.2	%	164,140			(5.6)	%
Retained earnings	101,140			92,248			9.6	%	67,692			49.4	%
Accumulated other comprehensive income, net	154			732			(79.0)	%	1,956			(92.1)	%
Total shareholders’ equity	256,286			247,598			3.5	%	233,788			9.6	%
Total liabilities and shareholders’ equity	$	2,149,735		$	2,104,699		2.1	%	$	1,922,853		11.8	%
Outstanding common shares	14,865,825			14,841,626					15,385,878
Book value per common share (1)	$	17.24		$	16.68				$	15.19
Total loan to total deposit ratio	94.76		%	94.77		%			99.42		%
Noninterest-bearing deposits to total deposits	44.47		%	45.41		%			33.73		%

(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.

PCB Bancorp and Subsidiary

Consolidated Statements of Income (Unaudited)

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

	Three Months Ended													Year Ended
	12/31/2021			9/30/2021			% Change		12/31/2020			% Change		12/31/2021			12/31/2020			% Change
Interest and dividend income
Loans, including fees	$	20,363		$	20,537		(0.8)	%	$	18,929		7.6	%	$	79,155		$	76,546		3.4	%
Investment securities	441			437			0.9	%	429			2.8	%	1,613			2,127			(24.2)	%
Other interest-earning assets	191			194			(1.5)	%	150			27.3	%	704			1,088			(35.3)	%
Total interest income	20,995			21,168			(0.8)	%	19,508			7.6	%	81,472			79,761			2.1	%
Interest expense
Deposits	847			885			(4.3)	%	1,958			(56.7)	%	4,043			12,958			(68.8)	%
Other borrowings	53			56			(5.4)	%	143			(62.9)	%	292			614			(52.4)	%
Total interest expense	900			941			(4.4)	%	2,101			(57.2)	%	4,335			13,572			(68.1)	%
Net interest income	20,095			20,227			(0.7)	%	17,407			15.4	%	77,137			66,189			16.5	%
Provision (reversal) for loan losses	(1,462)			(1,053)			38.8	%	2,142			(168.3)	%	(4,596)			13,219			(134.8)	%
Net interest income after provision (reversal) for loan losses	21,557			21,280			1.3	%	15,265			41.2	%	81,733			52,970			54.3	%
Noninterest income
Gain on sale of loans	3,374			4,269			(21.0)	%	3,483			(3.1)	%	12,932			6,527			98.1	%
Service charges and fees on deposits	308			292			5.5	%	311			(1.0)	%	1,195			1,256			(4.9)	%
Loan servicing income	688			655			5.0	%	398			72.9	%	2,770			2,710			2.2	%
Bank-owned life insurance income	108			—			NM		—			NM		108			—			NM
Other income	360			372			(3.2)	%	332			8.4	%	1,429			1,247			14.6	%
Total noninterest income	4,838			5,588			(13.4)	%	4,524			6.9	%	18,434			11,740			57.0	%
Noninterest expense
Salaries and employee benefits	7,061			7,606			(7.2)	%	7,397			(4.5)	%	27,974			26,147			7.0	%
Occupancy and equipment	1,417			1,399			1.3	%	1,424			(0.5)	%	5,575			5,620			(0.8)	%
Professional fees	585			422			38.6	%	625			(6.4)	%	2,159			2,256			(4.3)	%
Marketing and business promotion	586			416			40.9	%	440			33.2	%	1,656			1,360			21.8	%
Data processing	408			391			4.3	%	375			8.8	%	1,572			1,472			6.8	%
Director fees and expenses	161			144			11.8	%	146			10.3	%	594			599			(0.8)	%
Regulatory assessments	138			12			1,050.0	%	250			(44.8)	%	537			978			(45.1)	%
Other expenses	812			842			(3.6)	%	893			(9.1)	%	3,141			3,267			(3.9)	%
Total noninterest expense	11,168			11,232			(0.6)	%	11,550			(3.3)	%	43,208			41,699			3.6	%
Income before income taxes	15,227			15,636			(2.6)	%	8,239			84.8	%	56,959			23,011			147.5	%
Income tax expense	4,551			4,613			(1.3)	%	2,452			85.6	%	16,856			6,836			146.6	%
Net income	$	10,676		$	11,023		(3.1)	%	$	5,787		84.5	%	$	40,103		$	16,175		147.9	%
Earnings per common share
Basic	$	0.72		$	0.74				$	0.38				$	2.66		$	1.05
Diluted	$	0.70		$	0.73				$	0.38				$	2.62		$	1.04
Average common shares
Basic	14,799,973			14,779,707					15,350,742					15,017,637			15,384,231
Diluted	15,093,351			15,031,558					15,392,355					15,253,820			15,448,892
Dividend paid per common share	$	0.12		$	0.12				$	0.10				$	0.44		$	0.40
Return on average assets (1)	2.01		%	2.11		%			1.19		%			1.96		%	0.84		%
Return on average shareholders’ equity (1), (2)	16.84		%	17.98		%			9.92		%			16.52		%	7.08		%
Efficiency ratio (3)	44.79		%	43.51		%			52.67		%			45.21		%	53.51		%

(1)Ratios are presented on an annualized basis.

(2)The Company did not have any intangible equity components for the presented periods.

(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
	12/31/2021						9/30/2021						12/31/2020
	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)	$	1,758,421	$	20,363	4.59	%	$	1,715,106	$	20,537	4.75	%	$	1,592,705	$	18,929	4.73	%
Mortgage-backed securities	88,501		263		1.18	%	95,908		278		1.15	%	76,787		275		1.42	%
Collateralized mortgage obligation	20,233		53		1.04	%	22,534		57		1.00	%	28,743		60		0.83	%
SBA loan pool securities	9,199		41		1.77	%	10,390		45		1.72	%	12,432		57		1.82	%
Municipal bonds (2)	5,698		37		2.58	%	5,759		36		2.48	%	5,823		37		2.53	%
Corporate bonds	5,019		47		3.72	%	2,283		21		3.65	%	—		—		—	%
Other interest-earning assets	175,468		191		0.43	%	188,137		194		0.41	%	187,592		150		0.32	%
Total interest-earning assets	2,062,539		20,995		4.04	%	2,040,117		21,168		4.12	%	1,904,082		19,508		4.08	%
Noninterest-earning assets
Cash and cash equivalents	20,618						19,915						18,188
Allowance for loan losses	(23,835)						(24,854)						(25,699)
Other assets	52,512						35,187						42,755
Total noninterest-earning assets	49,295						30,248						35,244
Total assets	$	2,111,834					$	2,070,365					$	1,939,326
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	406,343	301		0.29	%	$	387,661	291		0.30	%	$	383,507	327		0.34	%
Savings	14,161		2		0.06	%	12,806		2		0.06	%	11,037		1		0.04	%
Time deposits	587,523		544		0.37	%	599,865		592		0.39	%	655,825		1,630		0.99	%
Total interest-bearing deposits	1,008,027		847		0.33	%	1,000,332		885		0.35	%	1,050,369		1,958		0.74	%
Other borrowings	13,315		53		1.58	%	18,152		56		1.22	%	91,467		143		0.62	%
Total interest-bearing liabilities	1,021,342		900		0.35	%	1,018,484		941		0.37	%	1,141,836		2,101		0.73	%
Noninterest-bearing liabilities
Noninterest-bearing demand	824,504						794,165						549,922
Other liabilities	14,511						14,531						15,412
Total noninterest-bearing liabilities	839,015						808,696						565,334
Total liabilities	1,860,357						1,827,180						1,707,170
Total shareholders’ equity	251,477						243,185						232,156
Total liabilities and shareholders’ equity	$	2,111,834					$	2,070,365					$	1,939,326
Net interest income			$	20,095					$	20,227					$	17,407
Net interest spread (3)					3.69	%					3.75	%					3.35	%
Net interest margin (4)					3.87	%					3.93	%					3.64	%
Total deposits	$	1,832,531	$	847	0.18	%	$	1,794,497	$	885	0.20	%	$	1,600,291	$	1,958	0.49	%
Total funding (5)	$	1,845,846	$	900	0.19	%	$	1,812,649	$	941	0.21	%	$	1,691,758	$	2,101	0.49	%

(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
	12/31/2021						12/31/2020
	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)	$	1,702,073	$	79,155	4.65	%	$	1,541,740	$	76,546	4.96	%
Mortgage-backed securities	89,693		989		1.10	%	68,496		1,260		1.84	%
Collateralized mortgage obligation	22,633		221		0.98	%	35,299		462		1.31	%
SBA loan pool securities	10,515		189		1.80	%	13,120		255		1.94	%
Municipal bonds (2)	5,755		146		2.54	%	5,811		150		2.58	%
Corporate bonds	1,841		68		3.69	%	—		—		—	%
Other interest-earning assets	179,353		704		0.39	%	213,124		1,088		0.51	%
Total interest-earning assets	2,011,863		81,472		4.05	%	1,877,590		79,761		4.25	%
Noninterest-earning assets
Cash and cash equivalents	19,676						17,542
Allowance for loan losses	(25,270)						(19,693)
Other assets	41,187						39,385
Total noninterest-earning assets	35,593						37,234
Total assets	$	2,047,456					$	1,914,824
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	400,446	1,242		0.31	%	$	371,315	2,385		0.64	%
Savings	12,302		6		0.05	%	8,543		9		0.11	%
Time deposits	609,351		2,795		0.46	%	708,306		10,564		1.49	%
Total interest-bearing deposits	1,022,099		4,043		0.40	%	1,088,164		12,958		1.19	%
Other borrowings	31,302		292		0.93	%	94,319		614		0.65	%
Total interest-bearing liabilities	1,053,401		4,335		0.41	%	1,182,483		13,572		1.15	%
Noninterest-bearing liabilities
Noninterest-bearing demand	737,216						486,820
Other liabilities	14,073						16,968
Total noninterest-bearing liabilities	751,289						503,788
Total liabilities	1,804,690						1,686,271
Total shareholders’ equity	242,766						228,553
Total liabilities and shareholders’ equity	$	2,047,456					$	1,914,824
Net interest income			$	77,137					$	66,189
Net interest spread (3)					3.64	%					3.10	%
Net interest margin (4)					3.83	%					3.53	%
Total deposits	$	1,759,315	$	4,043	0.23	%	$	1,574,984	$	12,958	0.82	%
Total funding (5)	$	1,790,617	$	4,335	0.24	%	$	1,669,303	$	13,572	0.81	%

(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 total interest expense divided by average total funding.

(6)Annualized.

PCB Bancorp and Subsidiary

Non-GAAP Measures

($ in thousands)

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

Adjusted allowance for loan losses to loans held-for-investment ratio is calculated by removing SBA PPP loans from loans held-for-investment from the allowance for loan losses 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 for loan losses 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.

		12/31/2021			9/30/2021			12/31/2020
Loans held-for-investment	(a)	$	1,732,205		$	1,707,878		$	1,583,578
Less: SBA PPP loans	(b)	65,329			101,901			135,654
Loans held-for-investment, excluding SBA PPP loans	(c)=(a)-(b)	$	1,666,876		$	1,605,977		$	1,447,924
Allowance for loan losses	(d)	$	22,381		$	23,807		$	26,510
Allowance for loan losses to loans held-for-investment ratio	(d)/(a)	1.29		%	1.39		%	1.67		%
Adjusted allowance for loan losses to loans held-for-investment ratio	(d)/(c)	1.34		%	1.48		%	1.83		%

17

pcbinvestordeckq421a

Earnings Results Fourth Quarter 2021 January 27, 2022

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Safe Harbor Statement your Partner • Choice • Bank | 2 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.

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your Partner • Choice • Bank | 3 Introduction

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Franchise Footprint your Partner • Choice • Bank | 4

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Equity Information your Partner • Choice • Bank | 5(1) Retrospectively adjusted for 10% stock dividend payouts on February 22, 2016 and January 15, 2017 As of January 25, 2021 Ticker PCB Market Cap $341.2 million Price Per Share $22.94 52 Week Range $11.21 - $24.58 Dividend Yield (Dividend Payout Ratio) 2.62% (16.54% 1Q21-4Q21) Number of Shares 14,873,725 $ 0 .0 2 5 $ 0 .0 2 5 $ 0 .0 2 5 $ 0 .0 2 7 $ 0 .0 2 7 $ 0 .0 2 7 $ 0 .0 2 7 $ 0 .0 3 0 $ 0 .0 3 0 $ 0 .0 3 0 $ 0 .0 3 0 $ 0 .0 3 0 $ 0 .0 3 0 $ 0 .0 3 0 $ 0 .0 3 0 $ 0 .0 5 0 $ 0 .0 6 0 $ 0 .0 6 0 $ 0 .0 8 0 $ 0 .1 0 0 $ 0 .1 0 0 $ 0 .1 0 0 $ 0 .1 0 0 $ 0 .1 0 0 $ 0 .1 0 0 $ 0 .1 2 0 $ 0 .1 2 0 $ 0 .1 5 0 0.000 0.020 0.040 0.060 0.080 0.100 0.120 0.140 0.160 0.180 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 67% 20% Historical Quarterly Cash Dividend Per Share (1) (1) 33% 25% Stock Repurchase Announced on April 8, 2021 a repurchase program for the repurchase of up to 5% of outstanding stock, which represented 775,000 shares, through September 7, 2021. Repurchased and retired 680,269 shares of common stock under this program. 20% 25%

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Historical Performance your Partner • Choice • Bank | 6 $1.19 $1.34 $1.45 $1.58 $1.73 0.000 0.200 0.400 0.600 0.800 1.000 1.200 1.400 1.600 1.800 2.000 2017 2018 2019 2020 2021 Held-For-Investment Loans ($bn) $1.25 $1.44 $1.48 $1.59 $1.87 0.000 0.200 0.400 0.600 0.800 1.000 1.200 1.400 1.600 1.800 2.000 2017 2018 2019 2020 2021 Deposits ($bn) $16.4 $24.3 $24.1 $16.2 $40.1 0.000 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 2017 2018 2019 2020 2021 Net Income ($mm) $1.21 $1.65 $1.49 $1.04 $2.62 0.000 0.500 1.000 1.500 2.000 2.500 3.000 2017 2018 2019 2020 2021 Diluted Earnings Per Share CAGR +9.8% CAGR +10.5%

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Historical Performance your Partner • Choice • Bank | 7 1.22% 1.53% 1.40% 0.84% 1.96% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 2017 2018 2019 2020 2021 Return on Average Assets 12.00% 14.26% 10.88% 7.08% 16.52% 0.000 0.020 0.040 0.060 0.080 0.100 0.120 0.140 0.160 0.180 2017 2018 2019 2020 2021 Return on Average Equity 52.0% 52.8% 52.3% 53.5% 45.2% 0.000 0.100 0.200 0.300 0.400 0.500 0.600 2017 2018 2019 2020 2021 Efficiency Ratio 4.22% 4.23% 4.11% 3.53% 3.83% 0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 0.040 0.045 2017 2018 2019 2020 2021 Net Interest Margin

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COVID-19 Update your Partner • Choice • Bank | 8 As of December 31, 2021 o SBA PPP Loans • 354 loans with aggregated carrying value of $65.3 million • Forgiveness: 2,438 loans for $181.8 million o Loan Modification Related to COVID-19 • No outstanding modifications since September 30, 2021 o Allowance for Loan Losses • Established 1.29% of loans held-for-investment (1.34%(1) excluding SBA PPP loans) o Liquidity • Maintained cash and cash equivalents of $203.3 million, or 9.5% of total assets • Maintained available borrowing capacity of $610.4 million, or 28.4% of total assets o Capital • Bank’s Tier 1 leverage capital ratio of 11.85% and CET 1 capital ratio of 14.48% (1) 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.

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your Partner • Choice • Bank | 9 Recent Financial Performance

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4Q21 Highlights your Partner • Choice • Bank | 10 As of or For the Quarter Ended ($ in thousands except per share data) 12/31/21 09/30/21 12/31/20 Income Statement Summary: Interest Income $ 20,995 $ 21,168 $ 19,508 Interest Expense 900 941 2,101 Net Interest Income 20,095 20,227 17,407 Noninterest Income 4,838 5,588 4,524 Noninterest Expense 11,168 11,232 11,550 Provision for Loan Losses (1,462) (1,053) 2,142 Pretax Income 15,227 15,636 8,239 Income Tax Expense 4,551 4,613 2,452 Net Income 10,676 11,023 5,787 Diluted Earnings Per Share (“EPS”) $ 0.70 $ 0.73 $ 0.38 Selected Balance Sheet Items: Loans held-for-investment (“HFI”) $ 1,732,205 $ 1,707,878 $ 1,583,578 Loans held-for-sale (“HFS”) 37,026 29,020 1,979 Total Deposits 1,867,134 1,832,666 1,594,851 Total Assets 2,149,735 2,104,699 1,922,853 Shareholders’ Equity 256,286 247,598 233,788 Key Metrics: Book Value (“BV”) Per Share $ 17.24 $ 16.68 $ 15.19 Return on Average Assets (“ROAA”) (1) 2.01% 2.11% 1.19% Return on Average Equity (“ROAE”) (1) 16.84% 17.98% 9.92% Net Interest Margin (“NIM”) 3.87% 3.93% 3.64% Efficiency Ratio 44.79% 43.51% 52.67% o Recorded a reversal for loan losses of $1.5 million in 4Q21 primarily due to a decrease in qualitative adjustment factor allocations related to economic implications of the COVID-19 pandemic o Allowance for loan losses to HFI loans ratio was 1.29% at 12/31/21 compared with 1.39% at 09/30/21 . Excluding PPP loans, the ratio(2) was 1.34% and 1.48% at 12/31/21 and 09/30/21, respectively o Declared cash dividend of $0.12 per share in 4Q21 o SBA PPP loans totaled $65.3 million (354 loans), net of deferred fees and costs o No loans with modifications related to the COVID-19 pandemic o Purchased bank-owned life insurance of $29.3 million (1) Annualized. (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.

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Commercial Property - Owner Occupied 31% Commercial Property - Non-Owner Occupied 41% Commercial and Industrial 11% SBA PPP 4% Residential Property 12% Other Consumer 1% HFI Loan Composition Loan Overview your Partner • Choice • Bank | 11 $957 $956 $1,002 $1,023 $1,062 $1,136 $1,189 $1,244 $244 $218 $206 $205 $193 $184 $194 $192$227 $224 $213 $198 $191 $197 $202 $209 $23 $22 $22 $22 $21 $22 $21 $22 $134 $136 $136 $219 $181 $102 $65 $1,451 $1,554 $1,579 $1,584 $1,686 $1,720 $1,708 $1,732 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 HFI Loan Trend Commercial Property Commercial and Industrial Residential Property Other Consumer SBA PPP ($ in millions) December 31, 2021 YoY +9.4% $587 $590 $619 $629 $636 $679 $706 $733 249% 247% 257% 256% 251% 269% 270% 270% 0.0% 50.0% 100.0% 150.0% 200.0% 250.0% 300.0% 300.0 350.0 400.0 450.0 500.0 550.0 600.0 650.0 700.0 750.0 800.0 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Commercial Real Estate(1) Loan Trend CRE Loans % to the Bank's Total Risk-Based Capital ($ in millions) (1) Per regulatory definitions in the Commercial Real Estate (“CRE”) Concentration Guidance

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Fixed (WA Rate: 4.44%) 26% Variable (WA Rate: 3.95%) 44% Hybrid (WA Rate: 4.16%) 30% Interest Rate Mix(2) $29 $21 $52 $32 $49 $17 $25 $19 $19 $19 $22 $24 $23 $85 $93 $69 $57 $25 $53 $45 $51 $105 $105 $97 5.20% 4.15% 4.14% 3.94% 4.02% 3.90% 3.95% 4.01% -3.00% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 0.0 50.0 100.0 150.0 200.0 250.0 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 New Production(1),(2) by Rate Type Fixed Hybrid Variable WA Rate Loan Interest Rate Mix your Partner • Choice • Bank | 12(1) Total commitment basis (2) Excluding SBA PPP loans. December 31, 2021($ in millions) 22% 24% 25% 25% 27% 26% 25% 26% 23% 23% 23% 23% 22% 25% 28% 30% 55% 53% 52% 52% 51% 49% 47% 44% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Interest Rate Mix Trend(2) Fixed Hybrid Variable

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Loan Yield Analysis your Partner • Choice • Bank | 13 Loan Repricing Schedule as of December 31, 2021 HFI Loans, Excl. SBA PPP SBA PPP Loans HFS Loans Total Loans (2) ($ in thousands) Carrying Value Rate (1) Carrying Value Rate (1) Carrying Value Rate (1) Carrying Value Rate (1) Less Than 3 Months $ 668,969 3.94% $ 0 $ 37,026 4.45% $ 705,995 3.97% 3 to 12 Months 60,455 3.99% 5,158 1.00% 0 65,613 3.75% 1 to 3 Years 318,234 4.93% 0 0 318,234 4.93% 3 to 5 Years 550,322 3.96% 60,171 1.00% 0 610,493 3.67% More than 5 Years 68,896 3.90% 0 0 68,896 3.90% Total $ 1,666,876 4.14% $ 65,329 1.00% $ 37,026 4.45% $ 1,769,231 4.03% 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 4Q21 Average Carrying Value $ 1,672,238 $ 86,183 $ 1,758,421 Interest on Loans $ 17,895 4.25% $ 219 1.01% $ 18,114 4.09% Fee (Cost) 30 0.01% 1,320 6.08% 1,350 0.30% Prepayment Penalty & Late Charges 84 0.02% 0 84 0.02% Discount (Premium) 815 0.19% 0 815 0.18% Total Interest & Fees $ 18,823 4.47% $ 1,540 7.09% $ 20,363 4.59% YTD 2021 Average Carrying Value $ 1,552,030 $ 150,043 $ 1,702,073 Interest on Loans $ 68,034 4.38% 1,521 1.01% 69,555 4.09% Fee (Cost) 216 0.01% 5,380 3.59% 5,596 0.33% Prepayment Penalty & Late Charges 500 0.03% 0 500 0.03% Discount (Premium) 3,504 0.23% 0 3,504 0.21% Total Interest & Fees $ 72,254 4.66% $ 6,901 4.60% $ 79,155 4.65% (1) Weighted-average contractual rate (2) Include both HFI & HFS loans

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SBA PPP Loans your Partner • Choice • Bank | 14 Unpaid Principal Balance (“UPB”) Remaining ($ in thousands) # of Loans Carrying Value 2-Year Maturity 5-Year Maturity Deferred Fee Funded in 2020 $50K or Under 10 $ 344 $ 282 $ 67 $ 5 Between $50K and $150K 10 846 761 96 11 Between $150K and $350K 4 696 545 155 4 Between $350K and $2MM 1 398 397 0 1 $2MM or More 1 3,185 3,187 0 1 Total 26 $ 5,469 $ 5,172 $ 318 $ 22 Summary of SBA PPP loans as of December 31, 2021: Funded in 2021 $50K or Under 135 $ 2,571 $ 0 $ 2,725 $ 154 Between $50K and $150K 55 4,862 0 4,998 135 Between $150K and $350K 87 19,013 0 19,591 578 Between $350K and $2MM 51 33,414 0 34,035 621 $2MM or More 0 0 0 0 0 Total 328 $ 59,860 $ 0 $ 61,349 $ 1,488

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Loan Modification your Partner • Choice • Bank | 15 Migration of loans with modifications related to the COVID-19 pandemic: From December 31, 2020 to September 30, 2021 (1) ($ in thousands) Dec-20 Early Termination Expired Re- Modification New Modification Modification Type Change Amortization Sep-21 Commercial property Payment deferment (2) $ 9,688 $ 0 (8,983) 8,983 $ 0 (8,983) (705) $ 0 Interest only payment 14,444 0 (24,960) 2,846 0 8,983 (1,313) 0 SBA property 4,192 (2,576) (1,627) 0 0 0 11 0 Commercial term Payment deferment (1) 2,462 0 (2,461) 2,461 0 (2,461) (1) 0 Interest only payment 3,065 0 (5,869) 417 0 2,461 (74) 0 SBA commercial term 1,841 (1,338) (513) 0 0 0 10 0 Residential property 425 0 (1,100) 328 349 0 (2) 0 Total $ 36,117 $ (3,914) $ (45,513) $ 15,035 $ 349 $ 0 $ (2,074) $ 0 HFI loans $ 1,583,578 SBA PPP loans 135,654 HFI loans, excluding SBA PPP loans $ 1,447,826 Total modified loans to HFI loans, excluding SBA PPP loans 2.5% (1) No outstanding modifications since September 30, 2021 (2) Payment deferment of both principal and interest

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Loan Concentration your Partner • Choice • Bank | 16 Real Estate Loans – Commercial By Property Type as of December 31, 2021 ($ in thousands) Carrying Value % to Total LTV(1) Industrial $ 265,875 21.5% 51.4% Retail (More Than 50%) 216,450 17.4% 49.8% Mixed Use 144,281 11.6% 48.2% Gas Station 80,912 6.5% 55.0% Motel / Hotel 81,059 6.5% 50.3% Office 78,839 6.3% 54.7% Apartments 75,753 6.1% 49.0% Medical 63,311 5.1% 51.3% Auto (Sales, Repair, etc.) 42,042 3.4% 58.0% Car Wash 39,209 3.2% 56.4% Golf Course 28,657 2.3% 48.1% Spa, Sauna, & Other Self-Care 26,617 2.1% 55.3% Condominium - Commercial 17,939 1.4% 50.1% Church 17,803 1.4% 47.4% Supermarket 8,920 0.7% 63.1% Construction 8,252 0.7% 50.6% Others 47,837 3.8% 48.8% Total $ 1,243,756 100.0% 51.3% Real Estate Loans – Residential as of December 31, 2021 (1) Collateral value at origination ($ in thousands) Carrying Value LTV(1) FICO Residential Property $ 209,485 57.6% 758

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Loan Concentration your Partner • Choice • Bank | 17 Commercial and Industrial Loans – By Industry Type as of December 31, 2021 Total, Excluding SBA PPP Loans SBA PPP Loans ($ in thousands) Carrying Value % to Total Carrying Value % to Total General Manufacturing & Wholesale Trade $ 71,469 37.3% $ 16,763 25.7% Food Services 26,085 13.6% 21,749 33.3% Retail Trade 23,739 12.4% 4,518 6.9% Real Estate Related 20,768 10.8% 3,456 5.3% Professional, Scientific, & Technical Services 15,540 8.1% 2,779 4.3% Other Services 7,717 4.0% 5,366 8.2% Transportation & Warehousing 6,636 3.5% 2,277 3.5% Health Care & Social Assistance 5,470 2.8% 741 1.1% Finance & Insurance 5,406 2.8% 1,247 1.9% Entertainment & Recreation 5,058 2.6% 1,070 1.6% All Other 4,126 2.1% 5,363 8.2% Total $ 192,014 100.0% $ 65,329 100.0%

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Loan Concentration your Partner • Choice • Bank | 18 Geographic Concentration as of December 31, 2021 Real Estate - Commercial Real Estate – Residential Commercial & Industrial, Excluding SBA PPP SBA PPP ($ in thousands) Carrying Value % to Total Carrying Value % to Total Carrying Value % to Total Carrying Value % to Total California $ 1,017,156 81.7% $ 207,470 99.0% $ 160,405 83.5% $ 50,275 76.9% Texas 56,347 4.5% 0 1,004 0.5% 996 1.5% New Jersey 36,863 3.0% 2,015 1.0% 14,448 7.5% 3,907 6.0% New York 44,366 3.6% 0 6,572 3.4% 4,714 7.2% Washington 37,272 3.0% 0 2,668 1.4% 149 0.2% Nevada 17,275 1.4% 0 813 0.4% 2,039 3.1% Georgia 4,378 0.4% 0 807 0.4% 1,987 3.0% Illinois 5,826 0.5% 0 1,124 0.6% 0 0.0% Colorado 4,212 0.3% 0 658 0.3% 23 0.1% Virginia 3,284 0.3% 0 117 0.1% 0 0.0% Maryland 2,004 0.2% 0 1,122 0.6% 26 0.1% Oregon 2,364 0.2% 0 118 0.1% 393 0.6% Pennsylvania 2,732 0.2% 0 17 0.1% 0 0.0% Other States 9,677 0.7% 0 2,141 1.1% 820 1.3% Total $ 1,243,756 100.0% $ 209,485 100.0% $ 192,014 100.0% $ 65,329 100.0%

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Credit Quality your Partner • Choice • Bank | 19 $4.5 $4.8 $4.0 $4.6 $3.8 $1.4 $1.1 $1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Non-Performing Assets (“NPAs”) 0.25% 0.24% 0.20% 0.24% 0.19% 0.07% 0.05% 0.05% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 NPAs to Total Assets 1.15% 1.30% 1.55% 1.67% 1.51% 1.45% 1.39% 1.29% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Allowance(1) to HFI Loans 1.83% (2) 408% 453% 683% 838% 1746% 1721% 2133% 2252% 0.00% 500.00% 1000.00% 1500.00% 2000.00% 2500.00% Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Allowance(1) to Non-Performing Loans (1) Allowance for Loan Losses (2) This adjusted allowance to HFI Loans ratio excludes SBA PPP loans and is not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measures. ($ in millions) 1.43% (2) 1.70% (2) 1.74% (2) 1.62% (2) 1.34% (2) 1.48% (2)

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Credit Quality vs. Peers(1) your Partner • Choice • Bank | 20 0.83% 0.70% 0.59% 0.48% 0.45% 0.21% 0.09% 0.08% 0.06% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% Shinhan America Hope Peer Woori America Hanmi USM CBB Open PCB NPAs / (Total Loans + OREO)(2) 1.45% 1.23% 0.56% 0.24% 0.13% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 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, 2021 Peer Data as of September 30, 2021 December 31, 2021 Peer Data as of September 30, 2021

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Deposit Overview your Partner • Choice • Bank | 21 $1,126 $1,305 $1,298 $1,246 $1,422 $1,459 $1,505 $1,510 76% 79% 79% 78% 81% 81% 82% 81% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 500 700 900 1,100 1,300 1,500 1,700 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Core Deposits(1) Core Deposits % to Total Deposits Noninterest DDA 44% Retail Other Interest- Bearing 23% Retail Time Deposits 23% State and Brokered Deposits 10% Deposit Composition (1) Core Deposits are 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. $394 $551 $576 $538 $716 $796 $833 $830 $364 $369 $378 $384 $412 $392 $410 $423$539 $518 $479 $468 $443 $445 $425 $429 $5 $37 $32 $25 $18 $0 $0 $0 $175 $172 $182 $180 $165 $165 $165 $185 $1,477 $1,647 $1,647 $1,595 $1,754 $1,798 $1,833 $1,867 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Deposit Trend Noninterest DDA Retail Other Interest-Bearing Retail Time Deposits Internet Time Deposits State and Brokered Deposits YoY +17.1% ($ in millions) ($ in millions) December 31, 2021

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Maturity Schedule your Partner • Choice • Bank | 22 Time Deposits as of December 31, 2021 Retail Time Deposits State and Brokered Time Deposits Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 160,096 0.48% $ 140,000 0.06% $ 300,096 0.28% 3 to 6 Months 107,987 0.42% 10,000 0.08% 117,987 0.39% 6 to 9 Months 76,401 0.43% 0 76,401 0.43% 9 to 12 Months 73,529 0.41% 35,000 0.24% 108,529 0.35% More than 12 Months 11,212 1.41% 0 11,212 1.41% Total $ 429,225 0.47% $ 185,000 0.10% $ 614,225 0.36% FHLB Advances as of December 31, 2021 FHLB Advances ($ in thousands) Amount WA Rate Less Than 3 Months $ 0 3 to 6 Months 10,000 2.07% 6 to 9 Months 0 9 to 12 Months 0 More than 12 Months 0 Total $ 10,000 2.07%

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Profitability your Partner • Choice • Bank | 23 $3.6 $3.4 $3.4 $5.8 $8.6 $9.8 $11.0 $10.7 $8.0 $8.6 $9.2 $10.4 $11.0 $13.0 $14.6 $13.8 -1.0 1.0 3.0 5.0 7.0 9.0 11.0 13.0 15.0 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Net Income PTPP 0.81% 0.69% 0.69% 1.19% 1.75% 1.96% 2.11% 2.01% 1.82% 1.76% 1.85% 2.13% 2.25% 2.58% 2.79% 2.59% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 ROAA Adjusted ROAA $0.23 $0.22 $0.22 $0.38 $0.55 $0.64 $0.73 $0.70 $0.51 $0.56 $0.60 $0.67 $0.71 $0.85 $0.97 $0.91 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Diluted EPS Adjusted Diluted EPS 6.35% 5.98% 5.98% 9.92% 14.66% 16.49% 17.98% 16.84% 14.28% 15.25% 16.02% 17.79% 18.85% 21.79% 23.79% 21.72% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 ROAE Adjusted ROAE ($ 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 measure.

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Noninterest Income your Partner • Choice • Bank | 24 $11.7 $27.1 $8.6 $42.4 $10.9 $34.1 $45.0 $36.8 9.0% 7.5% 10.7% 10.5% 12.0% 12.2% 10.8% 10.0% 6.0% 5.3% 8.0% 7.5% 10.9% 11.6% 9.5% 9.1% -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 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 SBA Loan Sale Trend SBA Loan Sold $ Premium % Gain % ($ in millions) ($ in millions) $30.0 $10.7 $40.1 $25.3 $17.7 $53.0 $71.4 $52.3 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 SBA 7(a) Loan Production (1) $1.3 $1.4 $1.5 $1.0 $1.5 $1.2 $1.3 $1.4 $0.7 $1.5 $0.8 $3.5 $1.3 $4.0 $4.3 $3.4 36% 51% 36% 77% 46% 77% 76% 70% 0% 10% 20% 30% 40% 50% 60% 70% 80% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Noninterest Income Trend All Other Income Gain % to Total (1) Total commitment basis ($ in millions) Gain on Sale of Loans

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Noninterest Expense your Partner • Choice • Bank | 25 $6.6 $5.8 $6.4 $7.4 $6.2 $7.1 $7.6 $7.1 $4.0 $3.9 $3.5 $4.2 $3.5 $4.0 $3.6 $4.1 2.39% 1.98% 1.99% 2.38% 1.95% 2.21% 2.17% 2.12% 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 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Noninterest Expense Trend Compensation All Other Expenses % to Average Total Assets 56.8% 53.0% 51.7% 52.7% 46.8% 46.1% 43.5% 44.8% 64.1% 61.2% 60.4% 60.4% 58.5% 59.4% 59.2% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Efficiency Ratio(2) PCB Peer Average 259 251 252 246 246 248 249 247 235 240 245 250 255 260 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Number of FTE(3) Employees (1) (1) Annualized (2) Source: Peer $1 to $3 billion per UBPR (3) Full-time equivalent ($ in millions)

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Net Interest Margin your Partner • Choice • Bank | 26 5.64% 4.73% 4.81% 4.73% 4.63% 4.63% 4.75% 4.59% 3.85% 3.22% 3.43% 3.64% 3.70% 3.83% 3.93% 3.87% 1.77% 1.17% 0.92% 0.73% 0.52% 0.40% 0.37% 0.35% 1.34% 0.85% 0.63% 0.49% 0.34% 0.24% 0.21% 0.19% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Yield & Cost(1) Loan Yield NIM Cost of Int-Bearing Liab Cost of Funds (1) Annualized

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Capital Ratios & BV Per Share your Partner • Choice • Bank | 27 11.85% 14.48% 14.48% 15.73% 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% Tier 1 Leverage CET 1 Capital Tier 1 Capital Total Capital Bank Regulatory Capital Ratios Actual Minimum Requirement For Well-Capitalized $14.58 $14.78 $14.91 $15.19 $15.53 $16.09 $16.68 $17.24 13.00 13.50 14.00 14.50 15.00 15.50 16.00 16.50 17.00 17.50 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Book Value Per Share December 31, 2021 12.45% 11.24% 11.35% 12.16% 11.72% 11.60% 11.76% 11.92% 10.60% 10.80% 11.00% 11.20% 11.40% 11.60% 11.80% 12.00% 12.20% 12.40% 12.60% Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Total Equity to Total Assets (1) (1) The Company did not have any intangible equity components for the presented periods.

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Non-GAAP Measures your Partner • Choice • Bank | 28 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. Pre-Tax Pre-Provision 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

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Non-GAAP Measures your Partner • Choice • Bank | 29 The following table reconciles adjusted allowance to HFI loans ratio to its most comparable GAAP measure: ($ in thousands) 03/31/20 06/30/20 09/30/20 12/31/20 03/31/21 06/30/21 09/30/21 12/31/21 HFI Loans $ 1,451,038 $ 1,553,589 $ 1,578,804 $ 1,583,578 $ 1,685,916 $ 1,719,656 $ 1,707,878 $ 1,732,205 Less: SBA PPP Loans 0 (133,675) (136,418) (135,654) (218,709) (181,019) (101,901) (65,329) HFI Loans, Excluding SBA PPP Loans $ 1,451,038 $ 1,419,914 $ 1,442,386 $ 1,447,924 $ 1,467,207 $ 1,538,637 $ 1,605,977 $ 1,666,876 Allowance $ 16,674 $ 20,248 $ 24,546 $ 26,510 $ 25,514 $ 24,889 $ 23,807 $ 22,381 Allowance to HFI Loans Ratio 1.15% 1.30% 1.55% 1.67% 1.51% 1.45% 1.39% 1.29% Adjusted Allowance to HFI Loans Ratio 1.15% 1.43% 1.70% 1.83% 1.74% 1.62% 1.48% 1.34%

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Non-GAAP Measures your Partner • Choice • Bank | 30 The following table reconciles core deposits to total deposits to its most comparable GAAP measure: ($ in thousands) 03/31/20 06/30/20 09/30/20 12/31/20 03/31/21 06/30/21 09/30/21 12/31/21 Total Deposits $ 1,477,442 $ 1,646,930 $ 1,647,107 $ 1,594,851 $ 1,753,772 $ 1,797,648 $ 1,832,666 $ 1,867,134 Less: Time Deposits Greater Than $250K (266,970) (260,180) (257,208) (268,683) (266,845) (273,401) (263,127) (272,269) Less: Brokered Deposits (84,506) (82,010) (92,001) (80,002) (65,004) (65,004) (65,004) (85,001) Core Deposits $ 1,125,966 $ 1,304,740 $ 1,297,898 $ 1,246,166 $ 1,421,923 $ 1,459,243 $ 1,504,535 $ 1,509,864 Core Deposits to Total Deposits 76.2% 79.2% 78.8% 78.1% 81.1% 81.2% 82.1% 80.9%

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Non-GAAP Measures your Partner • Choice • Bank | 31 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) 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Net Income $ 3,572 $ 3,367 $ 3,449 $ 5,787 $ 8,560 $ 9,844 $ 11,023 $ 10,676 Add: Provision (Reversal) for Loan Losses 2,896 3,855 4,326 2,142 (1,147) (934) (1,053) (1,462) Add: Income Tax Provision 1,557 1,363 1,464 2,452 3,594 4,098 4,613 4,551 PTPP Income (Non-GAAP) $ 8,025 $ 8,585 $ 9,239 $ 10,381 $ 11,007 $ 13,008 $ 14,583 $ 13,765 Average Total Assets $ 1,770,785 $ 1,956,464 $ 1,991,614 $ 1,939,326 $ 1,987,217 $ 2,018,789 $ 2,070,365 $ 2,111,834 ROAA (1) 0.81% 0.69% 0.69% 1.19% 1.75% 1.96% 2.11% 2.01% Adjusted ROAA (Non-GAAP)(1) 1.82% 1.76% 1.85% 2.13% 2.25% 2.58% 2.79% 2.59% Average Total Shareholders' Equity $ 226,086 $ 226,454 $ 229,463 $ 232,156 $ 236,790 $ 239,448 $ 243,185 $ 251,477 ROAE (1) 6.35% 5.98% 5.98% 9.92% 14.66% 16.49% 17.98% 16.84% Adjusted ROAE (Non-GAAP)(1) 14.28% 15.25% 16.02% 17.79% 18.85% 21.79% 23.79% 21.72% Net Income $ 3,572 $ 3,367 $ 3,449 $ 5,787 $ 8,560 $ 9,844 $ 11,023 $ 10,676 Less: Income Allocated to Participating Securities (9) (8) (8) (11) (33) (41) (43) (40) Net Income Allocated to Common Stock 3,563 3,359 3,441 5,776 8,527 9,803 10,980 10,636 Add: Provision for Loan Losses 2,896 3,855 4,326 2,142 (1,147) (934) (1,053) (1,462) Add: Income Tax Provision 1,557 1,363 1,464 2,452 3,594 4,098 4,613 4,551 PTPP Income Allocated to Common Stock $ 8,016 $ 8,577 $ 9,231 $ 10,370 $ 10,974 $ 12,967 $ 14,540 $ 13,725 WA common shares outstanding, diluted 15,700,144 15,373,655 15,377,531 15,392,355 15,533,608 15,309,873 15,031,558 15,093,351 Diluted EPS $ 0.23 $ 0.22 $ 0.22 $ 0.38 $ 0.55 $ 0.64 $ 0.73 $ 0.70 Adjusted Diluted EPS (Non-GAAP) $ 0.51 $ 0.56 $ 0.60 $ 0.67 $ 0.71 $ 0.85 $ 0.97 $ 0.91 (a) (b) (c) (a)/(c) (b)/(c) (d) (a)/(d) (b)/(d) (e) (f) (g) (e)/(g) (f)/(g)

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Document

Exhibit 99.3

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

Los Angeles, California - January 27, 2022 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of Pacific City Bank (the “Bank”), announced that on January 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 February 18, 2022, to shareholders of record as of the close of business on February 11, 2022.

“I am pleased to announce another increase in our quarterly cash dividend to $0.15 per common share from $0.12 per common share for the first quarter of 2022,” said Henry Kim, President and Chief Executive Officer. “We are committed to making corporate decisions that directly benefit our shareholders.”

About PCB Bancorp

PCB Bancorp, formerly known as Pacific City Financial Corporation, is the bank holding company for Pacific City 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 our borrowers’ actual payment performance as loan deferrals related to the COVID-19 pandemic expire, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to the COVID-19 pandemic, including the potential adverse impact of loan modifications and payment deferrals implemented consistent with recent regulatory guidance, and the general economic uncertainty caused by the COVID-19 pandemic, and government and societal responses thereto. 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

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