8-K - PCB - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): July 28, 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 July 28, 2022, PCB Bancorp, a California corporation (the “Company”), issued a press release concerning its unaudited results for the second quarter of 2022. A copy of the press release is attached as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

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

Item 7.01 Regulation FD Disclosure

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

Item 8.01 Other Events

On July 28, 2022, the Company issued a press release announcing that on July 28, 2022, its Board of Directors declared a quarterly cash dividend of $0.15 per common share. The dividend will be paid on or about August 19, 2022, to shareholders of record as of the close of business on August 12, 2022. A copy of the press release is attached as Exhibit 99.3 to this Current Report and is incorporated herein by reference.

On July 28, 2022, the Company issued a press release announcing that on July 28, 2022, its 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 through February 1, 2023, with repurchases to commence from August 2, 2022.

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

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

On July 28, 2022, the Company announced that its subsidiary, Pacific City Bank (the “Bank”), will changes its name to PCB Bank, effective August 25, 2022. In addition, the Company introduced a new logo, which will also be utilized by the Bank after its name change. A copy of the press release is attached as Exhibit 99.1 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 July 28, 2022, concerning the results of operations and financial condition for the second quarter of 2022 and name change for its subsidiary

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

99.3 Press release of PCB Bancorp, issued July 28, 2022, announcing the declaration of a quarterly cash dividend

99.4 Press release of PCB Bancorp, issued July 28, 2022, announcing the stock repurchase plan

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

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of PCB Bancorp, issued July 28, 2022, concerning the results of operations and financial condition for the second quarter of 202 2 and name change for its subsidiary
99.2	Investor presentation of PCB Bancorp concerning the unaudited results for the second quarter of 2022
99.3	Press release of PCB Bancorp, issued July 28, 2022, announcing the declaration of a quarterly cash dividend
99.4	Press release of PCB Bancorp, issued July 28, 2022, announcing the stock repurchase plan

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:	July 28, 2022	/s/ Timothy Chang
		Timothy Chang
		Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

PCB Bancorp Reports Earnings of $9.1 million for Q2 2022 and Announces Name Change of its Subsidiary, Pacific City Bank, to PCB Bank

Los Angeles, California - July 28, 2022 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of Pacific City Bank (the “Bank”), today reported net income of $9.1 million, or $0.60 per diluted common share, for the second quarter of 2022, compared with $10.2 million, or $0.67 per diluted common share, for the previous quarter and $9.8 million, or $0.64 per diluted common share, for the year-ago quarter.

The Company also announced that the Bank will change its name to PCB Bank, effective August 25, 2022. In addition, the Company introduced a new logo, which will also be utilized by the Bank after its name change.

Q2 2022 Highlights

•Net income totaled $9.1 million, or $0.60 per diluted common share, for the current quarter;

◦The Company recorded a reversal for loan losses of $109 thousand for the current quarter compared with $1.2 million for the previous quarter and $934 thousand for the year-ago quarter.

◦Allowance for loan losses (“Allowance”) to loans held-for-investment(1) ratio was 1.15% at June 30, 2022 compared with 1.22% at March 31, 2022, 1.29% at December 31, 2021 and 1.45% at June 30, 2021. Adjusted Allowance to loans held-for-investment ratio(2) was 1.15% at June 30, 2022 compared with 1.23% at March 31, 2022, 1.34% at December 31, 2021 and 1.62% at June 30, 2021.

◦Net interest income was $21.4 million for the current quarter compared with $20.0 million for the previous quarter and $19.0 million for the year-ago quarter. Net interest margin was 4.01% for the current quarter compared with 3.87% for the previous quarter and 3.83% for the year-ago quarter.

◦Gain on sale of loans was $2.0 million for the current quarter compared with $3.8 million for the previous quarter and $4.0 million for the year-ago quarter.

•Total assets were $2.34 billion at June 30, 2022, an increase of $144.8 million, or 6.6%, from $2.20 billion at March 31, 2022, an increase of $194.8 million, or 9.1%, from $2.15 billion at December 31, 2021, and an increase of $284.6 million, or 13.8%, from $2.06 billion at June 30, 2021;

•Loans held-for-investment were $1.83 billion at June 30, 2022, an increase of $90.1 million, or 5.2%, from $1.74 billion at March 31, 2022, an increase of $100.8 million, or 5.8%, from $1.73 billion at December 31, 2021, and an increase of $113.4 million, or 6.6%, from $1.72 billion at June 30, 2021;

◦SBA PPP loans totaled $1.6 million, $22.9 million, $65.3 million, and $181.0 million at June 30, 2022, March 31, 2022, December 31, 2021, and June 30, 2021, respectively.

◦The Company had no loans under modified terms related to COVID-19 at June 30, 2022, March 31, 2022, and December 31, 2021. Loans under modified terms related to the COVID-19 pandemic totaled $16.2 million at June 30, 2021.

•Total deposits were $2.00 billion at June 30, 2022, an increase of $87.2 million, or 4.6%, from $1.91 billion at March 31, 2022, an increase of $130.5 million, or 7.0%, from $1.87 billion at December 31, 2021, and an increase of $200.0 million, or 11.1%, from $1.80 billion at June 30, 2021; and

•On May 24, 2022, the Company issued 69,141 shares of preferred stock in exchange for a capital investment of $69.1 million from the U.S. Department of Treasury (the “Treasury”) under the Emergency Capital Investment Program (“ECIP”).

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

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

“We are pleased with another solid financial performance for the second quarter of 2022,” stated Henry Kim, President and Chief Executive Officer. “We continued to maintain an asset-sensitive balance sheet and executed another quarterly performance of a well-balanced deposit and loan growth combined with a record net interest income.”

“During the second quarter of 2022, our deposits increased at an annualized rate of 18% and we funded $161 million in loans held-for-investment, resulting in a 26% annualized growth rate, excluding SBA PPP loans. Our outstanding credit quality continued as demonstrated by our non-performing assets to loans held-for-investment ratio of 0.09% and classified assets to total assets ratio of 0.20%. Our net interest margin expanded 14 basis points quarter-over-quarter to 4.01% for the second quarter while we maintained our efficiency rate at 49%.”

“As we look ahead to the second half of this year, in spite of the challenging economic outlook ahead, we will remain opportunistic with our strong capital position and continue to invest in our franchise value by expanding our footprint. We are on schedule to open two new full-service branches in Dallas, Texas and a new full-service branch in Palisades Park, New Jersey during the third quarter of this year,” concluded Kim.

Financial Highlights (Unaudited)

( in thousands, except per share data)	Three Months Ended																		Six Months Ended
				3/31/2022				% Change			6/30/2021				% Change			6/30/2022				6/30/2021				% Change
Net income	$	9,092			$	10,240			(11.2)	%		$	9,844			(7.6)	%		$	19,332			$	18,404			5.0	%
Diluted earnings per common share	$	0.60			$	0.67			(10.4)	%		$	0.64			(6.3)	%		$	1.27			$	1.19			6.7	%
Net interest income	$	21,351			$	19,993			6.8	%		$	18,996			12.4	%		$	41,344			$	36,815			12.3	%
Reversal for loan losses	(109)				(1,191)				(90.8)	%		(934)				(88.3)	%		(1,300)				(2,081)				(37.5)	%
Noninterest income	3,648				5,286				(31.0)	%		5,151				(29.2)	%		8,934				8,008				11.6	%
Noninterest expense	12,245				12,071				1.4	%		11,139				9.9	%		24,316				20,808				16.9	%
Return on average assets (1)	1.65		%		1.92		%					1.96		%					1.78		%		1.85		%
Return on average shareholders’ equity (1)	12.48		%		16.01		%					16.49		%					14.13		%		15.59		%
Return on average tangible common equity (“TCE”) (2)	13.85		%		16.01		%					16.49		%					14.92		%		15.59		%
Net interest margin (1)	4.01		%		3.87		%					3.83		%					3.94		%		3.77		%
Efficiency ratio (3)	48.98		%		47.75		%					46.13		%					48.36		%		46.42		%

All values are in US Dollars.

($ in thousands, except per share data)	6/30/2022			3/31/2022			% Change		12/31/2021			% Change		6/30/2021			% Change
Total assets	$	2,344,560		$	2,199,742		6.6	%	$	2,149,735		9.1	%	$	2,060,003		13.8	%
Net loans held-for-investment	1,811,939			1,721,757			5.2	%	1,709,824			6.0	%	1,694,767			6.9	%
Total deposits	1,997,607			1,910,379			4.6	%	1,867,134			7.0	%	1,797,648			11.1	%
Book value per common share (4)	$	22.36		$	17.47				$	17.24				$	16.09
TCE per common share (2)	$	17.73		$	17.47				$	17.24				$	16.09
Tier 1 leverage ratio (consolidated)	15.37		%	12.22		%			12.11		%			11.76		%
Total shareholders’ equity to total assets	14.26		%	11.87		%			11.92		%			11.60		%
TCE to total assets (2), (5)	11.31		%	11.87		%			11.92		%			11.60		%

(1)Ratios are presented on an annualized basis.

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

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

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

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

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.

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.

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													Six Months Ended
($ in thousands)	6/30/2022			3/31/2022			% Change		6/30/2021			% Change		6/30/2022			6/30/2021			% Change
Interest income/expense on
Loans	$	21,243		$	20,190		5.2	%	$	19,511		8.9	%	$	41,433		$	38,255		8.3	%
Investment securities	668			476			40.3	%	375			78.1	%	1,144			735			55.6	%
Other interest-earning assets	535			228			134.6	%	165			224.2	%	763			319			139.2	%
Total interest-earning assets	22,446			20,894			7.4	%	20,051			11.9	%	43,340			39,309			10.3	%
Interest-bearing deposits	1,041			850			22.5	%	1,000			4.1	%	1,891			2,311			(18.2)	%
Borrowings	54			51			5.9	%	55			(1.8)	%	105			183			(42.6)	%
Total interest-bearing liabilities	1,095			901			21.5	%	1,055			3.8	%	1,996			2,494			(20.0)	%
Net interest income	$	21,351		$	19,993		6.8	%	$	18,996		12.4	%	$	41,344		$	36,815		12.3	%
Average balance of
Loans	$	1,804,368		$	1,773,376		1.7	%	$	1,691,704		6.7	%	$	1,788,958		$	1,666,808		7.3	%
Investment securities	135,324			123,230			9.8	%	132,249			2.3	%	129,310			128,073			1.0	%
Other interest-earning assets	195,633			198,918			(1.7)	%	164,710			18.8	%	197,267			176,864			11.5	%
Total interest-earning assets	$	2,135,325		$	2,095,524		1.9	%	$	1,988,663		7.4	%	$	2,115,535		$	1,971,745		7.3	%
Interest-bearing deposits	$	1,001,424		$	1,034,012		(3.2)	%	$	1,026,937		(2.5)	%	$	1,017,629		$	1,040,316		(2.2)	%
Borrowings	11,132			10,400			7.0	%	19,012			(41.4)	%	10,768			47,128			(77.2)	%
Total interest-bearing liabilities	$	1,012,556		$	1,044,412		(3.1)	%	$	1,045,949		(3.2)	%	$	1,028,397		$	1,087,444		(5.4)	%
Total funding (1)	$	1,902,247		$	1,885,038		0.9	%	$	1,766,054		7.7	%	$	1,893,691		$	1,751,346		8.1	%
Annualized average yield/cost of
Loans	4.72		%	4.62		%			4.63		%			4.67		%	4.63		%
Investment securities	1.98		%	1.57		%			1.14		%			1.78		%	1.16		%
Other interest-earning assets	1.10		%	0.46		%			0.40		%			0.78		%	0.36		%
Total interest-earning assets	4.22		%	4.04		%			4.04		%			4.13		%	4.02		%
Interest-bearing deposits	0.42		%	0.33		%			0.39		%			0.37		%	0.45		%
Borrowings	1.95		%	1.99		%			1.16		%			1.97		%	0.78		%
Total interest-bearing liabilities	0.43		%	0.35		%			0.40		%			0.39		%	0.46		%
Net interest margin	4.01		%	3.87		%			3.83		%			3.94		%	3.77		%
Cost of total funding (1)	0.23		%	0.19		%			0.24		%			0.21		%	0.29		%
Supplementary information
Net accretion of discount on loans	$	907		$	908		(0.1)	%	$	1,012		(10.4)	%	$	1,815		$	1,757		3.3	%
Net amortization of deferred loan fees	$	606		$	1,165		(48.0)	%	$	1,459		(58.5)	%	$	1,771		$	2,679		(33.9)	%

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

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

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

	6/30/2022				3/31/2022				12/31/2021				6/30/2021
	% to Total Loans		Weighted-Average Contractual Rate		% to Total Loans		Weighted-Average Contractual Rate		% to Total Loans		Weighted-Average Contractual Rate		% to Total Loans		Weighted-Average Contractual Rate
Fixed rate loans	24.5	%	4.35	%	26.7	%	4.25	%	28.4	%	3.98	%	33.9	%	3.56	%
Hybrid rate loans	37.0	%	4.11	%	31.5	%	4.07	%	29.1	%	4.16	%	22.5	%	4.52	%
Variable rate loans	38.5	%	5.12	%	41.8	%	4.14	%	42.5	%	3.95	%	43.6	%	3.99	%

Investment Securities. The increases in average yield for the current quarter and year-to-date period were primarily due to a decrease in net amortization of premiums on mortgage-backed securities and collateralized mortgage obligations.

Other Interest-Earning Assets. The increases in average yield for the current quarter and year-to-date period were primarily due to an increased interest rate on cash held at the Federal Reserve Bank (“FRB”) account. The increases in average balance for the current quarter and year-to-date period compared with the same periods of 2021 were primarily due to an increase in deposits and the ECIP capital investment, partially offset by an increase in loans. The Company maintains most of its cash at the FRB account.

Interest-Bearing Deposits. The increases in average cost for the current quarter compared with the previous and year-ago quarters were primarily due to an increase in market rates. The decrease in average cost for the current year-to-date period compared with the previous year-to-date period was primarily due to the lower interest rates on time deposits opened throughout 2021.

Borrowings. The increase in average cost for the current quarter compared with the year-ago quarter was primarily due to matured borrowings with lower interest rates during 2021. At June 30, 2022, the Company had no FHLB advances.

Reversal for Loan Losses

Reversal for loan losses was $109 thousand for the current quarter compared with $1.2 million for the previous quarter and $934 thousand for the year-ago quarter. For the current and previous year-to-date periods, reversal for loan losses was $1.3 million and $2.1 million, respectively. The reversals for the current quarter and year-to-date period were 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 $18 thousand for the current quarter compared with $(8) thousand for the previous quarter and $(309) thousand for the year-ago quarter. For the current and previous year-to-date periods, the Company recorded net charge-offs (recoveries) of $10 thousand and $(460) thousand, respectively.

Adjusted Allowance to loans held-for-investment ratio(1) was 1.15%, 1.23%, 1.34%, and 1.62% at June 30, 2022, March 31, 2022, December 31, 2021, and June 30, 2021, respectively.

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

Noninterest Income

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

	Three Months Ended										Six Months Ended
($ in thousands)	6/30/2022		3/31/2022		% Change		6/30/2021		% Change		6/30/2022		6/30/2021		% Change
Gain on sale of loans	$	2,039	$	3,777	(46.0)	%	$	3,967	(48.6)	%	$	5,816	$	5,289	10.0	%
Service charges and fees on deposits	330		303		8.9	%	302		9.3	%	633		595		6.4	%
Loan servicing income	755		700		7.9	%	545		38.5	%	1,455		1,427		2.0	%
Bank-owned life insurance income	175		172		1.7	%	—		—	%	347		—		—	%
Other income	349		334		4.5	%	337		3.6	%	683		697		(2.0)	%
Total noninterest income	$	3,648	$	5,286	(31.0)	%	$	5,151	(29.2)	%	$	8,934	$	8,008	11.6	%

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

	Three Months Ended										Six Months Ended
($ in thousands)	6/30/2022		3/31/2022		% Change		6/30/2021		% Change		6/30/2022		6/30/2021		% Change
Gain on sale of SBA loans
Sold loan balance	$	38,442	$	39,683	(3.1)	%	$	34,107	12.7	%	$	78,125	$	45,026	73.5	%
Premium received	2,600		4,206		(38.2)	%	4,172		(37.7)	%	6,806		5,481		24.2	%
Gain recognized	2,039		3,777		(46.0)	%	3,954		(48.4)	%	5,816		5,149		13.0	%
Gain on sale of residential property loans
Sold loan balance	$	—	$	—	—	%	$	1,615	(100.0)	%	$	—	$	9,522	(100.0)	%
Gain recognized	—		—		—	%	13		(100.0)	%	—		140		(100.0)	%

The decrease in gain on sale of SBA loans was primarily due to reduced premiums received in the secondary market.

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

	Three Months Ended										Six Months Ended
($ in thousands)	6/30/2022		3/31/2022		% Change		6/30/2021		% Change		6/30/2022		6/30/2021		% Change
Loan servicing income
Servicing income received	$	1,287	$	1,230	4.6	%	$	1,124	14.5	%	$	2,517	$	2,397	5.0	%
Servicing assets amortization	(532)		(530)		0.4	%	(579)		(8.1)	%	(1,062)		(970)		9.5	%
Loan servicing income	$	755	$	700	7.9	%	$	545	38.5	%	$	1,455	$	1,427	2.0	%
Underlying loans at end of period	$	537,990	$	531,183	1.3	%	$	492,130	9.3	%	$	537,990	$	492,130	9.3	%

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

Noninterest Expense

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

	Three Months Ended										Six Months Ended
($ in thousands)	6/30/2022		3/31/2022		% Change		6/30/2021		% Change		6/30/2022		6/30/2021		% Change
Salaries and employee benefits	$	8,125	$	8,595	(5.5)	%	$	7,125	14.0	%	$	16,720	$	13,307	25.6	%
Occupancy and equipment	1,537		1,397		10.0	%	1,388		10.7	%	2,934		2,759		6.3	%
Professional fees	642		403		59.3	%	658		(2.4)	%	1,045		1,152		(9.3)	%
Marketing and business promotion	310		207		49.8	%	516		(39.9)	%	517		654		(20.9)	%
Data processing	441		404		9.2	%	396		11.4	%	845		773		9.3	%
Director fees and expenses	182		169		7.7	%	151		20.5	%	351		289		21.5	%
Regulatory assessments	147		141		4.3	%	179		(17.9)	%	288		387		(25.6)	%
Other expense	861		755		14.0	%	726		18.6	%	1,616		1,487		8.7	%
Total noninterest expense	$	12,245	$	12,071	1.4	%	$	11,139	9.9	%	$	24,316	$	20,808	16.9	%

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

Total loan origination cost included in salaries and employee benefits were $461 thousand, $365 thousand, and $399 thousand for the current, previous, and year-ago quarters, respectively, and $826 thousand and $1.4 million for the current and previous year-to-date periods, respectively. The Company recognized a higher loan origination cost for the previous year-to-date period primarily due to the SBA PPP loan production in the first quarter of 2021. The number of full-time equivalent employees was 271, 256, and 248 as of June 30, 2022, March 31, 2022, and June 30, 2021, respectively.

Professional Fees. The increase for the current quarter compared with the previous quarter was primarily to increases in internal audit and other professional fees. The decrease for the current year-to-date period compared with the previous year-to-date period was primarily due to a decrease in internal audit fees.

Marketing and Business Promotion. The increase for the current quarter compared with the previous quarter was primarily due to increases in marketing activities and advertisement. The decreases for the current quarter and year-to-date period compared with the same periods of 2021 were primarily due to a decrease in advertisement, partially offset by an increase in marketing activities.

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

Regulatory Assessments. The decrease for the current quarter and year-to-date periods compared with the same periods of 2021 were primarily due to a decrease in assessment rate.

Balance Sheet (Unaudited)

Total assets were $2.34 billion at June 30, 2022, an increase of $144.8 million, or 6.6%, from $2.20 billion at March 31, 2022, an increase of $194.8 million, or 9.1%, from $2.15 billion at December 31, 2021, and an increase of $284.6 million, or 13.8%, from $2.06 billion at June 30, 2021. The increases for the current quarter and year-to-date period were primarily due to increases in cash and cash equivalents, securities available-for-sale, and loans held-for-investment, supported by an increase in deposits and the ECIP capital investment.

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)	6/30/2022		3/31/2022		% Change		12/31/2021		% Change		6/30/2021		% Change
Real estate loans
Commercial property	$	1,204,142	$	1,150,101	4.7	%	$	1,105,843	8.9	%	$	997,918	20.7	%
Residential property	258,259		215,132		20.0	%	209,485		23.3	%	196,983		31.1	%
SBA property	131,420		129,400		1.6	%	129,661		1.4	%	124,251		5.8	%
Construction	12,595		9,522		32.3	%	8,252		52.6	%	13,475		(6.5)	%
Commercial and industrial loans
Commercial term	73,885		69,836		5.8	%	73,438		0.6	%	74,503		(0.8)	%
Commercial lines of credit	111,916		107,406		4.2	%	100,936		10.9	%	90,286		24.0	%
SBA commercial term	16,985		16,880		0.6	%	17,640		(3.7)	%	19,614		(13.4)	%
SBA PPP	1,583		22,926		(93.1)	%	65,329		(97.6)	%	181,019		(99.1)	%
Other consumer loans	22,225		21,752		2.2	%	21,621		2.8	%	21,607		2.9	%
Loans held-for-investment	1,833,010		1,742,955		5.2	%	1,732,205		5.8	%	1,719,656		6.6	%
Loans held-for-sale	9,627		18,340		(47.5)	%	37,026		(74.0)	%	11,255		(14.5)	%
Total loans	$	1,842,637	$	1,761,295	4.6	%	$	1,769,231	4.1	%	$	1,730,911	6.5	%

The increase in loans held-for-investment for the current quarter was primarily due to new funding of $160.9 million and advances on lines of credit of $40.1 million, partially offset by pay-downs and pay-offs of $110.9 million. The increase for the current year-to-date period was primarily due to new funding of $278.9 million and advances of lines of credit of $69.3 million, partially offset by pay-downs and pay-offs of $247.3 million. SBA PPP loans of $21.3 million and $63.7 million were paid off through regular payments or forgiveness from SBA during the current quarter and year-to-date period, respectively.

The decrease in loans held-for-sale for the current quarter was primarily due to sales of $38.4 million, partially offset by new funding of $29.9 million. The decrease for the current year-to-date period was primarily due to sales of $78.1 million, partially offset by new funding of $51.1 million.

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

($ in thousands)	6/30/2022		3/31/2022		% Change		12/31/2021		% Change		6/30/2021		% Change
Real estate loans
Commercial property	$	20,425	$	21,195	(3.6)	%	$	20,194	1.1	%	$	15,277	33.7	%
SBA property	4,265		3,142		35.7	%	3,068		39.0	%	6,191		(31.1)	%
Construction	12,080		6,528		85.0	%	5,180		133.2	%	6,233		93.8	%
Commercial and industrial loans
Commercial term	2,347		2,674		(12.2)	%	1,097		113.9	%	2,950		(20.4)	%
Commercial lines of credit	218,850		175,742		24.5	%	169,000		29.5	%	164,648		32.9	%
SBA commercial term	383		950		(59.7)	%	149		157.0	%	—		—	%
Other consumer loans	1,086		1,080		0.6	%	595		82.5	%	118		820.3	%
Total commitments to extend credit	$	259,436	$	211,311	22.8	%	$	199,283	30.2	%	$	195,417	32.8	%

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)	6/30/2022			3/31/2022			% Change		12/31/2021			% Change		6/30/2021			% Change
Nonaccrual loans
Real estate loans
Residential property	$	450		$	461		(2.4)	%	$	—		—	%	$	—		—	%
SBA property	564			733			(23.1)	%	746			(24.4)	%	781			(27.8)	%
Commercial and industrial loans
SBA commercial term	185			199			(7.0)	%	213			(13.1)	%	600			(69.2)	%
Other consumer loans	24			25			(4.0)	%	35			(31.4)	%	65			(63.1)	%
Total nonaccrual loans held-for-investment	1,223			1,418			(13.8)	%	994			23.0	%	1,446			(15.4)	%
Loans past due 90 days or more and still accruing	—			—			—	%	—			—	%	—			—	%
Non-performing loans (“NPLs”)	1,223			1,418			(13.8)	%	994			23.0	%	1,446			(15.4)	%
Other real estate owned (“OREO”)	808			—			—	%	—			—	%	—			—	%
Non-performing assets (“NPAs”)	$	2,031		$	1,418		43.2	%	$	994		104.3	%	$	1,446		40.5	%
Loans past due and still accruing
Past due 30 to 59 days	$	682		$	119		473.1	%	$	549		24.2	%	$	227		200.4	%
Past due 60 to 89 days	—			1			(100.0)	%	5			(100.0)	%	—			—	%
Past due 90 days or more	—			—			—	%	—			—	%	—			—	%
Total loans past due and still accruing	$	682		$	120		468.3	%	554			23.1	%	$	227		200.4	%
Troubled debt restructurings (“TDRs”)
Accruing TDRs	$	555		$	565		(1.8)	%	$	576		(3.6)	%	$	605		(8.3)	%
Nonaccrual TDRs	10			15			(33.3)	%	17			(41.2)	%	30			(66.7)	%
Total TDRs	$	565		$	580		(2.6)	%	$	593		(4.7)	%	$	635		(11.0)	%
Special mention loans	$	6,313		$	5,562		13.5	%	$	18,092		(65.1)	%	$	18,238		(65.4)	%
Classified assets
Classified loans	$	3,980		$	5,377		(26.0)	%	$	5,168		(23.0)	%	$	9,666		(58.8)	%
OREO	808			—			—	%	—			—	%	—			—	%
Classified assets	$	4,788		$	5,377		(11.0)	%	$	5,168		(7.4)	%	$	9,666		(50.5)	%
NPLs to loans held-for-investment	0.07		%	0.08		%			0.06		%			0.08		%
NPAs to total assets	0.09		%	0.06		%			0.05		%			0.07		%
Classified assets to total assets	0.20		%	0.24		%			0.24		%			0.47		%

Loan Modifications Related to the COVID-19 Pandemic

The Company had 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 June 30, 2022 and March 31, 2022, 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 $16.2 million at June 30, 2021.

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 $4.0 million and $1.5 million, respectively, at June 30, 2022, $4.1 million and $2.7 million, respectively, at March 31, 2022, $15.6 million and $2.7 million, respectively, December 31, 2021, and $16.4 million and $6.2 million, respectively, at June 30, 2021, of the loans that were granted such modifications.

Investment Securities

Total investment securities were $139.1 million at June 30, 2022, an increase of $7.7 million, or 5.9%, from $131.3 million at March 31, 2022, an increase of $15.9 million, or 12.9%, from $123.2 million at December 31, 2021, and an increase of $3.6 million, or 2.6%, from $135.5 million at June 30, 2021. The increase for the current quarter was primarily due to purchases of $18.1 million, partially offset by principal pay-downs and calls of $6.2 million, a fair value decrease of $4.1 million, and net premium amortization of $97 thousand. The increase for the current year-to-date period was primarily due to purchases of $38.0 million, partially offset by principal pay-downs and calls of $12.3 million, a fair value decrease of $9.6 million, and net premium amortization of $232 thousand.

Deposits

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

	6/30/2022				3/31/2022				12/31/2021				6/30/2021
($ in thousands)	Amount		% to Total		Amount		% to Total		Amount		% to Total		Amount		% to Total
Noninterest-bearing demand deposits	$	988,454	49.5	%	$	891,797	46.7	%	$	830,383	44.5	%	$	795,741	44.3	%
Interest-bearing deposits
Savings	14,686		0.7	%	15,037		0.8	%	16,299		0.9	%	11,671		0.6	%
NOW	18,881		0.9	%	17,543		0.9	%	20,185		1.1	%	21,725		1.2	%
Retail money market accounts	458,605		22.9	%	431,057		22.5	%	386,041		20.5	%	358,575		19.9	%
Brokered money market accounts	1		0.1	%	1		0.1	%	1		0.1	%	4		0.1	%
Retail time deposits of
$250,000 or less	235,956		11.8	%	246,100		12.8	%	256,956		13.8	%	271,531		15.1	%
More than $250,000	186,024		9.3	%	173,844		9.1	%	172,269		9.2	%	173,401		9.6	%
State and brokered time deposits	95,000		4.8	%	135,000		7.1	%	185,000		9.9	%	165,000		9.2	%
Total interest-bearing deposits	1,009,153		50.5	%	1,018,582		53.3	%	1,036,751		55.5	%	1,001,907		55.7	%
Total deposits	$	1,997,607	100.0	%	$	1,910,379	100.0	%	$	1,867,134	100.0	%	$	1,797,648	100.0	%

The increases in noninterest-bearing demand deposits and retail money market accounts for the current quarter and year-to-date period were primarily due to the overall liquid deposit market.

The increase in retail time deposits for the current quarter was primarily due to new accounts of $68.8 million, renewals of the matured accounts of $154.0 million and balance increases of $4.4 million, partially offset by matured and closed accounts of $225.2 million. The decrease for the current year was primarily due to matured and closed accounts of $413.7 million, partially offset by new accounts of $99.4 million, renewals of the matured accounts of $297.6 million and balance increases of $9.5 million.

Liquidity

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

($ in thousands)	6/30/2022
Cash and cash equivalents	$	299,910
Cash and cash equivalents to total assets	12.8		%
Available borrowing capacity
FHLB advances	$	549,920
Federal Reserve Discount Window	21,955
Overnight federal funds lines	65,000
Total	$	636,875
Total available borrowing capacity to total assets	27.2		%

Shareholders’ Equity

Shareholders’ equity was $334.4 million at June 30, 2022, an increase of $73.3 million, or 28.1%, from $261.1 million at March 31, 2022, an increase of $78.1 million, or 30.5%, from $256.3 million at December 31, 2021, and an increase of $95.4 million, or 39.9%, from $238.9 million at June 30, 2021. The increases for the current quarter and year-to-date period were primarily due to net income and issuance of preferred stock (as discussed below), partially offset by cash dividends declared on common stock and a decrease in accumulated other comprehensive income (loss). The Company declared cash dividends of $2.2 million and $4.5 million for the current quarter and year-to-date period, respectively.

Stock Repurchase

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

Issuance of Preferred Stock Under the Emergency Capital Investment Program

On May 24, 2022, the Company issued 69,141 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference of $1,000 per share (“Series C Preferred Stock”) for the capital investment of $69.1 million from the U.S. Treasury under the ECIP. ECIP investment is treated as tier 1 capital for regulatory capital purposes.

The Series C Preferred Stock bears no dividend for the first 24 months following the investment date. Thereafter, the dividend rate will be adjusted based on the lending growth criteria listed in the terms of the ECIP investment with an annual dividend rate up to 2%. After the tenth anniversary of the investment date, the dividend rate will be fixed based on average annual amount of lending in years 2 through 10. Dividends will be payable quarterly in arrears on March 15, June 15, September 15, and December 15.

The Series C Preferred Stock may be redeemed at the option of the Company on or after the fifth anniversary of issuance (or earlier in the event of loss of regulatory capital treatment), subject to the approval of the appropriate federal banking regulator and in accordance with the federal banking agencies’ regulatory capital regulations.

Established by the Consolidated Appropriations Act, 2021, the ECIP was created to encourage low- and moderate-income community financial institutions and minority depository institutions to provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, especially low-income and underserved communities, including persistent poverty counties, that may be disproportionately impacted by the economic effect of the COVID-19 pandemic by providing direct and indirect capital investments in low- and moderate-income community financial institutions.

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:

	6/30/2022		3/31/2022		12/31/2021		6/30/2021		Well Capitalized Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)	14.44	%	14.77	%	14.79	%	15.17	%	N/A
Total capital (to risk-weighted assets)	19.25	%	15.97	%	16.04	%	16.43	%	N/A
Tier 1 capital (to risk-weighted assets)	18.11	%	14.77	%	14.79	%	15.17	%	N/A
Tier 1 capital (to average assets)	15.37	%	12.22	%	12.11	%	11.76	%	N/A
Pacific City Bank
Common tier 1 capital (to risk-weighted assets)	17.79	%	14.43	%	14.48	%	14.88	%	6.5	%
Total capital (to risk-weighted assets)	18.92	%	15.63	%	15.73	%	16.13	%	10.0	%
Tier 1 capital (to risk-weighted assets)	17.79	%	14.43	%	14.48	%	14.88	%	8.0	%
Tier 1 capital (to average assets)	15.09	%	11.94	%	11.85	%	11.53	%	5.0	%

Name Change of Pacific City Bank to PCB Bank

On August 25, 2022, the Pacific City Bank will change its name to PCB Bank. In addition, the Company introduced a new logo, which will also be utilized by the Bank after its name change. In accordance with the name change, the Bank will update its website, branch signage and marketing collateral.

“As we continued to grow and expand our national presence, we felt that now is a good time to announce our new name which is better suited to the broad geographic reach of our institution now and in the future,” stated Henry Kim, President and Chief Executive Officer.

About PCB Bancorp

PCB Bancorp 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 general economic uncertainty in the United States and abroad, the impact of inflation, changes in interest rates (including actions taken by the Federal Reserve to address inflation), deposit flows, and real estate values, and their corresponding impact on our customers, and the network and data incident discovered on August 30, 2021. These and other important factors are detailed in various securities law filings made periodically by the Company, copies of which are available from the Company without charge. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

Contact:

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000

PCB Bancorp and Subsidiary

Consolidated Balance Sheets (Unaudited)

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

	6/30/2022			3/31/2022			% Change		12/31/2021			% Change		6/30/2021			% Change
Assets
Cash and due from banks	$	23,125		$	19,693		17.4	%	$	15,222		51.9	%	$	18,417		25.6	%
Interest-bearing deposits in other financial institutions	276,785			230,519			20.1	%	188,063			47.2	%	156,204			77.2	%
Total cash and cash equivalents	299,910			250,212			19.9	%	203,285			47.5	%	174,621			71.7	%
Securities available-for-sale, at fair value	139,067			131,345			5.9	%	123,198			12.9	%	135,479			2.6	%
Loans held-for-sale	9,627			18,340			(47.5)	%	37,026			(74.0)	%	11,255			(14.5)	%
Loans held-for-investment	1,833,010			1,742,955			5.2	%	1,732,205			5.8	%	1,719,656			6.6	%
Allowance for loan losses	(21,071)			(21,198)			(0.6)	%	(22,381)			(5.9)	%	(24,889)			(15.3)	%
Net loans held-for-investment	1,811,939			1,721,757			5.2	%	1,709,824			6.0	%	1,694,767			6.9	%
Premises and equipment, net	3,633			3,106			17.0	%	3,098			17.3	%	3,576			1.6	%
Federal Home Loan Bank and other bank stock	10,183			8,577			18.7	%	8,577			18.7	%	8,577			18.7	%
Other real estate owned, net	808			—			—	%	—			—	%	—			—	%
Bank-owned life insurance	29,705			29,530			0.6	%	29,358			1.2	%	—			—	%
Deferred tax assets, net	11,869			11,895			(0.2)	%	10,824			9.7	%	7,892			50.4	%
Servicing assets	7,716			7,533			2.4	%	7,269			6.1	%	6,482			19.0	%
Operating lease assets	6,512			6,511			—	%	6,786			(4.0)	%	6,595			(1.3)	%
Accrued interest receivable	5,212			5,050			3.2	%	5,368			(2.9)	%	6,741			(22.7)	%
Other assets	8,379			5,886			42.4	%	5,122			63.6	%	4,018			108.5	%
Total assets	$	2,344,560		$	2,199,742		6.6	%	$	2,149,735		9.1	%	$	2,060,003		13.8	%
Liabilities
Deposits
Noninterest-bearing demand	$	988,454		$	891,797		10.8	%	$	830,383		19.0	%	$	795,741		24.2	%
Savings, NOW and money market accounts	492,173			463,638			6.2	%	422,526			16.5	%	391,975			25.6	%
Time deposits of $250,000 or less	270,956			281,100			(3.6)	%	341,956			(20.8)	%	336,531			(19.5)	%
Time deposits of more than $250,000	246,024			273,844			(10.2)	%	272,269			(9.6)	%	273,401			(10.0)	%
Total deposits	1,997,607			1,910,379			4.6	%	1,867,134			7.0	%	1,797,648			11.1	%
Federal Home Loan Bank advances	—			10,000			(100.0)	%	10,000			(100.0)	%	10,000			(100.0)	%
Operating lease liabilities	7,067			7,176			(1.5)	%	7,444			(5.1)	%	7,338			(3.7)	%
Accrued interest payable and other liabilities	5,511			11,129			(50.5)	%	8,871			(37.9)	%	6,076			(9.3)	%
Total liabilities	2,010,185			1,938,684			3.7	%	1,893,449			6.2	%	1,821,062			10.4	%
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock	69,141			—			—	%	—			—	%	—			—	%
Common stock	155,842			155,614			0.1	%	154,992			0.5	%	154,796			0.7	%
Retained earnings	115,992			109,142			6.3	%	101,140			14.7	%	83,002			39.7	%
Accumulated other comprehensive income (loss), net	(6,600)			(3,698)			NM		154			NM		1,143			NM
Total shareholders’ equity	334,375			261,058			28.1	%	256,286			30.5	%	238,941			39.9	%
Total liabilities and shareholders’ equity	$	2,344,560		$	2,199,742		6.6	%	$	2,149,735		9.1	%	$	2,060,003		13.8	%
Outstanding common shares	14,956,760			14,944,663					14,865,825					14,854,315
Book value per common share (1)	$	22.36		$	17.47				$	17.24				$	16.09
TCE per common share (2)	$	17.73		$	17.47				$	17.24				$	16.09
Total loan to total deposit ratio	92.24		%	92.20		%			94.76		%			96.29		%
Noninterest-bearing deposits to total deposits	49.48		%	46.68		%			44.47		%			44.27		%

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

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

PCB Bancorp and Subsidiary

Consolidated Statements of Income (Unaudited)

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

	Three Months Ended													Six Months Ended
	6/30/2022			3/31/2022			% Change		6/30/2021			% Change		6/30/2022			6/30/2021			% Change
Interest and dividend income
Loans, including fees	$	21,243		$	20,190		5.2	%	$	19,511		8.9	%	$	41,433		$	38,255		8.3	%
Investment securities	668			476			40.3	%	375			78.1	%	1,144			735			55.6	%
Other interest-earning assets	535			228			134.6	%	165			224.2	%	763			319			139.2	%
Total interest income	22,446			20,894			7.4	%	20,051			11.9	%	43,340			39,309			10.3	%
Interest expense
Deposits	1,041			850			22.5	%	1,000			4.1	%	1,891			2,311			(18.2)	%
Other borrowings	54			51			5.9	%	55			(1.8)	%	105			183			(42.6)	%
Total interest expense	1,095			901			21.5	%	1,055			3.8	%	1,996			2,494			(20.0)	%
Net interest income	21,351			19,993			6.8	%	18,996			12.4	%	41,344			36,815			12.3	%
Reversal for loan losses	(109)			(1,191)			(90.8)	%	(934)			(88.3)	%	(1,300)			(2,081)			(37.5)	%
Net interest income after reversal for loan losses	21,460			21,184			1.3	%	19,930			7.7	%	42,644			38,896			9.6	%
Noninterest income
Gain on sale of loans	2,039			3,777			(46.0)	%	3,967			(48.6)	%	5,816			5,289			10.0	%
Service charges and fees on deposits	330			303			8.9	%	302			9.3	%	633			595			6.4	%
Loan servicing income	755			700			7.9	%	545			38.5	%	1,455			1,427			2.0	%
Bank-owned life insurance income	175			172			1.7	%	—			—	%	347			—			—	%
Other income	349			334			4.5	%	337			3.6	%	683			697			(2.0)	%
Total noninterest income	3,648			5,286			(31.0)	%	5,151			(29.2)	%	8,934			8,008			11.6	%
Noninterest expense
Salaries and employee benefits	8,125			8,595			(5.5)	%	7,125			14.0	%	16,720			13,307			25.6	%
Occupancy and equipment	1,537			1,397			10.0	%	1,388			10.7	%	2,934			2,759			6.3	%
Professional fees	642			403			59.3	%	658			(2.4)	%	1,045			1,152			(9.3)	%
Marketing and business promotion	310			207			49.8	%	516			(39.9)	%	517			654			(20.9)	%
Data processing	441			404			9.2	%	396			11.4	%	845			773			9.3	%
Director fees and expenses	182			169			7.7	%	151			20.5	%	351			289			21.5	%
Regulatory assessments	147			141			4.3	%	179			(17.9)	%	288			387			(25.6)	%
Other expense	861			755			14.0	%	726			18.6	%	1,616			1,487			8.7	%
Total noninterest expense	12,245			12,071			1.4	%	11,139			9.9	%	24,316			20,808			16.9	%
Income before income taxes	12,863			14,399			(10.7)	%	13,942			(7.7)	%	27,262			26,096			4.5	%
Income tax expense	3,771			4,159			(9.3)	%	4,098			(8.0)	%	7,930			7,692			3.1	%
Net income	$	9,092		$	10,240		(11.2)	%	$	9,844		(7.6)	%	$	19,332		$	18,404		5.0	%
Earnings per common share
Basic	$	0.61		$	0.69				$	0.65				$	1.29		$	1.20
Diluted	$	0.60		$	0.67				$	0.64				$	1.27		$	1.19
Average common shares
Basic	14,883,768			14,848,014					15,115,561					14,865,990			15,249,210
Diluted	15,122,452			15,141,693					15,309,873					15,138,493			15,425,308
Dividend paid per common share	$	0.15		$	0.15				$	0.10				$	0.30		$	0.20
Return on average assets (1)	1.65		%	1.92		%			1.96		%			1.78		%	1.85		%
Return on average shareholders’ equity (1)	12.48		%	16.01		%			16.49		%			14.13		%	15.59		%
Return on average TCE (1), (2)	13.85		%	16.01		%			16.49		%			14.92		%	15.59		%
Efficiency ratio (3)	48.98		%	47.75		%			46.13		%			48.36		%	46.42		%

(1)Ratios are presented on an annualized basis.

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

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

PCB Bancorp and Subsidiary

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

($ in thousands)

	Three Months Ended
	6/30/2022						3/31/2022						6/30/2021
	Average Balance		Interest Income/ Expense		Avg. Yield/Rate(6)		Average Balance		Interest Income/ Expense		Avg. Yield/Rate(6)		Average Balance		Interest Income/ Expense		Avg. Yield/Rate(6)
Assets
Interest-earning assets
Total loans (1)	$	1,804,368	$	21,243	4.72	%	$	1,773,376	$	20,190	4.62	%	$	1,691,704	$	19,511	4.63	%
Mortgage-backed securities	88,032		416		1.90	%	84,223		307		1.48	%	92,732		233		1.01	%
Collateralized mortgage obligation	25,929		125		1.93	%	18,242		48		1.07	%	22,929		54		0.94	%
SBA loan pool securities	11,164		43		1.54	%	10,095		38		1.53	%	10,828		51		1.89	%
Municipal bonds (2)	5,347		37		2.78	%	5,632		36		2.59	%	5,760		37		2.58	%
Corporate bonds	4,852		47		3.89	%	5,038		47		3.78	%	—		—		—	%
Other interest-earning assets	195,633		535		1.10	%	198,918		228		0.46	%	164,710		165		0.40	%
Total interest-earning assets	2,135,325		22,446		4.22	%	2,095,524		20,894		4.04	%	1,988,663		20,051		4.04	%
Noninterest-earning assets
Cash and due from banks	20,801						20,385						19,080
Allowance for loan losses	(21,204)						(22,377)						(25,559)
Other assets	73,137						67,600						36,605
Total noninterest-earning assets	72,734						65,608						30,126
Total assets	$	2,208,059					$	2,161,132					$	2,018,789
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	464,829	430		0.37	%	$	431,981	313		0.29	%	$	400,314	317		0.32	%
Savings	14,989		2		0.05	%	15,644		2		0.05	%	11,588		1		0.03	%
Time deposits	521,606		609		0.47	%	586,387		535		0.37	%	615,035		682		0.44	%
Total interest-bearing deposits	1,001,424		1,041		0.42	%	1,034,012		850		0.33	%	1,026,937		1,000		0.39	%
Other borrowings	11,132		54		1.95	%	10,400		51		1.99	%	19,012		55		1.16	%
Total interest-bearing liabilities	1,012,556		1,095		0.43	%	1,044,412		901		0.35	%	1,045,949		1,055		0.40	%
Noninterest-bearing liabilities
Noninterest-bearing demand	889,691						840,626						720,105
Other liabilities	13,677						16,727						13,287
Total noninterest-bearing liabilities	903,368						857,353						733,392
Total liabilities	1,915,924						1,901,765						1,779,341
Total shareholders’ equity	292,135						259,367						239,448
Total liabilities and shareholders’ equity	$	2,208,059					$	2,161,132					$	2,018,789
Net interest income			$	21,351					$	19,993					$	18,996
Net interest spread (3)					3.79	%					3.69	%					3.64	%
Net interest margin (4)					4.01	%					3.87	%					3.83	%
Total deposits	$	1,891,115	$	1,041	0.22	%	$	1,874,638	$	850	0.18	%	$	1,747,042	$	1,000	0.23	%
Total funding (5)	$	1,902,247	$	1,095	0.23	%	$	1,885,038	$	901	0.19	%	$	1,766,054	$	1,055	0.24	%

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

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

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

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

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

(6)Annualized.

PCB Bancorp and Subsidiary

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

($ in thousands)

	Six Months Ended
	6/30/2022						6/30/2021
	Average Balance		Interest Income/ Expense		Avg. Yield/Rate(6)		Average Balance		Interest Income/ Expense		Avg. Yield/Rate(6)
Assets
Interest-earning assets
Total loans (1)	$	1,788,958	$	41,433	4.67	%	$	1,666,808	$	38,255	4.63	%
Mortgage-backed securities	86,138		723		1.69	%	87,140		448		1.04	%
Collateralized mortgage obligation	22,106		173		1.58	%	23,903		111		0.94	%
SBA loan pool securities	10,633		81		1.54	%	11,248		103		1.85	%
Municipal bonds (2)	5,489		73		2.68	%	5,782		73		2.55	%
Corporate bonds	4,944		94		3.83	%	—		—		—	%
Other interest-earning assets	197,267		763		0.78	%	176,864		319		0.36	%
Total interest-earning assets	2,115,535		43,340		4.13	%	1,971,745		39,309		4.02	%
Noninterest-earning assets
Cash and due from banks	20,594						19,076
Allowance for loan losses	(21,787)						(26,211)
Other assets	70,384						38,481
Total noninterest-earning assets	69,191						31,346
Total assets	$	2,184,726					$	2,003,091
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	448,496	743		0.33	%	$	403,948	650		0.32	%
Savings	15,315		4		0.05	%	11,101		2		0.04	%
Time deposits	553,818		1,144		0.42	%	625,267		1,659		0.54	%
Total interest-bearing deposits	1,017,629		1,891		0.37	%	1,040,316		2,311		0.45	%
Other borrowings	10,768		105		1.97	%	47,128		183		0.78	%
Total interest-bearing liabilities	1,028,397		1,996		0.39	%	1,087,444		2,494		0.46	%
Noninterest-bearing liabilities
Noninterest-bearing demand	865,294						663,902
Other liabilities	15,194						13,618
Total noninterest-bearing liabilities	880,488						677,520
Total liabilities	1,908,885						1,764,964
Total shareholders’ equity	275,841						238,127
Total liabilities and shareholders’ equity	$	2,184,726					$	2,003,091
Net interest income			$	41,344					$	36,815
Net interest spread (3)					3.74	%					3.56	%
Net interest margin (4)					3.94	%					3.77	%
Total deposits	$	1,882,923	$	1,891	0.20	%	$	1,704,218	$	2,311	0.27	%
Total funding (5)	$	1,893,691	$	1,996	0.21	%	$	1,751,346	$	2,494	0.29	%

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

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

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

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

(6)Annualized.

PCB Bancorp and Subsidiary

Non-GAAP Measures

($ in thousands)

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

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

( in thousands)	6/30/2022			3/31/2022			12/31/2021			6/30/2021
Loans held-for-investment	$	1,833,010		$	1,742,955		$	1,732,205		$	1,719,656
Less: SBA PPP loans	1,583			22,926			65,329			181,019
Loans held-for-investment, excluding SBA PPP loans	$	1,831,427		$	1,720,029		$	1,666,876		$	1,538,637
Allowance	$	21,071		$	21,198		$	22,381		$	24,889
Allowance to loans held-for-investment ratio	1.15		%	1.22		%	1.29		%	1.45		%
Adjusted Allowance to loans held-for-investment ratio	1.15		%	1.23		%	1.34		%	1.62		%

All values are in US Dollars.

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

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

( in thousands)		Three Months Ended												Six Months Ended
	6/30/2022				3/31/2022				6/30/2021				6/30/2022				6/30/2021
Average total shareholders' equity		$	292,135			$	259,367			$	239,448			$	275,841			$	238,127
Less: average preferred stock		28,872				—				—				14,516				—
Average TCE		$	263,263			$	259,367			$	239,448			$	261,325			$	238,127
Net income		$	9,092			$	10,240			$	9,844			$	19,332			$	18,404
Return on average shareholder's equity (1)		12.48		%		16.01		%		16.49		%		14.13		%		15.59		%
Return on average TCE (1)		13.85		%		16.01		%		16.49		%		14.92		%		15.59		%

All values are in US Dollars.

(1) Annualized.

( in thousands, except per share data)	6/30/2022			3/31/2022			12/31/2021			6/30/2021
Total shareholders' equity	$	334,375		$	261,058		$	256,286		$	238,941
Less: preferred stock	69,141			—			—			—
TCE	$	265,234		$	261,058		$	256,286		$	238,941
Outstanding common shares	14,956,760			14,944,663			14,865,825			14,854,315
Book value per common share	$	22.36		$	17.47		$	17.24		$	16.09
TCE per common share	$	17.73		$	17.47		$	17.24		$	16.09
Total assets	$	2,344,560		$	2,199,742		$	2,149,735		$	2,060,003
Total shareholders' equity to total assets	14.26		%	11.87		%	11.92		%	11.60		%
TCE to total assets	11.31		%	11.87		%	11.92		%	11.60		%

All values are in US Dollars.

pcbinvestordeckq222

Earnings Results Second Quarter 2022 July 28, 2022

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

Introduction 3

Franchise Footprint (1) 4(1) As of July 26, 2022. On August 25, 2022, Pacific City Bank’s name will change to PCB Bank.

$0.08 $0.11 $0.12 $0.12 $0.25 $0.40 $0.44 $0.30 $0.15 $8.26 $9.48 $10.60 $13.16 $14.44 $15.19 $17.24 $22.36 $17.73 $0.0 0 $5.0 0 $10 .00 $15 .00 $20 .00 $25 .00 $0.0 0 $0.1 0 $0.2 0 $0.3 0 $0.4 0 $0.5 0 $0.6 0 $0.7 0 $0.8 0 2015 2016 2017 2018 2019 2020 2021 06/22 YTD 3Q22 Cash Dividend & Book Value/Tangible Common Equity Per Share (1), (2) Cash Dividend Per Share Book Value Per Share TCE Per Share Equity Information As of July 26, 2022 Common Stock Ticker PCB Market Cap $279.4 million Price Per Share $18.87 52 Week Range $17.68 - $25.43 Dividend Yield (Dividend Payout Ratio) 3.18% (19.57% 3Q21-2Q22) Number of Shares 14,956,760 Shares Preferred Stock Senior Non-Cumulative Perpetual, Series C 69,141 Shares ($69.1 million) Stock Repurchase Plan Announced on July 28, 2022 5% of Outstanding (Approx. 750,000 shares) (1) Book value / Tangible Common Equity (“TCE”) per share at period end. (2) TCE per share is not presented in accordance with U.S. generally accepted accounting principles (“GAAP”). See “Non-GAAP measure” for a reconciliation of this measure to its most comparable GAAP measure. 5

Historical Performance $1.19 $1.34 $1.45 $1.58 $1.73 $1.83 0.0 00 0.2 00 0.4 00 0.6 00 0.8 00 1.0 00 1.2 00 1.4 00 1.6 00 1.8 00 2.0 00 2017 2018 2019 2020 2021 Jun-22 Held-For-Investment Loans ($bn) $1.25 $1.44 $1.48 $1.59 $1.87 $2.00 0.0 00 0.5 00 1.0 00 1.5 00 2.0 00 2.5 00 2017 2018 2019 2020 2021 Jun-22 Deposits ($bn) $16.4 $24.3 $24.1 $16.2 $40.1 $19.3 0.0 00 5.0 00 10. 000 15. 000 20. 000 25. 000 30. 000 35. 000 40. 000 45. 000 2017 2018 2019 2020 2021 06/22 YTD Net Income ($mm) $1.21 $1.65 $1.49 $1.04 $2.62 $1.27 0.0 00 0.5 00 1.0 00 1.5 00 2.0 00 2.5 00 3.0 00 2017 2018 2019 2020 2021 06/22 YTD Diluted Earnings Per Share CAGR +9.8% CAGR +10.5% 6

Historical Performance 1.22% 1.53% 1.40% 0.84% 1.96% 1.78% 0.0 0% 0.5 0% 1.0 0% 1.5 0% 2.0 0% 2.5 0% 2017 2018 2019 2020 2021 06/22 YTD Return on Average Assets 12.00% 14.26% 10.88% 7.08% 16.52% 14.13% 0 0.0 2 0.0 4 0.0 6 0.0 8 0.1 0.1 2 0.1 4 0.1 6 0.1 8 2017 2018 2019 2020 2021 06/22 YTD Return on Average Equity/TCE (1) 52.0% 52.8% 52.3% 53.5% 45.2% 48.4% 0.0 0% 10. 00% 20. 00% 30. 00% 40. 00% 50. 00% 60. 00% 2017 2018 2019 2020 2021 06/22 YTD Efficiency Ratio 4.22% 4.23% 4.11% 3.53% 3.83% 3.94% 0.0 0% 0.5 0% 1.0 0% 1.5 0% 2.0 0% 2.5 0% 3.0 0% 3.5 0% 4.0 0% 4.5 0% 2017 2018 2019 2020 2021 06/22 YTD Net Interest Margin (2) (2) (2) (1) Return on average TCE (“ROATCE”) is not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure. (2) Annualized. 14.92%(1) 7

Recent Financial Performance 8

2Q22 Highlights As of or For the Quarter Ended ($ in thousands except per share data) 06/30/22 03/31/22 06/30/21 Income Statement Summary: Interest Income $ 22,446 $ 20,894 $ 20,051 Interest Expense 1,095 901 1,055 Net Interest Income 21,351 19,993 18,996 Noninterest Income 3,648 5,286 5,151 Noninterest Expense 12,245 12,071 11,139 Reversal for Loan Losses (109) (1,191) (934) Pretax Income 12,863 14,399 13,942 Income Tax Expense 3,771 4,159 4,098 Net Income 9,092 10,240 9,844 Diluted Earnings Per Share (“EPS”) $ 0.60 $ 0.67 $ 0.64 Selected Balance Sheet Items: Loans held-for-investment (“HFI”) $ 1,833,010 $ 1,742,955 $ 1,719,656 Loans held-for-sale (“HFS”) 9,627 18,340 11,255 Total Deposits 1,997,607 1,910,379 1,797,648 Total Assets 2,344,560 2,199,742 2,060,003 Shareholders’ Equity 334,375 261,058 238,941 Key Metrics: Book Value Per Share $ 22.36 $ 17.47 $ 16.09 TCE Per Share (1) $ 17.73 $ 17.47 $ 16.09 Return on Average Assets (“ROAA”) (2) 1.65% 1.92% 1.96% Return on Average Equity (“ROAE”) (2) 12.48% 16.01% 16.49% ROATCE (1), (2) 13.85% 16.01% 16.49% Net Interest Margin (2) 4.01% 3.87% 3.83% Efficiency Ratio 48.98% 47.75% 16.13% o Issued preferred stock of 69,141 shares for the capital investment of $69.1 million from U.S. Treasury under the ECIP o Recorded a reversal for loan losses of $109 thousand in 2Q22 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 1.15% at 06/30/22 compared with 1.22% at 03/31/22 . Excluding PPP loans, the ratio(1) was 1.15% and 1.23% at 06/30/22 and 03/31/22, respectively o Declared cash dividend of $0.15 per share in 2Q22 o Announced the Bank’s name change from Pacific City Bank to PCB Bank, effective August 25, 2022, as well as introduction of new logo (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of these measures to their most comparable GAAP measures. (2) Annualized. 9

Commercial Property - Owner Occupied 30% Commercial Property - Non-Owner Occupied 44% Commercial and Industrial 11% SBA PPP 0% Residential Property 14% Other Consumer 1% HFI Loan Composition Loan Overview $1,002 $1,023 $1,062 $1,136 $1,189 $1,244 $1,289 $1,348 $206 $205 $193 $184 $194 $192 $194 $203 $213 $198 $191 $197 $202 $209 $215 $258 $22 $22 $21 $22 $21 $22 $22 $22 $136 $136 $219 $181 $102 $65 $23 $2 $1,579 $1,584 $1,686 $1,720 $1,708 $1,732 $1,743 $1,833 0 200 400 600 800 1,00 0 1,20 0 1,40 0 1,60 0 1,80 0 2,00 0 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 HFI Loan Trend Commercial Property Commercial and Industrial Residential Property Other Consumer SBA PPP ($ in millions) June 30, 2022 YoY +5.8% $619 $629 $636 $679 $706 $733 $756 $819 257% 256% 251% 269% 270% 270% 270% 230% 0.0% 50.0 % 100 .0% 150 .0% 200 .0% 250 .0% 300 .0% 300 .0 400 .0 500 .0 600 .0 700 .0 800 .0 900 .0 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Commercial Real Estate (1) Loan Trend CRE Loans % to the Bank's Total Risk-Based Capital ($ in millions) (1) Per regulatory definitions in the Commercial Real Estate (“CRE”) Concentration Guidance 10

Fixed (WA Rate: 4.36%) 24% Variable (WA Rate: 5.12%) 39% Hybrid (WA Rate: 4.11%) 37% Interest Rate Mix(2) $52 $32 $49 $17 $25 $19 $25 $36 $22 $24 $23 $85 $93 $69 $67 $126$53 $45 $51 $105 $105 $97 $62 $117 4.14% 3.94% 4.02% 3.90% 3.95% 4.01% 4.18% 4.69% -3.00% -2.00% -1.00% 0.00 % 1.00 % 2.00 % 3.00 % 4.00 % 5.00 % 6.00 % 0.0 50.0 100 .0 150 .0 200 .0 250 .0 300 .0 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 New Production (1),(2) by Rate Type Fixed Hybrid Variable WA Rate Loan Interest Rate Mix (1) Total commitment basis (2) Excluding SBA PPP loans. June 30, 2022($ in millions) 25% 25% 27% 26% 25% 26% 26% 24% 23% 23% 22% 25% 28% 30% 32% 37% 52% 52% 51% 49% 47% 44% 42% 39% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100 % Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Interest Rate Mix Trend (2) Fixed Hybrid Variable 11

Loan Yield Analysis Loan Repricing Schedule as of June 30, 2022 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 $ 688,016 5.16% $ 0 $ 9,627 5.40% $ 697,643 5.16% 3 to 12 Months 68,295 4.41% 0 0 68,295 4.41% 1 to 3 Years 273,247 4.74% 252 1.00% 0 273,499 4.73% 3 to 5 Years 697,754 3.99% 1,331 1.00% 0 699,085 3.99% More than 5 Years 104,115 4.01% 0 0 104,115 4.01% Total $ 1,831,427 4.56% $ 1,583 1.00% $ 9,627 5.40% $ 1,842,637 4.56% 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 2Q22 Average Carrying Value $ 1,793,819 $ 10,549 $ 1,804,368 Interest on Loans $ 19,705 4.41% $ 25 0.95% $ 19,730 4.39% Fee (Cost) 99 0.02% 420 15.97% 519 0.12% Prepayment Penalty & Late Charges 87 0.02% 0 87 0.02% Discount (Premium) 907 0.20% 0 907 0.20% Total Interest & Fees $ 20,798 4.65% $ 445 16.92% $ 21,243 4.72% (1) Weighted-average contractual rate (2) Include both HFI & HFS loans 06/22 YTD Average Carrying Value $ 1,762,651 $ 26,307 $ 1,788,958 Interest on Loans $ 37,718 4.32% $ 129 0.99% $ 37,847 4.27% Fee (Cost) 144 0.02% 1,437 11.02% 1,581 0.18% Prepayment Penalty & Late Charges 190 0.02% 0 190 0.02% Discount (Premium) 1,815 0.21% 0 1,815 0.20% Total Interest & Fees $ 39,867 4.56% $ 1,566 12.00% $ 41,433 4.67% 12

Real Estate Loans – Commercial By Property Type as of June 30, 2022 ($ in thousands) Carrying Value % to Total LTV(1) Industrial $ 268,818 19.9% 50.6% Retail (More Than 50%) 251,539 18.7% 50.1% Mixed Use 149,768 11.1% 48.2% Apartments 98,143 7.3% 52.0% Gas Station 95,343 7.1% 54.6% Office 88,062 6.5% 55.4% Motel & Hotel 87,853 6.5% 51.3% Medical 60,173 4.5% 51.8% Car Wash 44,735 3.3% 57.1% Auto (Sales, Repair, & etc.) 40,974 3.0% 58.0% Golf Course 31,851 2.4% 51.5% Condominium (Commercial) 28,366 2.1% 49.1% Spa, Sauna, & other self-care 25,608 1.9% 53.7% Construction 12,595 0.9% 50.6% Church 11,514 0.9% 37.2% Supermarket 7,113 0.5% 65.8% Others 45,702 3.4% 49.1% Total $ 1,348,157 100.0% 51.5% Real Estate Loans – Residential as of June 30, 2022 (1) Collateral value at origination ($ in thousands) Carrying Value LTV(1) FICO Residential Property $ 258,259 59.4% 760 13 Loan Concentration

Commercial and Industrial Loans – By Industry Type as of June 30, 2022 Total, Excluding SBA PPP Loans SBA PPP Loans ($ in thousands) Carrying Value % to Total Carrying Value % to Total General Manufacturing & Wholesale Trade $ 64,328 31.7% $ 191 12.1% Food Services 36,238 17.9% 561 35.4% Retail Trade 25,747 12.7% 0 Real Estate Related 23,566 11.6% 0 Professional, Scientific, & Technical Services 16,121 7.9% 0 Finance & Insurance 13,047 6.4% 0 Other Services 5,803 2.9% 215 13.6% Health Care & Social Assistance 5,674 2.8% 0 Transportation & Warehousing 4,793 2.4% 0 Entertainment & Recreation 4,360 2.2% 0 All Other 3,109 1.5% 616 38.9% Total $ 202,786 100.0% $ 1,583 100.0% 14 Loan Concentration

Loan Concentration Geographic Concentration as of June 30, 2022 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 $ 1,102,772 82.0% $ 256,261 99.2% $ 168,436 82.7% $ 1,309 82.7% Texas 61,878 4.6% 0 4,209 2.1% 0 New Jersey 43,687 3.2% 1,998 0.8% 12,382 6.1% 111 7.0% New York 47,345 3.5% 0 7,826 3.9% 163 10.3% Washington 38,328 2.8% 0 2,487 1.2% 0 Nevada 16,765 1.2% 0 757 0.4% 0 Illinois 5,762 0.4% 0 930 0.5% 0 Colorado 6,046 0.4% 0 540 0.3% 0 Georgia 4,558 0.3% 0 629 0.3% 0 Virginia 3,490 0.3% 0 88 0.1% 0 Maryland 1,825 0.1% 0 1,214 0.6% 0 Pennsylvania 2,695 0.2% 0 17 0.1% 0 Oregon 2,275 0.2% 0 113 0.1% 0 Other States 10,731 0.8% 0 3,158 1.6% 0 Total $ 1,348,157 100.0% $ 258,259 100.0% $ 202,786 100.0% $ 1,583 100.0% 15

Credit Quality $4.0 $4.6 $3.8 $1.4 $1.1 $1.0 $1.4 $2.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Non-Performing Assets (“NPAs”) 0.20% 0.24% 0.19% 0.07% 0.05% 0.05% 0.06% 0.09% 0.0 0% 0.0 5% 0.1 0% 0.1 5% 0.2 0% 0.2 5% 0.3 0% Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 NPAs to Total Assets 1.30% 1.55% 1.67% 1.51% 1.45% 1.39% 1.29% 1.22% 1.15% 0.0 0% 0.2 0% 0.4 0% 0.6 0% 0.8 0% 1.0 0% 1.2 0% 1.4 0% 1.6 0% 1.8 0% 2.0 0% Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Allowance (1) to HFI Loans 1.83%(2) 1.23%(2) 683% 838% 1746% 1721% 2133% 2252% 1495% 1723% 0.0 0% 500 .00% 100 0.00% 150 0.00% 200 0.00% 250 0.00% Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Allowance (1) to Non-Performing Loans (1) Allowance for Loan Losses (2) This adjusted allowance to HFI Loans ratio excludes SBA PPP loans and is not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measures. ($ in millions) 1.43%(2) 1.70%(2) 1.74%(2) 1.62%(2) 1.34%(2) 1.48%(2) 1.15%(2) 16

Credit Quality vs. Peers (1) 0.83% 0.53% 0.48% 0.34% 0.23% 0.19% 0.11% 0.08% 0.08% 0.0 0% 0.1 0% 0.2 0% 0.3 0% 0.4 0% 0.5 0% 0.6 0% 0.7 0% 0.8 0% 0.9 0% Shinhan America Hope Peer USM Hanmi Open PCB CBB Woori America NPAs / (Total Loans + OREO) (2) 1.28% 0.86% 0.52% 0.21% 0.20% 0.0 0% 0.2 0% 0.4 0% 0.6 0% 0.8 0% 1.0 0% 1.2 0% 1.4 0% Hope Hanmi CBB Open PCB Classified Assets to Total Assets (3) (1) Korean-American banks operating in Southern California (2) Source: UBPR (3) Source: Press release concerning financial performance June 30, 2022 Peer Data as of March 31, 2022 June 30, 2022 Peer Data as of March 31, 2022 17

Deposit Overview $1,298 $1,246 $1,422 $1,459 $1,505 $1,510 $1,602 $1,717 79% 78% 81% 81% 82% 81% 84% 86% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $50 0 $70 0 $90 0 $1,1 00 $1,3 00 $1,5 00 $1,7 00 $1,9 00 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Core Deposits (1) Core Deposits % to Total Deposits Noninterest DDA 48% Retail Other Interest- Bearing 24% Retail Time Deposits 24% State and Brokered Deposits 4% Deposit Composition (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure. $576 $538 $716 $796 $833 $830 $892 $989 $378 $384 $412 $392 $410 $423 $464 $492$479 $468 $443 $445 $425 $429 $420 $422 $32 $25 $18 $0 $0 $0 $0 $0 $182 $180 $165 $165 $165 $185 $135 $95 $1,647 $1,595 $1,754 $1,798 $1,833 $1,867 $1,911 $1,998 0 500 1,00 0 1,50 0 2,00 0 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Deposit Trend Noninterest DDA Retail Other Interest-Bearing Retail Time Deposits Internet Time Deposits State and Brokered Deposits YoY +4.6% ($ in millions) ($ in millions) June 30, 2022 18

Maturity Schedule Time Deposits as of June 30, 2022 Retail Time Deposits State and Brokered Time Deposits Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 175,354 0.49% $ 60,000 0.97% $ 235,354 0.61% 3 to 6 Months 93,978 0.53% 35,000 0.24% 128,978 0.45% 6 to 9 Months 70,946 0.65% 0 70,946 0.65% 9 to 12 Months 75,417 0.92% 0 75,417 0.92% More than 12 Months 6,285 1.53% 0 6,285 1.53% Total $ 421,980 0.62% $ 95,000 0.70% $ 516,980 0.63% 19

Profitability $3.4 $5.8 $8.6 $9.8 $11.0 $10.7 $10.2 $9.1 $9.2 $10.4 $11.0 $13.0 $14.6 $13.8 $13.2 $12.8 -1.0 1.0 3.0 5.0 7.0 9.0 11. 0 13. 0 15. 0 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Net Income PTPP 0.69% 1.19% 1.75% 1.96% 2.11% 2.01% 1.92% 1.65% 1.85% 2.13% 2.25% 2.58% 2.79% 2.59% 2.48% 2.32% 0.0 0% 0.5 0% 1.0 0% 1.5 0% 2.0 0% 2.5 0% 3.0 0% 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 ROAA Adjusted ROAA $0.22 $0.38 $0.55 $0.64 $0.73 $0.70 $0.67 $0.60 $0.60 $0.67 $0.71 $0.85 $0.97 $0.91 $0.87 $0.84 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Diluted EPS Adjusted Diluted EPS 5.98% 9.92% 14.66% 16.49% 17.98% 16.84% 16.01% 12.48% 16.02% 17.79% 18.85% 21.79% 23.79% 21.72% 20.65% 17.51% 0.0 0% 5.0 0% 10. 00% 15. 00% 20. 00% 25. 00% 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 ROAE Adjusted ROAE ($ in millions) Net Income & PTPP(1) Income Diluted EPS & Adjusted Diluted EPS(1) ROAA & Adjusted ROAA(1) ROAE & Adjusted ROAE(1) (1) PTPP (Pre-Tax Pre-Provision) income, and adjusted EPS, ROAA and ROAE for PTPP are not presented in accordance with GAAP. See “Non-GAAP measure” for reconciliations of these measures to their most comparable GAAP measures. 20

Noninterest Income $8.6 $42.4 $10.9 $34.1 $45.0 $36.8 $39.7 $38.4 10.7% 10.5% 12.0% 12.2% 10.8% 10.0% 10.6% 6.8% 8.0% 7.5% 10.9% 11.6% 9.5% 9.1% 9.5% 5.3% -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 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 SBA Loan Sale Trend SBA Loan Sold $ Premium % Gain % ($ in millions) ($ in millions) $40.1 $25.3 $17.7 $53.0 $71.4 $52.3 $29.7 $42.7 0.0 10. 0 20. 0 30. 0 40. 0 50. 0 60. 0 70. 0 80. 0 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 SBA 7(a) Loan Production (1) $1.5 $1.0 $1.5 $1.2 $1.3 $1.4 $1.5 $1.6 $0.8 $3.5 $1.3 $4.0 $4.3 $3.4 $3.8 $2.0 36% 77% 46% 77% 76% 70% 71% 56% 0% 10% 20% 30% 40% 50% 60% 70% 80% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Noninterest Income Trend All Other Income Gain % to Total (1) Total commitment basis ($ in millions) Gain on Sale of Loans 21

Noninterest Expense $6.4 $7.4 $6.2 $7.1 $7.6 $7.1 $8.6 $8.1 $3.5 $4.2 $3.5 $4.0 $3.6 $4.1 $3.5 $4.1 1.99% 2.38% 1.95% 2.21% 2.17% 2.12% 2.23% 2.22% 0.0 0% 0.5 0% 1.0 0% 1.5 0% 2.0 0% 2.5 0% 0.0 2.0 4.0 6.0 8.0 10. 0 12. 0 14. 0 16. 0 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Noninterest Expense Trend Compensation All Other Expenses % to Average Total Assets 51.7% 52.7% 46.8% 46.1% 43.5% 44.8% 47.8% 49.0% 60.4% 60.4% 64.1% 59.4% 59.2% 59.8% 62.1% 0.00 % 10.0 0% 20.0 0% 30.0 0% 40.0 0% 50.0 0% 60.0 0% 70.0 0% 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Efficiency Ratio (2) PCB Peer Average 252 246 246 248 249 247 256 271 230 235 240 245 250 255 260 265 270 275 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Number of FTE (3) Employees (1) (1) Annualized (2) Source: Peer $1 to $3 billion per UBPR (3) Full-time equivalent ($ in millions) 22

Net Interest Margin 4.81% 4.73% 4.63% 4.63% 4.75% 4.59% 4.62% 4.72% 3.43% 3.64% 3.70% 3.83% 3.93% 3.87% 3.87% 4.01% 0.92% 0.73% 0.52% 0.40% 0.37% 0.35% 0.35% 0.43% 0.63% 0.49% 0.34% 0.24% 0.21% 0.19% 0.19% 0.23% -1.00% 0.00 % 1.00 % 2.00 % 3.00 % 4.00 % 5.00 % 6.00 % 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Yield & Cost (1) Loan Yield NIM Cost of Int-Bearing Liab Cost of Funds (1) Annualized 23

Capital 15.09% 17.79% 17.79% 18.92% 5.00% 6.50% 8.00% 10.00% 0.00 % 2.00 % 4.00 % 6.00 % 8.00 % 10.0 0% 12.0 0% 14.0 0% 16.0 0% 18.0 0% 20.0 0% Tier 1 Leverage CET 1 Capital Tier 1 Capital Total Capital Bank Regulatory Capital Ratios Actual Minimum Requirement For Well-Capitalized $14.91 $15.19 $15.53 $16.09 $16.68 $17.24 $17.47 $22.36 $17.47 $17.73 $12 .00 $14 .00 $16 .00 $18 .00 $20 .00 $22 .00 $24 .00 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Book Value/TCE Per Share BV Per Share TCE Per Share June 30, 2022 11.35% 12.16% 11.72% 11.60% 11.76% 11.92% 11.87% 14.26% 11.87% 11.31% 5.00 % 6.00 % 7.00 % 8.00 % 9.00 % 10.0 0% 11.0 0% 12.0 0% 13.0 0% 14.0 0% 15.0 0% Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Total Equity/TCE to Total Assets Total Equity to Total Assets TCE to Total Assets (1) Not presented in accordance with U.S. GAAP. See “Non-GAAP measure” for a reconciliation of these measure to its most comparable GAAP measures. (1) (1) 24

Adjusted Allowance to HFI Loans Ratio Adjusted allowance to HFI loans ratio is a non-GAAP measure that we use to enhance comparability to prior periods and provide supplemental information regarding the Company’s credit trends. We calculate adjusted allowance to HFI loan ratio as allowance divided by loans held-for-investment excluding SBA PPP loans. The SBA launched the PPP to provide a direct incentive for small businesses to keep their workers on the payroll in response to the COVID-19 pandemic. The SBA guarantees 100% of the PPP loans made to eligible borrowers, and the loans are eligible to be forgiven if certain conditions are met, at which point the SBA will make payments to the Bank for the forgiven amounts. The SBA guarantee on PPP loans cannot be separated from the loan and therefore is not a separate unit of account. The Company considered the SBA guarantee in the allowance for loan losses evaluation and determined that it is not required to reserve an allowance on SBA PPP loans. Core Deposits Core Deposits are a non-GAAP measure that we use to measure the portion of our total deposits that are thought to be more stable, lower cost and reprice less frequently on average in a rising rate environment. We calculate core deposits as total deposits less time deposits greater than $250,000 and brokered deposits. Management tracks its core deposits because management believes it is a useful measure to help assess the Company’s deposit base and, among other things, potential volatility therein. PTPP Income, and Adjusted ROAA, ROAE and Diluted EPS for PTPP PTPP income, and adjusted ROAA, ROAE and Diluted EPS are non-GAAP measures that we use to measure the Company’s performance and believe these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. We calculated PTPP income as net income excluding income tax provision and provision for loan losses. Management believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently ROATCE, TCE Per Share and TCE to Total Assets ROATCE, TCE per share and TCE to total assets measures that we use to measure the Company’s performance. We calculated TCE as total shareholders’ equity excluding preferred stock. Management believes the non-GAAP measures provide useful supplemental information, and a clearer understanding of the Company’s performance. 25 Non-GAAP Measures

The following table reconciles adjusted allowance to HFI loans ratio and core deposits to their most comparable GAAP measures: ($ in thousands) 09/30/20 12/31/20 03/31/21 06/30/21 09/30/21 12/31/21 03/31/22 06/30/22 HFI Loans (a) $ 1,578,804 $ 1,583,578 $ 1,685,916 $ 1,719,656 $ 1,707,878 $ 1,732,205 $ 1,742,955 $ 1,833,010 Less: SBA PPP Loans (136,418) (135,654) (218,709) (181,019) (101,901) (65,329) (22,926) (1,583) HFI Loans, Excluding SBA PPP Loans (b) $ 1,442,386 $ 1,447,924 $ 1,467,207 $ 1,538,637 $ 1,605,977 $ 1,666,876 $ 1,720,029 $ 1,831,427 Allowance (c) $ 24,546 $ 26,510 $ 25,514 $ 24,889 $ 23,807 $ 22,381 $ 21,198 $ 21,071 Allowance to HFI Loans Ratio (c)/(a) 1.55% 1.67% 1.51% 1.45% 1.39% 1.29% 1.22% 1.15% Adjusted Allowance to HFI Loans Ratio (c)/(b) 1.70% 1.83% 1.74% 1.62% 1.48% 1.34% 1.23% 1.15% Total Deposits (d) $ 1,647,107 $ 1,594,851 $ 1,753,772 $ 1,797,648 $ 1,832,666 $ 1,867,134 $ 1,910,379 $ 1,997,607 Less: Time Deposits Greater Than $250K (257,208) (268,683) (266,845) (273,401) (263,127) (272,269) (273,844) (246,024) Less: Brokered Deposits (92,001) (80,002) (65,004) (65,004) (65,004) (85,001) (35,001) (35,001) Core Deposits (e) $ 1,297,898 $ 1,246,166 $ 1,421,923 $ 1,459,243 $ 1,504,535 $ 1,509,864 $ 1,601,534 $ 1,716,582 Core Deposits to Total Deposits (e)/(d) 78.8% 78.1% 81.1% 81.2% 82.1% 80.9% 83.8% 85.9% 26 Non-GAAP Measures

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) 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Net Income (a) $ 3,449 $ 5,787 $ 8,560 $ 9,844 $ 11,023 $ 10,676 $ 10,240 $ 9,092 Add: Provision (Reversal) for Loan Losses 4,326 2,142 (1,147) (934) (1,053) (1,462) (1,191) (109) Add: Income Tax Provision 1,464 2,452 3,594 4,098 4,613 4,551 4,159 3,771 PTPP Income (Non-GAAP) (b) $ 9,239 $ 10,381 $ 11,007 $ 13,008 $ 14,583 $ 13,765 $ 13,208 $ 12,754 Average Total Assets (c) $ 1,991,614 $ 1,939,326 $ 1,987,217 $ 2,018,789 $ 2,070,365 $ 2,111,834 $ 2,161,132 $ 2,208,059 ROAA (1) (a)/(c) 0.69% 1.19% 1.75% 1.96% 2.11% 2.01% 1.92% 1.65% Adjusted ROAA (Non-GAAP)(1) (b)/(c) 1.85% 2.13% 2.25% 2.58% 2.79% 2.59% 2.48% 2.32% Average Total Shareholders' Equity (d) $ 229,463 $ 232,156 $ 236,790 $ 239,448 $ 243,185 $ 251,477 $ 259,367 $ 292,135 ROAE (1) (a)/(d) 5.98% 9.92% 14.66% 16.49% 17.98% 16.84% 16.01% 12.48% Adjusted ROAE (Non-GAAP)(1) (b)/(d) 16.02% 17.79% 18.85% 21.79% 23.79% 21.72% 20.65% 17.51% Net Income $ 3,449 $ 5,787 $ 8,560 $ 9,844 $ 11,023 $ 10,676 $ 10,240 $ 9,092 Less: Income Allocated to Participating Securities (8) (11) (33) (41) (43) (40) (48) (42) Net Income Allocated to Common Stock (e) 3,441 5,776 8,527 9,803 10,980 10,636 10,192 9,050 Add: Provision for Loan Losses 4,326 2,142 (1,147) (934) (1,053) (1,462) (1,191) (109) Add: Income Tax Provision 1,464 2,452 3,594 4,098 4,613 4,551 4,159 3,771 PTPP Income Allocated to Common Stock (f) $ 9,231 $ 10,370 $ 10,974 $ 12,967 $ 14,540 $ 13,725 $ 13,160 $ 12,712 WA common shares outstanding, diluted (g) 15,377,531 15,392,355 15,533,608 15,309,873 15,031,558 15,093,351 15,141,693 15,122,452 Diluted EPS (e)/(g) $ 0.22 $ 0.38 $ 0.55 $ 0.64 $ 0.73 $ 0.70 $ 0.67 $ 0.60 Adjusted Diluted EPS (Non-GAAP) (f)/(g) $ 0.60 $ 0.67 $ 0.71 $ 0.85 $ 0.97 $ 0.91 $ 0.87 $ 0.84 27 Non-GAAP Measures

Non-GAAP Measures The following table reconciles ROATCE to its most comparable GAAP measure: (1) Annualized. ($ in thousands) 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 06/22 YTD Average Total Shareholders' Equity (a)$ 229,463 $ 232,156 $ 236,790 $ 239,448 $ 243,185 $ 251,477 $ 259,367 $ 292,135 $ 275,841 Less: Average Preferred Stock 0 0 0 0 0 0 0 28,872 14,516 Average TCE (Non-GAAP) (b)$ 229,463 $ 232,156 $ 236,790 $ 239,448 $ 243,185 $ 251,477 $ 259,367 $ 263,263 $ 261,325 Net Income (c) $ 3,449 $ 5,787 $ 8,560 $ 9,844 $ 11,023 $ 10,676 $ 10,240 $ 9,092 19,332 ROAE (1) (c)/(a) 5.98% 9.92% 14.66% 16.49% 17.98% 16.84% 16.01% 12.48% 14.13% ROATCE (Non-GAAP)(1) (c)/(b) 5.98% 9.92% 14.66% 16.49% 17.98% 16.84% 16.01% 13.85% 14.92% The following table reconciles TCE per share and TCE to total assets to their most comparable GAAP measures: ($ in thousands, except per share data) 09/30/20 12/31/20 03/31/21 06/30/21 09/30/21 12/31/21 03/31/22 06/30/22 Total Shareholders' Equity (a) $ 229,339 $ 233,788 $ 240,263 $ 238,941 $ 247,598 $ 256,286 $ 261,058 $ 334,375 Less: Preferred Stock 0 0 0 0 0 0 0 69,141 TCE (Non-GAAP) (b) $ 229,339 $ 233,788 $ 240,263 $ 238,941 $ 247,598 $ 256,286 $ 261,058 $ 265,234 Outstanding Shares (c) 15,379,538 15,385,878 15,468,242 14,854,315 14,841,626 14,865,825 14,944,663 14,956,760 Book Value Per Share (a)/(c) $ 14.91 $ 15.19 $ 15.53 $ 16.09 $ 16.68 $ 17.24 $ 17.47 $ 22.36 TCE Per Share (Non-GAAP) (b)/(c) $ 14.91 $ 15.19 $ 15.53 $ 16.09 $ 16.68 $ 17.24 $ 17.47 $ 17.73 Total Assets (d) $ 2,021,187 $ 1,922,853 $ 2,050,672 $ 2,060,003 $ 2,104,699 $ 2,149,735 $ 2,199,742 $ 2,344,560 Total Shareholders’ Equity to Total Assets (a)/(d) 11.35% 12.16% 11.72% 11.60% 11.76% 11.92% 11.87% 14.26% TCE to Total Assets (Non-GAAP) (b)/(d) 11.35% 12.16% 11.72% 11.60% 11.76% 11.92% 11.87% 11.31% 28

Document

Exhibit 99.3

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

Los Angeles, California - July 28, 2022 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of Pacific City Bank, announced that on July 28, 2022, its Board of Directors declared a quarterly cash dividend of $0.15 per common share. The dividend will be paid on or about August 19, 2022, to shareholders of record as of the close of business on August 12, 2022.

About PCB Bancorp

Contact:

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000

Document

Exhibit 99.4

PCB Bancorp Announces Stock Repurchase Plan

Los Angeles, California - July 28, 2022 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of Pacific City Bank, announced that on July 28, 2022, its 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 through February 1, 2023, with repurchases to commence from August 2, 2022.

About PCB Bancorp

Cautionary Note Regarding Forward-Looking Statements

Contact:

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000