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): April 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 April 28, 2022, PCB Bancorp, a California corporation (the “Company”), issued a press release concerning its unaudited results for the first 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 April 28, 2022, the Company issued a press release announcing that on April 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 May 20, 2022, to shareholders of record as of the close of business on May 13, 2022. A copy of the press release is attached as Exhibit 99.3 to this Current Report and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

99.1 Press release of PCB Bancorp, issued April 28, 2022, concerning the result of operations and financial condition for the first quarter of 2022

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

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

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

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of PCB Bancorp, issued April 28 , 202 2 , concerning the results of operations and financial condition for the first quarter of 20 2 2
99.2	Investor presentation of PCB Bancorp concerning the unaudited results for the first quarter of 20 2 2
99.3	Press release of PCB Bancorp, issued April 2 8 , 202 2 , announcing the declaration of a quarterly cash dividend

SIGNATURES

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

		PCB Bancorp
Date:	April 28, 2022	/s/ Timothy Chang
		Timothy Chang
		Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

PCB Bancorp Reports Earnings of $10.2 million for Q1 2022

Los Angeles, California - April 28, 2022 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of Pacific City Bank (the “Bank”), today reported net income of $10.2 million, or $0.67 per diluted common share, for the first quarter of 2022, compared with $10.7 million, or $0.70 per diluted common share, for the previous quarter and $8.6 million, or $0.55 per diluted common share, for the year-ago quarter.

Q1 2022 Highlights

•Net income totaled $10.2 million, or $0.67 per diluted common share, for the current quarter;

◦The Company recorded a reversal for loan losses of $1.2 million for the current quarter compared with $1.5 million for the previous quarter and $1.1 million for the year-ago quarter.

◦Allowance for loan losses to loans held-for-investment(1) ratio was 1.22% at March 31, 2022 compared with 1.29% at December 31, 2021 and 1.51% at March 31, 2021. Adjusted allowance for loan losses to loans held-for-investment ratio(2) was 1.23% at March 31, 2022 compared with 1.34% at December 31, 2021 and 1.74% at March 31, 2021.

◦Net interest income was $20.0 million for the current quarter compared with $20.1 million for the previous quarter and $17.8 million for the year-ago quarter. Net interest margin was 3.87% for the current quarter compared with 3.87% for the previous quarter and 3.70% for the year-ago quarter.

◦Gain on sale of loans was $3.8 million for the current quarter compared with $3.4 million for the previous quarter and $1.3 million for the year-ago quarter.

•Total assets were $2.20 billion at March 31, 2022, an increase of $50.0 million, or 2.3%, from $2.15 billion at December 31, 2021 and an increase of $149.1 million, or 7.3%, from $2.05 billion at March 31, 2021;

•Loans held-for-investment were $1.74 billion at March 31, 2022, an increase of $10.8 million, or 0.6%, from $1.73 billion at December 31, 2021 and an increase of $57.0 million, or 3.4%, from $1.69 billion at March 31, 2021; and

◦SBA PPP loans totaled $22.9 million, $65.3 million and $218.7 million at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

◦The Company had no loans under modified terms related to COVID-19 at March 31, 2022 and December 31, 2021. Loans under modified terms related to the COVID-19 pandemic totaled $19.8 million at March 31, 2021.

•Total deposits were $1.91 billion at March 31, 2022, an increase of $43.2 million, or 2.3%, from $1.87 billion at December 31, 2021 and an increase of $156.6 million, or 8.9%, from $1.75 billion at March 31, 2021.

Henry Kim, President and Chief Executive Officer, commented, “PCB kicked off the year with another solid quarterly financial results that were highlighted by the net income of $10.2 million or $0.67 per diluted share, an 8.1% annualized total loan growth, excluding SBA PPP, a 22.2% annualized retail deposit growth, and a 12.5% increase in book value per share to $17.47, compared with March 31, 2021. In addition, with 41.8% of our loans in variable rate, our asset sensitive balance sheet is well position to benefit from the current rising interest rate environment. Our exceptional credit quality continued with recognition of net recoveries for the quarter, and non-performing loans to loans held-for-investment ratio of 0.08%, and classified assets to total assets ratio of 0.24%.”

“In spite of the ongoing challenging economic environment from the pandemic and global conflict, we will continue to execute our focused expansion initiatives of opening three new full-service branches during the second half of this year; two in Dallas, Texas area, and one in Palisades Park, New Jersey. We are optimistic in our outlook and expect to continue to deliver strong growth and earnings for the rest of the year and beyond,” concluded Kim.

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

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

Financial Highlights (Unaudited)

( in thousands, except per share data)	Three Months Ended
				12/31/2021				% Change			3/31/2021				% Change
Net income	$	10,240			$	10,676			(4.1)	%		$	8,560			19.6	%
Diluted earnings per common share	$	0.67			$	0.70			(4.3)	%		$	0.55			21.8	%
Net interest income	$	19,993			$	20,095			(0.5)	%		$	17,819			12.2	%
Reversal for loan losses	(1,191)				(1,462)				(18.5)	%		(1,147)				3.8	%
Noninterest income	5,286				4,838				9.3	%		2,857				85.0	%
Noninterest expense	12,071				11,168				8.1	%		9,669				24.8	%
Return on average assets (1)	1.92		%		2.01		%					1.75		%
Return on average shareholders’ equity (1), (2)	16.01		%		16.84		%					14.66		%
Net interest margin (1)	3.87		%		3.87		%					3.70		%
Efficiency ratio (3)	47.75		%		44.79		%					46.76		%

All values are in US Dollars.

($ in thousands, except per share data)	3/31/2022			12/31/2021			% Change		3/31/2021			% Change
Total assets	$	2,199,742		$	2,149,735		2.3	%	$	2,050,672		7.3	%
Net loans held-for-investment	1,721,757			1,709,824			0.7	%	1,660,402			3.7	%
Total deposits	1,910,379			1,867,134			2.3	%	1,753,771			8.9	%
Book value per common share (2), (4)	$	17.47		$	17.24		1.3	%	$	15.53		12.5	%
Tier 1 leverage ratio (consolidated)	12.22		%	12.11		%			12.03		%
Total shareholders’ equity to total assets (2)	11.87		%	11.92		%			11.72		%

(1)Ratios are presented on an annualized basis.

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

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

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

COVID-19 Pandemic

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

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

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
($ in thousands)	3/31/2022			12/31/2021			% Change		3/31/2021			% Change
Interest income/expense on
Loans	$	20,190		$	20,363		(0.8)	%	$	18,744		7.7	%
Investment securities	476			441			7.9	%	360			32.2	%
Other interest-earning assets	228			191			19.4	%	154			48.1	%
Total interest-earning assets	20,894			20,995			(0.5)	%	19,258			8.5	%
Interest-bearing deposits	850			847			0.4	%	1,311			(35.2)	%
Borrowings	51			53			(3.8)	%	128			(60.2)	%
Total interest-bearing liabilities	901			900			0.1	%	1,439			(37.4)	%
Net interest income	$	19,993		$	20,095		(0.5)	%	$	17,819		12.2	%
Average balance of
Loans	$	1,773,376		$	1,758,421		0.9	%	$	1,641,634		8.0	%
Investment securities	123,230			128,650			(4.2)	%	123,851			(0.5)	%
Other interest-earning assets	198,918			175,468			13.4	%	189,153			5.2	%
Total interest-earning assets	$	2,095,524		$	2,062,539		1.6	%	$	1,954,638		7.2	%
Interest-bearing deposits	$	1,034,012		$	1,008,027		2.6	%	$	1,053,845		(1.9)	%
Borrowings	10,400			13,315			(21.9)	%	75,556			(86.2)	%
Total interest-bearing liabilities	$	1,044,412		$	1,021,342		2.3	%	$	1,129,401		(7.5)	%
Total funding (1)	$	1,885,038		$	1,845,846		2.1	%	$	1,736,477		8.6	%
Annualized average yield/cost of
Loans	4.62		%	4.59		%			4.63		%
Investment securities	1.57		%	1.36		%			1.18		%
Other interest-earning assets	0.46		%	0.43		%			0.33		%
Total interest-earning assets	4.04		%	4.04		%			4.00		%
Interest-bearing deposits	0.33		%	0.33		%			0.50		%
Borrowings	1.99		%	1.58		%			0.69		%
Total interest-bearing liabilities	0.35		%	0.35		%			0.52		%
Net interest margin	3.87		%	3.87		%			3.70		%
Cost of total funding (1)	0.19		%	0.19		%			0.34		%
Supplementary information
Net accretion of discount on loans	$	908		$	815		11.4	%	$	745		21.9	%
Net amortization of deferred loan fees	$	1,165		$	1,434		(18.8)	%	$	1,220		(4.5)	%

(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 increase in average yield for the current quarter compared with the previous quarter was primarily due to increases in net accretion of discount on loans, prepayment penalties and late-charges, partially offset by a decrease in net deferred loan fee amortization during the current quarter. Compared with the year-ago quarter, the decrease in average yield was primarily due to a decrease in overall interest rates on loans from lower market rates throughout 2021, partially offset by an increase in net accretion of discount on loans.

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:

	3/31/2022				12/31/2021
	% to Total Loans		Weighted-Average Contractual Rate		% to Total Loans		Weighted-Average Contractual Rate		% to Total Loans		Weighted-Average Contractual Rate
Fixed rate loans	26.7	%	4.25	%	28.4	%	3.98	%	36.3	%	3.44	%
Hybrid rate loans	31.5	%	4.07	%	29.1	%	4.16	%	19.3	%	4.77	%
Variable rate loans	41.8	%	4.14	%	42.5	%	3.95	%	44.4	%	4.04	%

Investment Securities. The increases in average yield for the current quarter compared with the previous and year-ago quarters 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 compared with the previous and year-ago quarters were primarily due to increases in dividend income on Federal Home Loan Bank (“FHLB”) stock and interest rate on cash held at the Federal Reserve Bank (“FRB”) account. The increases in average balance for the current quarter compared with the previous and year-ago quarters were primarily due to an increase in deposits, partially offset by an increase in loans. The Company maintains most of its cash at the FRB account. For additional detail, please see the discussion in “Loans” and “Deposits” under the “Balance Sheet” discussion.

Interest-Bearing Deposits. The decrease in average cost for the current quarter compared with the year-ago quarter was primarily due to the decreases in market rates.

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 March 31, 2022, the Company had a term FHLB advance of $10.0 million with an interest rate of 2.07% that matures on June 29, 2022.

Reversal for Loan Losses

Reversal for loan losses was $1.2 million for the current quarter compared with $1.5 million for the previous quarter and $1.1 million for the year-ago quarter. The reversal for the current quarter was primarily due to a decrease in qualitative adjustment factor allocations related to economic implications of the COVID-19 pandemic. The Company recorded net recoveries of $8 thousand for the current quarter compared with $36 thousand for the previous quarter and $151 thousand for the year-ago quarter.

Adjusted allowance for loan losses to loans held-for-investment ratio(1) was 1.23%, 1.34%, and 1.74% at March 31, 2022, December 31, 2021, and March 31, 2021, respectively.

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

Noninterest Income

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

	Three Months Ended
($ in thousands)	3/31/2022		12/31/2021		% Change		3/31/2021		% Change
Gain on sale of loans	$	3,777	$	3,374	11.9	%	$	1,322	185.7	%
Service charges and fees on deposits	303		308		(1.6)	%	293		3.4	%
Loan servicing income	700		688		1.7	%	882		(20.6)	%
Bank-owned life insurance income	172		108		59.3	%	—		NM
Other income	334		360		(7.2)	%	360		(7.2)	%
Total noninterest income	$	5,286	$	4,838	9.3	%	$	2,857	85.0	%

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

	Three Months Ended
($ in thousands)	3/31/2022		12/31/2021		% Change		3/31/2021		% Change
Gain on sale of SBA loans
Sold loan balance	$	39,683	$	36,765	7.9	%	$	10,919	263.4	%
Premium received	4,206		3,683		14.2	%	1,309		221.3	%
Gain recognized	3,777		3,363		12.3	%	1,195		216.1	%
Gain on sale of residential property loans
Sold loan balance	$	—	$	559	(100.0)	%	$	7,907	(100.0)	%
Gain recognized	—		9		(100.0)	%	127		(100.0)	%

The Company also sold certain commercial property loans of $3.4 million during the previous quarter.

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

	Three Months Ended
($ in thousands)	3/31/2022		12/31/2021		% Change		3/31/2021		% Change
Loan servicing income
Servicing income received	$	1,230	$	1,202	2.3	%	$	1,273	(3.4)	%
Servicing assets amortization	(530)		(514)		3.1	%	(391)		35.5	%
Loan servicing income	$	700	$	688	1.7	%	$	882	(20.6)	%
Underlying loans at end of period	$	531,183	$	519,706	2.2	%	$	492,981	7.7	%

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
($ in thousands)	3/31/2022		12/31/2021		% Change		3/31/2021		% Change
Salaries and employee benefits	$	8,595	$	7,061	21.7	%	$	6,182	39.0	%
Occupancy and equipment	1,397		1,417		(1.4)	%	1,371		1.9	%
Professional fees	403		585		(31.1)	%	494		(18.4)	%
Marketing and business promotion	207		586		(64.7)	%	138		50.0	%
Data processing	404		408		(1.0)	%	377		7.2	%
Director fees and expenses	169		161		5.0	%	138		22.5	%
Regulatory assessments	141		138		2.2	%	208		(32.2)	%
Other expenses	755		812		(7.0)	%	761		(0.8)	%
Total noninterest expense	$	12,071	$	11,168	8.1	%	$	9,669	24.8	%

Salaries and Employee Benefits. The increases for the current quarter compared with the previous and year-ago quarters were primarily due to increases in salaries from the annual merit increase and number of employees increase, incentives tied to the sales of Loan Production Offices originated SBA loans, vacation accrual, and a decrease in loan origination cost, which offsets the recognition of salaries and employee benefits expense. The Company recognized a higher loan origination cost for the year-ago quarter primarily due to the SBA PPP loan production. Total loan origination cost included in salaries and employee benefits were $365 thousand, $435 thousand, and $986 thousand for the current, previous and year-ago quarters, respectively. The number of full-time equivalent employees was 256, 248 and 246 as of March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

Professional Fees. The decrease for the current quarter compared with the previous quarter was primarily due to increased internal audit and other professional fees during the previous quarter as a part of the year-end processes. Compared with the year-ago quarter, the decrease was primarily due to a decrease in internal audit fees.

Marketing and Business Promotion. The decrease for the current quarter compared with the previous quarter was primarily due to the year-end promotion during the previous quarter. Compared with the year-ago quarter, the increase was primarily due to more marketing activities and advertisement for the current quarter.

Director Fees and Expenses. The increase for the current quarter compared with the year-ago quarter was primarily due to a new director appointed during the fourth quarter of 2021.

Regulatory Assessments. The decrease for the current quarter compared with the year-ago quarter was primarily due to a decrease in assessment rate, partially offset by an increase in balance sheet.

Balance Sheet (Unaudited)

Total assets were $2.20 billion at March 31, 2022, an increase of $50.0 million, or 2.3%, from $2.15 billion at December 31, 2021 and an increase of $149.1 million, or 7.3%, from $2.05 billion at March 31, 2021. The increase for the current quarter was primarily due to increases in cash and cash equivalents and securities available-for-sale, partially offset by a decrease in loans held-for-sale.

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)	3/31/2022		12/31/2021		% Change		3/31/2021		% Change
Real estate loans
Commercial property	$	1,150,101	$	1,105,843	4.0	%	$	922,536	24.7	%
Residential property	215,132		209,485		2.7	%	190,990		12.6	%
SBA property	129,400		129,661		(0.2)	%	125,989		2.7	%
Construction	9,522		8,252		15.4	%	13,151		(27.6)	%
Commercial and industrial loans
Commercial term	69,836		73,438		(4.9)	%	80,361		(13.1)	%
Commercial lines of credit	107,406		100,936		6.4	%	91,970		16.8	%
SBA commercial term	16,880		17,640		(4.3)	%	21,078		(19.9)	%
SBA PPP	22,926		65,329		(64.9)	%	218,709		(89.5)	%
Other consumer loans	21,752		21,621		0.6	%	21,132		2.9	%
Loans held-for-investment	1,742,955		1,732,205		0.6	%	1,685,916		3.4	%
Loans held-for-sale	18,340		37,026		(50.5)	%	3,569		413.9	%
Total loans	$	1,761,295	$	1,769,231	(0.4)	%	$	1,689,485	4.3	%

The increase in loans held-for-investment for the current quarter was primarily due to new funding of $117.9 million and advances on lines of credit of $29.2 million, partially offset by pay-downs and pay-offs of $136.4 million. SBA PPP loans of $42.4 million were paid off through regular payments or forgiveness from SBA during the current quarter.

The decrease in loans held-for-sale for the current quarter was primarily due to sales of $39.7 million, partially offset by new funding of $21.2 million.

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

($ in thousands)	3/31/2022		12/31/2021		% Change		3/31/2021		% Change
Real estate loans
Commercial property	$	21,195	$	20,194	5.0	%	$	20,003	6.0	%
SBA property	3,142		3,068		2.4	%	3,677		(14.5)	%
Construction	6,528		5,180		26.0	%	13,588		(52.0)	%
Commercial and industrial loans
Commercial term	2,674		1,097		143.8	%	1,000		167.4	%
Commercial lines of credit	175,742		169,000		4.0	%	168,381		4.4	%
SBA commercial term	950		149		537.6	%	—		—	%
Other consumer loans	1,080		595		81.5	%	96		1,025.0	%
Total commitments to extend credit	$	211,311	$	199,283	6.0	%	$	206,745	2.2	%

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)	3/31/2022			12/31/2021			% Change		3/31/2021			% Change
Nonaccrual loans
Real estate loans
Residential property	$	461		$	—		—	%	$	—		—	%
SBA property	733			746			(1.7)	%	841			(12.8)	%
Commercial and industrial loans
SBA commercial term	199			213			(6.6)	%	568			(65.0)	%
Other consumer loans	25			35			(28.6)	%	52			(51.9)	%
Total nonaccrual loans held-for-investment	1,418			994			42.7	%	1,461			(2.9)	%
Loans past due 90 days or more and still accruing	—			—			—	%	—			—	%
Non-performing loans (“NPLs”)	1,418			994			42.7	%	1,461			(2.9)	%
Other real estate owned (“OREO”)	—			—			—	%	2,336			(100.0)	%
Non-performing assets (“NPAs”)	$	1,418		$	994		42.7	%	$	3,797		(62.7)	%
Loans past due and still accruing
Past due 30 to 59 days	$	119		$	549		(78.3)	%	$	56		112.5	%
Past due 60 to 89 days	1			5			(80.0)	%	52			(98.1)	%
Past due 90 days or more	—			—			—	%	—			—	%
Total loans past due and still accruing	$	120		$	554		(78.3)	%	$	108		11.1	%
Troubled debt restructurings (“TDRs”)
Accruing TDRs	$	565		$	576		(1.9)	%	$	620		(8.9)	%
Nonaccrual TDRs	15			17			(11.8)	%	33			(54.5)	%
Total TDRs	$	580		$	593		(2.2)	%	$	653		(11.2)	%
Special mention loans	$	5,562		$	18,092		(69.3)	%	$	17,997		(69.1)	%
Classified assets
Classified loans	$	5,377		$	5,168		4.0	%	$	7,090		(24.2)	%
OREO	—			—			—	%	2,336			(100.0)	%
Classified assets	$	5,377		$	5,168		4.0	%	$	9,426		(43.0)	%
NPLs to loans held-for-investment	0.08		%	0.06		%			0.09		%
NPAs to total assets	0.06		%	0.05		%			0.19		%
Classified assets to total assets	0.24		%	0.24		%			0.46		%

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 March 31, 2022 and December 31, 2021, the Company had no loans under modified terms related to the COVID-19 pandemic. Total loans under modified terms related to the COVID-19 pandemic totaled $19.8 million at March 31, 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 $4.1 million and $2.7 million, respectively, at March 31, 2022, $15.6 million and $2.7 million, respectively, at December 31, 2021, and $16.4 million and $2.8 million, respectively, at March 31, 2021, of the loans that were granted such modifications. The decrease in special mention loans for the current quarter was primarily due to improvements of 2 loans with an aggregated carrying value of $11.3 million.

Investment Securities

Total investment securities were $131.3 million at March 31, 2022, an increase of $8.1 million, or 6.6%, from $123.2 million at December 31, 2021, and an increase of $4.2 million, or 3.3%, from $127.1 million at March 31, 2021. The increase for the current quarter was primarily due to purchases of $19.9 million, partially offset by principal pay-downs and calls of $6.2 million and net premium amortization of $135 thousand.

Deposits

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

	3/31/2022				12/31/2021
($ in thousands)	Amount		% to Total		Amount		% to Total		Amount		% to Total
Noninterest-bearing demand deposits	$	891,797	46.7	%	$	830,383	44.5	%	$	715,719	40.8	%
Interest-bearing deposits
Savings	15,037		0.8	%	16,299		0.9	%	11,271		0.6	%
NOW	17,543		0.9	%	20,185		1.1	%	19,380		1.1	%
Retail money market accounts	431,057		22.5	%	386,041		20.5	%	381,704		21.7	%
Brokered money market accounts	1		0.1	%	1		0.1	%	4		0.1	%
Retail time deposits of
$250,000 or less	246,100		12.8	%	256,956		13.8	%	276,232		15.8	%
More than $250,000	173,844		9.1	%	172,269		9.2	%	166,845		9.5	%
Time deposits from internet rate service providers	—		—	%	—		—	%	17,616		1.0	%
State and brokered time deposits	135,000		7.1	%	185,000		9.9	%	165,000		9.4	%
Total interest-bearing deposits	1,018,582		53.3	%	1,036,751		55.5	%	1,038,052		59.2	%
Total deposits	$	1,910,379	100.0	%	$	1,867,134	100.0	%	$	1,753,771	100.0	%

The increase in noninterest-bearing demand deposits and retail money market accounts for the current quarter was primarily due to the overall liquid deposit market.

The decrease in retail time deposits for the current quarter was primarily due to matured and closed accounts of $188.5 million, partially offset by new accounts of $30.6 million, renewals of the matured accounts of $143.6 million, and balance increases of $5.1 million.

Liquidity

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

($ in thousands)	3/31/2022
Cash and cash equivalents	$	250,212
Cash and cash equivalents to total assets	11.4		%
Available borrowing capacity
FHLB advances	$	527,426
Federal Reserve Discount Window	26,455
Overnight federal funds lines	65,000
Total	$	618,881
Total available borrowing capacity to total assets	28.1		%

Shareholders’ Equity

Shareholders’ equity was $261.1 million at March 31, 2022, an increase of $4.8 million, or 1.9%, from $256.3 million at December 31, 2021 and an increase of $20.8 million, or 8.7%, from $240.3 million at March 31, 2021. The increase for the current quarter was primarily due to net income, partially offset by cash dividends declared on common stock of $2.2 million and a decrease in accumulated other comprehensive income (loss).

Stock Repurchase

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

Emergency Capital Investment Program

On December 14, 2021, the U.S. Treasury informed the Company that the U.S Treasury has reviewed the Company’s application to receive a capital investment from the U.S Treasury under the Emergency Capital Investment Program (“ECIP”), and that the Company would be eligible to receive an ECIP investment in an amount up to $69.1 million in the form of non-dilutive Tier 1 senior perpetual preferred capital. The Company determined to accept the offer to receive the ECIP investment for the full amount. The Company expects to close the investment in the second quarter of 2022.

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

Capital Ratios

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

	3/31/2022		12/31/2021		3/31/2021		Well Capitalized Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)	14.77	%	14.79	%	15.92	%	N/A
Total capital (to risk-weighted assets)	15.97	%	16.04	%	17.17	%	N/A
Tier 1 capital (to risk-weighted assets)	14.77	%	14.79	%	15.92	%	N/A
Tier 1 capital (to average assets)	12.22	%	12.11	%	12.03	%	N/A
Pacific City Bank
Common tier 1 capital (to risk-weighted assets)	14.43	%	14.48	%	15.62	%	6.5	%
Total capital (to risk-weighted assets)	15.63	%	15.73	%	16.88	%	10.0	%
Tier 1 capital (to risk-weighted assets)	14.43	%	14.48	%	15.62	%	8.0	%
Tier 1 capital (to average assets)	11.94	%	11.85	%	11.81	%	5.0	%

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 our borrowers’ actual payment performance as loan deferrals related to the COVID-19 pandemic expire, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to the COVID-19 pandemic, including the potential adverse impact of loan modifications and payment deferrals implemented consistent with recent regulatory guidance, and the general economic uncertainty caused by the COVID-19 pandemic, and government and societal responses thereto, general economic uncertainty in the United States and abroad, the impact of inflation, changes in interest rates, 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)

	3/31/2022			12/31/2021			% Change		3/31/2021			% Change
Assets
Cash and due from banks	$	19,693		$	15,222		29.4	%	$	16,764		17.5	%
Interest-bearing deposits in other financial institutions	230,519			188,063			22.6	%	195,016			18.2	%
Total cash and cash equivalents	250,212			203,285			23.1	%	211,780			18.1	%
Securities available-for-sale, at fair value	131,345			123,198			6.6	%	127,114			3.3	%
Loans held-for-sale	18,340			37,026			(50.5)	%	3,569			413.9	%
Loans held-for-investment	1,742,955			1,732,205			0.6	%	1,685,916			3.4	%
Allowance for loan losses	(21,198)			(22,381)			(5.3)	%	(25,514)			(16.9)	%
Net loans held-for-investment	1,721,757			1,709,824			0.7	%	1,660,402			3.7	%
Premises and equipment, net	3,106			3,098			0.3	%	3,774			(17.7)	%
Federal Home Loan Bank and other bank stock	8,577			8,577			—	%	8,447			1.5	%
Other real estate owned, net	—			—			—	%	2,336			(100.0)	%
Bank-owned life insurance	29,530			29,358			0.6	%	—			NM
Deferred tax assets, net	11,895			10,824			9.9	%	8,170			45.6	%
Servicing assets	7,533			7,269			3.6	%	6,253			20.5	%
Operating lease assets	6,511			6,786			(4.1)	%	7,145			(8.9)	%
Accrued interest receivable	5,050			5,368			(5.9)	%	7,523			(32.9)	%
Other assets	5,886			5,122			14.9	%	4,159			41.5	%
Total assets	$	2,199,742		$	2,149,735		2.3	%	$	2,050,672		7.3	%
Liabilities
Deposits
Noninterest-bearing demand	$	891,797		$	830,383		7.4	%	$	715,719		24.6	%
Savings, NOW and money market accounts	463,638			422,526			9.7	%	412,359			12.4	%
Time deposits of $250,000 or less	281,100			341,956			(17.8)	%	358,848			(21.7)	%
Time deposits of more than $250,000	273,844			272,269			0.6	%	266,845			2.6	%
Total deposits	1,910,379			1,867,134			2.3	%	1,753,771			8.9	%
Federal Home Loan Bank advances	10,000			10,000			—	%	40,000			(75.0)	%
Operating lease liabilities	7,176			7,444			(3.6)	%	7,935			(9.6)	%
Accrued interest payable and other liabilities	11,129			8,871			25.5	%	8,703			27.9	%
Total liabilities	1,938,684			1,893,449			2.4	%	1,810,409			7.1	%
Commitments and contingent liabilities
Shareholders’ equity
Common stock, no par value	155,614			154,992			0.4	%	164,698			(5.5)	%
Retained earnings	109,142			101,140			7.9	%	74,707			46.1	%
Accumulated other comprehensive income (loss), net	(3,698)			154			NM		858			NM
Total shareholders’ equity	261,058			256,286			1.9	%	240,263			8.7	%
Total liabilities and shareholders’ equity	$	2,199,742		$	2,149,735		2.3	%	$	2,050,672		7.3	%
Outstanding common shares	14,944,663			14,865,825					15,468,242
Book value per common share (1)	$	17.47		$	17.24				$	15.53
Total loan to total deposit ratio	92.20		%	94.76		%			96.33		%
Noninterest-bearing deposits to total deposits	46.68		%	44.47		%			40.81		%

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

PCB Bancorp and Subsidiary

Consolidated Statements of Income (Unaudited)

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

	Three Months Ended
	3/31/2022			12/31/2021			% Change		3/31/2021			% Change
Interest and dividend income
Loans, including fees	$	20,190		$	20,363		(0.8)	%	$	18,744		7.7	%
Investment securities	476			441			7.9	%	360			32.2	%
Other interest-earning assets	228			191			19.4	%	154			48.1	%
Total interest income	20,894			20,995			(0.5)	%	19,258			8.5	%
Interest expense
Deposits	850			847			0.4	%	1,311			(35.2)	%
Other borrowings	51			53			(3.8)	%	128			(60.2)	%
Total interest expense	901			900			0.1	%	1,439			(37.4)	%
Net interest income	19,993			20,095			(0.5)	%	17,819			12.2	%
Reversal for loan losses	(1,191)			(1,462)			(18.5)	%	(1,147)			3.8	%
Net interest income after reversal for loan losses	21,184			21,557			(1.7)	%	18,966			11.7	%
Noninterest income
Gain on sale of loans	3,777			3,374			11.9	%	1,322			185.7	%
Service charges and fees on deposits	303			308			(1.6)	%	293			3.4	%
Loan servicing income	700			688			1.7	%	882			(20.6)	%
Bank-owned life insurance income	172			108			59.3	%	—			NM
Other income	334			360			(7.2)	%	360			(7.2)	%
Total noninterest income	5,286			4,838			9.3	%	2,857			85.0	%
Noninterest expense
Salaries and employee benefits	8,595			7,061			21.7	%	6,182			39.0	%
Occupancy and equipment	1,397			1,417			(1.4)	%	1,371			1.9	%
Professional fees	403			585			(31.1)	%	494			(18.4)	%
Marketing and business promotion	207			586			(64.7)	%	138			50.0	%
Data processing	404			408			(1.0)	%	377			7.2	%
Director fees and expenses	169			161			5.0	%	138			22.5	%
Regulatory assessments	141			138			2.2	%	208			(32.2)	%
Other expenses	755			812			(7.0)	%	761			(0.8)	%
Total noninterest expense	12,071			11,168			8.1	%	9,669			24.8	%
Income before income taxes	14,399			15,227			(5.4)	%	12,154			18.5	%
Income tax expense	4,159			4,551			(8.6)	%	3,594			15.7	%
Net income	$	10,240		$	10,676		(4.1)	%	$	8,560		19.6	%
Earnings per common share
Basic	$	0.69		$	0.72				$	0.55
Diluted	$	0.67		$	0.70				$	0.55
Average common shares
Basic	14,848,014			14,799,973					15,384,343
Diluted	15,141,693			15,093,351					15,533,608
Dividend paid per common share	$	0.15		$	0.12				$	0.10
Return on average assets (1)	1.92		%	2.01		%			1.75		%
Return on average shareholders’ equity (1), (2)	16.01		%	16.84		%			14.66		%
Efficiency ratio (3)	47.75		%	44.79		%			46.76		%

(1)Ratios are presented on an annualized basis.

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

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

PCB Bancorp and Subsidiary

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

($ in thousands)

	Three Months Ended
	3/31/2022						12/31/2021						3/31/2021
	Average Balance		Interest Income/ Expense		Avg. Yield/Rate(6)		Average Balance		Interest Income/ Expense		Avg. Yield/Rate(6)		Average Balance		Interest Income/ Expense		Avg. Yield/Rate(6)
Assets
Interest-earning assets
Total loans (1)	$	1,773,376	$	20,190	4.62	%	$	1,758,421	$	20,363	4.59	%	$	1,641,634	$	18,744	4.63	%
Mortgage-backed securities	84,223		307		1.48	%	88,501		263		1.18	%	81,486		215		1.07	%
Collateralized mortgage obligation	18,242		48		1.07	%	20,233		53		1.04	%	24,888		57		0.93	%
SBA loan pool securities	10,095		38		1.53	%	9,199		41		1.77	%	11,673		52		1.81	%
Municipal bonds (2)	5,632		36		2.59	%	5,698		37		2.58	%	5,804		36		2.52	%
Corporate bonds	5,038		47		3.78	%	5,019		47		3.72	%	—		—		—	%
Other interest-earning assets	198,918		228		0.46	%	175,468		191		0.43	%	189,153		154		0.33	%
Total interest-earning assets	2,095,524		20,894		4.04	%	2,062,539		20,995		4.04	%	1,954,638		19,258		4.00	%
Noninterest-earning assets
Cash and due from banks	20,385						20,618						19,072
Allowance for loan losses	(22,377)						(23,835)						(26,870)
Other assets	67,600						52,512						40,377
Total noninterest-earning assets	65,608						49,295						32,579
Total assets	$	2,161,132					$	2,111,834					$	1,987,217
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	431,981	313		0.29	%	$	406,343	301		0.29	%	$	407,623	333		0.33	%
Savings	15,644		2		0.05	%	14,161		2		0.06	%	10,609		1		0.04	%
Time deposits	586,387		535		0.37	%	587,523		544		0.37	%	635,613		977		0.62	%
Total interest-bearing deposits	1,034,012		850		0.33	%	1,008,027		847		0.33	%	1,053,845		1,311		0.50	%
Other borrowings	10,400		51		1.99	%	13,315		53		1.58	%	75,556		128		0.69	%
Total interest-bearing liabilities	1,044,412		901		0.35	%	1,021,342		900		0.35	%	1,129,401		1,439		0.52	%
Noninterest-bearing liabilities
Noninterest-bearing demand	840,626						824,504						607,076
Other liabilities	16,727						14,511						13,950
Total noninterest-bearing liabilities	857,353						839,015						621,026
Total liabilities	1,901,765						1,860,357						1,750,427
Total shareholders’ equity	259,367						251,477						236,790
Total liabilities and shareholders’ equity	$	2,161,132					$	2,111,834					$	1,987,217
Net interest income			$	19,993					$	20,095					$	17,819
Net interest spread (3)					3.69	%					3.69	%					3.48	%
Net interest margin (4)					3.87	%					3.87	%					3.70	%
Total deposits	$	1,874,638	$	850	0.18	%	$	1,832,531	$	847	0.18	%	$	1,660,921	$	1,311	0.32	%
Total funding (5)	$	1,885,038	$	901	0.19	%	$	1,845,846	$	900	0.19	%	$	1,736,477	$	1,439	0.34	%

(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

Non-GAAP Measures

($ in thousands)

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

Adjusted allowance for loan losses to loans held-for-investment ratio is calculated by removing SBA PPP loans from loans held-for-investment from the allowance for loan losses to loans held-for-investment ratio calculation. The SBA launched the PPP to provide a direct incentive for small businesses to keep their workers on the payroll in response to the COVID-19 pandemic. The SBA guarantees 100% of the PPP loans made to eligible borrowers, and the loans are eligible to be forgiven if certain conditions are met, at which point the SBA will make payments to the Bank for the forgiven amounts. The SBA guarantee on PPP loans cannot be separated from the loan and therefore is not a separate unit of account. The Company considered the SBA guarantee in the allowance for loan losses evaluation and determined that it is not required to reserve an allowance on SBA PPP loans. Management believes this non-GAAP measure enhances comparability to prior periods and provide supplemental information regarding the Company’s credit trends.

		3/31/2022			12/31/2021			3/31/2021
Loans held-for-investment	(a)	$	1,742,955		$	1,732,205		$	1,685,916
Less: SBA PPP loans	(b)	22,926			65,329			218,709
Loans held-for-investment, excluding SBA PPP loans	(c)=(a)-(b)	$	1,720,029		$	1,666,876		$	1,467,207
Allowance for loan losses	(d)	$	21,198		$	22,381		$	25,514
Allowance for loan losses to loans held-for-investment ratio	(d)/(a)	1.22		%	1.29		%	1.51		%
Adjusted allowance for loan losses to loans held-for-investment ratio	(d)/(c)	1.23		%	1.34		%	1.74		%

pcbinvestordeckq122a

Earnings Results First Quarter 2022 April 28, 2022

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

your Partner • Choice • Bank | 3 Introduction

Franchise Footprint (1) your Partner • Choice • Bank | 4 * Palisades Park, New Jersey * Carrollton, Texas * Dallas, Texas * New Full Service Branches In Construction (1) As of April 26, 2022. s

$0.08 $0.11 $0.12 $0.12 $0.25 $0.40 $0.44 $0.15 $0.15 $8.26 $9.48 $10.60 $13.16 $14.44 $15.19 $17.24 $17.47 $0.0 0 $2.0 0 $4.0 0 $6.0 0 $8.0 0 $10 .00 $12 .00 $14 .00 $16 .00 $18 .00 $20 .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 Q122 Q222 Cash Dividend & Book Value Per Share Cash Dividend Per Share Book Value Per Share (Period End) Equity Information your Partner • Choice • Bank | 5 As of April 26, 2022 Ticker PCB Market Cap $314.0 million Price Per Share $21.00 52 Week Range $15.10 - $25.43 Dividend Yield (Dividend Payout Ratio) 2.86% (17.50% 2Q21-1Q22) Number of Shares 14,951,760

Historical Performance your Partner • Choice • Bank | 6 $1.19 $1.34 $1.45 $1.58 $1.73 $1.74 0.0 00 0.2 00 0.4 00 0.6 00 0.8 00 1.0 00 1.2 00 1.4 00 1.6 00 1.8 00 2.0 00 2017 2018 2019 2020 2021 Mar-22 Held-For-Investment Loans ($bn) $1.25 $1.44 $1.48 $1.59 $1.87 $1.91 0.0 00 0.5 00 1.0 00 1.5 00 2.0 00 2.5 00 2017 2018 2019 2020 2021 Mar-22 Deposits ($bn) $16.4 $24.3 $24.1 $16.2 $40.1 $10.2 0.0 00 5.0 00 10. 000 15. 000 20. 000 25. 000 30. 000 35. 000 40. 000 45. 000 2017 2018 2019 2020 2021 03/22 YTD Net Income ($mm) $1.21 $1.65 $1.49 $1.04 $2.62 $0.67 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 03/22 YTD Diluted Earnings Per Share CAGR +9.8% CAGR +10.5%

Historical Performance your Partner • Choice • Bank | 7 1.22% 1.53% 1.40% 0.84% 1.96% 1.92% 0.0 0% 0.5 0% 1.0 0% 1.5 0% 2.0 0% 2.5 0% 2017 2018 2019 2020 2021 03/22 YTD Return on Average Assets 12.00% 14.26% 10.88% 7.08% 16.52% 16.01% 0.0 0% 2.0 0% 4.0 0% 6.0 0% 8.0 0% 10. 00% 12. 00% 14. 00% 16. 00% 18. 00% 2017 2018 2019 2020 2021 03/22 YTD Return on Average Equity 52.0% 52.8% 52.3% 53.5% 45.2% 47.8% 0.0 0% 10. 00% 20. 00% 30. 00% 40. 00% 50. 00% 60. 00% 2017 2018 2019 2020 2021 03/22 YTD Efficiency Ratio 4.22% 4.23% 4.11% 3.53% 3.83% 3.87% 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 03/22 YTD Net Interest Margin (1) (1) (1) (1) Annualized

COVID-19 Update your Partner • Choice • Bank | 8 As of March 31, 2022 o SBA PPP Loans • 98 loans with aggregated carrying value of $22.9 million o Loan Modification Related to COVID-19 • No outstanding modifications since September 30, 2021 o Allowance for Loan Losses • Established 1.22% of loans held-for-investment (1.23% (1) excluding SBA PPP loans) o Liquidity • Maintained cash and cash equivalents of $250.2 million, or 11.4% of total assets • Maintained available borrowing capacity of $618.9 million, or 28.1% of total assets o Capital • Bank’s Tier 1 leverage capital ratio of 11.94% and CET 1 capital ratio of 14.43% (1) This adjusted allowance to HFI Loans ratio excludes SBA PPP loans and is not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measures.

your Partner • Choice • Bank | 9 Recent Financial Performance

1Q22 Highlights your Partner • Choice • Bank | 10 As of or For the Quarter Ended ($ in thousands except per share data) 03/31/22 12/31/21 03/31/21 Income Statement Summary: Interest Income $ 20,894 $ 20,995 $ 19,258 Interest Expense 901 900 1,439 Net Interest Income 19,993 20,095 17,819 Noninterest Income 5,286 4,838 2,857 Noninterest Expense 12,071 11,168 9,669 Reversal for Loan Losses (1,191) (1,462) (1,147) Pretax Income 14,399 15,227 12,154 Income Tax Expense 4,159 4,551 3,594 Net Income 10,240 10,676 8,560 Diluted Earnings Per Share (“EPS”) $ 0.67 $ 0.70 $ 0.55 Selected Balance Sheet Items: Loans held-for-investment (“HFI”) $ 1,742,955 $ 1,732,205 $ 1,685,916 Loans held-for-sale (“HFS”) 18,340 37,026 3,569 Total Deposits 1,910,379 1,867,134 1,753,771 Total Assets 2,199,742 2,149,735 2,050,672 Shareholders’ Equity 261,058 256,286 240,263 Key Metrics: Book Value (“BV”) Per Share $ 17.47 $ 17.24 $ 15.53 Return on Average Assets (“ROAA”) (1) 1.92% 2.01% 1.75% Return on Average Equity (“ROAE”) (1) 16.01% 16.84% 14.66% Net Interest Margin (“NIM”) 3.87% 3.87% 3.70% Efficiency Ratio 47.75% 44.79% 46.76% o Recorded a reversal for loan losses of $1.2 million in 1Q22 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 1.22% at 03/31/22 compared with 1.29% at 12/31/21 . Excluding PPP loans, the ratio(2) was 1.23% and 1.34% at 03/31/22 and 12/31/21, respectively o Declared cash dividend of $0.15 per share in 1Q22 o SBA PPP loans totaled $22.9 million (98 loans), net of deferred fees and costs o No loans with modifications related to the COVID-19 pandemic (1) Annualized. (2) This adjusted allowance to HFI Loans ratio excludes SBA PPP loans and is not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measures.

Commercial Property - Owner Occupied 32% Commercial Property - Non-Owner Occupied 42% Commercial and Industrial 11% SBA PPP 1% Residential Property 13% Other Consumer 1% HFI Loan Composition Loan Overview your Partner • Choice • Bank | 11 $956 $1,002 $1,023 $1,062 $1,136 $1,189 $1,244 $1,289 $218 $206 $205 $193 $184 $194 $192 $194 $224 $213 $198 $191 $197 $202 $209 $215 $22 $22 $22 $21 $22 $21 $22 $22 $134 $136 $136 $219 $181 $102 $65 $23 $1,554 $1,579 $1,584 $1,686 $1,720 $1,708 $1,732 $1,743 0 200 400 600 800 1,00 0 1,20 0 1,40 0 1,60 0 1,80 0 2,00 0 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 HFI Loan Trend Commercial Property Commercial and Industrial Residential Property Other Consumer SBA PPP ($ in millions) March 31, 2022 YoY +3.4% $590 $619 $629 $636 $679 $706 $733 $756 247% 257% 256% 251% 269% 270% 270% 270% 0.0% 50.0 % 100 .0% 150 .0% 200 .0% 250 .0% 300 .0% 300 .0 350 .0 400 .0 450 .0 500 .0 550 .0 600 .0 650 .0 700 .0 750 .0 800 .0 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Commercial Real Estate (1) Loan Trend CRE Loans % to the Bank's Total Risk-Based Capital ($ in millions) (1) Per regulatory definitions in the Commercial Real Estate (“CRE”) Concentration Guidance

Fixed (WA Rate: 4.41%) 26% Variable (WA Rate: 4.14%) 42% Hybrid (WA Rate: 4.07%) 32% Interest Rate Mix(2) $21 $52 $32 $49 $17 $25 $19 $25 $19 $22 $24 $23 $85 $93 $69 $67 $25 $53 $45 $51 $105 $105 $97 $62 4.15% 4.14% 3.94% 4.02% 3.90% 3.95% 4.01% 4.18% -3.00% -2.00% -1.00% 0.00 % 1.00 % 2.00 % 3.00 % 4.00 % 5.00 % 6.00 % 0.0 50.0 100 .0 150 .0 200 .0 250 .0 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 New Production (1),(2) by Rate Type Fixed Hybrid Variable WA Rate Loan Interest Rate Mix your Partner • Choice • Bank | 12(1) Total commitment basis (2) Excluding SBA PPP loans. March 31, 2022($ in millions) 24% 25% 25% 27% 26% 25% 26% 26% 23% 23% 23% 22% 25% 28% 30% 32% 53% 52% 52% 51% 49% 47% 44% 42% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100 % Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Interest Rate Mix Trend (2) Fixed Hybrid Variable

Loan Yield Analysis your Partner • Choice • Bank | 13 Loan Repricing Schedule as of March 31, 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 $ 661,385 4.18% $ 521 1.00% $ 18,340 4.53% $ 680,246 4.19% 3 to 12 Months 74,714 4.14% 0 0 74,714 4.14% 1 to 3 Years 311,122 4.85% 0 0 311,122 4.85% 3 to 5 Years 586,463 3.92% 22,404 1.00% 0 608,867 3.81% More than 5 Years 86,346 3.78% 0 0 86,346 3.78% Total $ 1,720,030 4.19% $ 22,925 1.00% $ 18,340 4.53% $ 1,761,295 4.15% 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 1Q22 Average Carrying Value $ 1,731,132 $ 42,244 $ 1,773,376 Interest on Loans $ 17,910 4.20% $ 104 1.00% $ 18,014 4.12% Fee (Cost) 148 0.03% 1,017 9.76% 1,165 0.27% Prepayment Penalty & Late Charges 103 0.02% 0 103 0.02% Discount (Premium) 908 0.21% 0 908 0.21% Total Interest & Fees $ 19,069 4.47% $ 1,121 10.76% $ 20,190 4.62% (1) Weighted-average contractual rate (2) Include both HFI & HFS loans

SBA PPP Loans your Partner • Choice • Bank | 14 Unpaid Principal Balance (“UPB”) Remaining ($ in thousands) # of Loans Carrying Value 2-Year Maturity 5-Year Maturity Deferred Fee Funded in 2020 $50K or Under 17 $ 340 $ 279 $ 62 $ 1 Between $50K and $150K 5 468 242 231 5 Between $150K and $350K 0 0 0 0 0 Between $350K and $2MM 0 0 0 0 0 $2MM or More 0 0 0 0 0 Total 22 $ 808 $ 521 $ 293 $ 6 Summary of SBA PPP loans as of March 31, 2022 Funded in 2021 $50K or Under 19 $ 401 $ 0 $ 436 $ 35 Between $50K and $150K 7 680 0 725 45 Between $150K and $350K 30 6,307 0 6,474 167 Between $350K and $2MM 20 14,730 0 14,970 240 $2MM or More 0 0 0 0 0 Total 76 $ 22,118 $ 0 $ 22,605 $ 487

Loan Concentration your Partner • Choice • Bank | 15 Real Estate Loans – Commercial By Property Type as of March 31, 2022 ($ in thousands) Carrying Value % to Total LTV(1) Industrial $ 271,167 21.0% 51.4% Retail (More Than 50%) 230,725 17.9% 49.5% Mixed Use 146,028 11.3% 48.6% Office 89,237 6.9% 55.4% Gas Station 83,248 6.5% 55.3% Motel / Hotel 80,453 6.2% 50.8% Apartments 74,606 5.8% 49.2% Medical 65,378 5.1% 51.8% Car Wash 42,411 3.3% 57.7% Auto (Sales, Repair, etc.) 42,090 3.3% 58.2% Golf Course 32,620 2.5% 51.8% Spa, Sauna, & Other Self-Care 25,813 2.0% 55.3% Commercial Condominium 21,207 1.6% 47.6% Church 18,717 1.5% 45.5% Construction 9,522 0.7% 50.3% Supermarket 7,208 0.6% 66.3% Others 48,593 3.8% 48.5% Total $ 1,289,023 100.0% 51.5% Real Estate Loans – Residential as of March 31, 2022 (1) Collateral value at origination ($ in thousands) Carrying Value LTV(1) FICO Residential Property $ 215,132 58.4% 758

Loan Concentration your Partner • Choice • Bank | 16 Commercial and Industrial Loans – By Industry Type as of March 31, 2022 Total, Excluding SBA PPP Loans SBA PPP Loans ($ in thousands) Carrying Value % to Total Carrying Value % to Total General Manufacturing & Wholesale Trade $ 70,856 36.5% $ 5,580 24.4% Food Services 33,865 17.4% 4,878 21.3% Retail Trade 24,405 12.6% 130 0.6% Real Estate Related 17,885 9.2% 468 2.0% Professional, Scientific, & Technical Services 13,366 6.9% 1,842 8.0% Finance & Insurance 8,652 4.5% - 0.0% Other Services 5,975 3.1% 4,097 17.9% Health Care & Social Assistance 5,691 2.9% 424 1.8% Transportation & Warehousing 5,416 2.8% 2,127 9.3% Entertainment & Recreation 4,468 2.3% 76 0.3% All Other 3,543 1.8% 3,304 14.4% Total $ 194,122 100.0% $ 22,926 100.0%

Loan Concentration your Partner • Choice • Bank | 17 Geographic Concentration as of March 31, 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 $ 1,054,258 81.9% $ 213,125 99.1% $ 159,155 81.8% $ 14,940 65.0% Texas 56,469 4.4% 0 2,377 1.2% 837 3.7% New York 48,024 3.7% 2,007 0.9% 8,185 4.2% 3,146 13.7% New Jersey 39,235 3.0% 0 15,333 7.9% 724 3.2% Washington 36,580 2.8% 0 2,549 1.3% 0 Nevada 16,890 1.3% 0 787 0.4% 1,190 5.2% Illinois 6,394 0.5% 0 1,030 0.5% 0 Georgia 4,347 0.3% 0 755 0.4% 1,807 7.9% Colorado 4,695 0.4% 0 532 0.3% 23 0.1% Virginia 3,258 0.3% 0 110 0.1% 0 Maryland 1,793 0.1% 0 1,129 0.6% 0 Pennsylvania 2,711 0.2% 0 17 0.1% 0 Oregon 2,344 0.2% 0 115 0.1% 245 1.1% Other States 12,025 0.9% 0 2,048 1.1% 14 0.1% Total $ 1,289,023 100.0% $ 215,132 100.0% $ 194,122 100.0% $ 22,926 100.0%

Credit Quality your Partner • Choice • Bank | 18 $4.8 $4.0 $4.6 $3.8 $1.4 $1.1 $1.0 $1.4 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Non-Performing Assets (“NPAs”) 0.24% 0.20% 0.24% 0.19% 0.07% 0.05% 0.05% 0.06% 0.0 0% 0.0 5% 0.1 0% 0.1 5% 0.2 0% 0.2 5% 0.3 0% Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 NPAs to Total Assets 1.15% 1.30% 1.55% 1.67% 1.51% 1.45% 1.39% 1.29% 1.22% 0.0 0% 0.2 0% 0.4 0% 0.6 0% 0.8 0% 1.0 0% 1.2 0% 1.4 0% 1.6 0% 1.8 0% 2.0 0% Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Allowance (1) to HFI Loans 1.83% (2) 1.23% (2) 453% 683% 838% 1746% 1721% 2133% 2252% 1495% 0.0 0% 500 .00% 100 0.00% 150 0.00% 200 0.00% 250 0.00% Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Allowance (1) to Non-Performing Loans (1) Allowance for Loan Losses (2) This adjusted allowance to HFI Loans ratio excludes SBA PPP loans and is not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measures. ($ in millions) 1.43% (2) 1.70% (2) 1.74% (2) 1.62% (2) 1.34% (2)1.48% (2)

Credit Quality vs. Peers (1) your Partner • Choice • Bank | 19 0.81% 0.56% 0.50% 0.27% 0.23% 0.14% 0.11% 0.08% 0.05% 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 Hanmi Open USM CBB PCB Woori America NPAs / (Total Loans + OREO) (2) 1.37% 0.89% 0.62% 0.24% 0.23% 0.0 0% 0.2 0% 0.4 0% 0.6 0% 0.8 0% 1.0 0% 1.2 0% 1.4 0% 1.6 0% Hope Hanmi CBB PCB Open Classified Assets to Total Assets (3) (1) Korean-American banks operating in Southern California (2) Source: UBPR (3) Source: Press release concerning financial performance March 31, 2022 Peer Data as of December 31, 2021 March 31, 2022 Peer Data as of December 31, 2021

Deposit Overview your Partner • Choice • Bank | 20 $1,305 $1,298 $1,246 $1,422 $1,459 $1,505 $1,510 $1,602 79% 79% 78% 81% 81% 82% 81% 84% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 500 700 900 1,10 0 1,30 0 1,50 0 1,70 0 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Core Deposits (1) Core Deposits % to Total Deposits Noninterest DDA 47% Retail Other Interest- Bearing 24% Retail Time Deposits 22% State and Brokered Deposits 7% Deposit Composition (1) Core Deposits are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”). See “Non-GAAP measure” for a reconciliation of this measure to its most comparable GAAP measure. $551 $576 $538 $716 $796 $833 $830 $892 $369 $378 $384 $412 $392 $410 $423 $464 $518 $479 $468 $443 $445 $425 $429 $420 $37 $32 $25 $18 $0 $0 $0 $0 $172 $182 $180 $165 $165 $165 $185 $135 $1,647 $1,647 $1,595 $1,754 $1,798 $1,833 $1,867 $1,911 - 500 1,00 0 1,50 0 2,00 0 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Deposit Trend Noninterest DDA Retail Other Interest-Bearing Retail Time Deposits Internet Time Deposits State and Brokered Deposits YoY +8.9% ($ in millions) ($ in millions) March 31, 2022

Maturity Schedule your Partner • Choice • Bank | 21 Time Deposits as of March 31, 2022 Retail Time Deposits State and Brokered Time Deposits Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 150,059 0.41% $ 100,000 0.20% $ 250,059 0.33% 3 to 6 Months 131,590 0.42% 0 131,590 0.42% 6 to 9 Months 65,569 0.42% 35,000 0.24% 100,569 0.35% 9 to 12 Months 66,940 0.48% 0 66,940 0.48% More than 12 Months 5,786 1.82% 0 5,786 1.82% Total $ 419,944 0.44% $ 135,000 0.21% $ 554,944 0.39% FHLB Advances as of March 31, 2022 FHLB Advances ($ in thousands) Amount WA Rate Less Than 3 Months $ 10,000 2.07% 3 to 6 Months 0 6 to 9 Months 0 9 to 12 Months 0 More than 12 Months 0 Total $ 10,000 2.07%

Profitability your Partner • Choice • Bank | 22 $3.4 $3.4 $5.8 $8.6 $9.8 $11.0 $10.7 $10.2 $8.6 $9.2 $10.4 $11.0 $13.0 $14.6 $13.8 $13.2 -1.0 1.0 3.0 5.0 7.0 9.0 11. 0 13. 0 15. 0 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Net Income PTPP 0.69% 0.69% 1.19% 1.75% 1.96% 2.11% 2.01% 1.92% 1.76% 1.85% 2.13% 2.25% 2.58% 2.79% 2.59% 2.48% 0.0 0% 0.5 0% 1.0 0% 1.5 0% 2.0 0% 2.5 0% 3.0 0% 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 ROAA Adjusted ROAA $0.23 $0.22 $0.22 $0.38 $0.55 $0.64 $0.73 $0.70 $0.67 $0.51 $0.56 $0.60 $0.67 $0.71 $0.85 $0.97 $0.91 $0.87 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Diluted EPS Adjusted Diluted EPS 5.98% 5.98% 9.92% 14.66% 16.49% 17.98% 16.84% 16.01% 15.25% 16.02% 17.79% 18.85% 21.79% 23.79% 21.72% 20.65% 0.0 0% 5.0 0% 10. 00% 15. 00% 20. 00% 25. 00% 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 ROAE Adjusted ROAE ($ in millions) Net Income & PTPP(1) Income Diluted EPS & Adjusted Diluted EPS(1) ROAA & Adjusted ROAA(1) ROAE & Adjusted ROAE(1) (1) PTPP (Pre-Tax Pre-Provision) income, and adjusted EPS, ROAA and ROAE for PTPP are not presented in accordance with GAAP. See “Non-GAAP measure” for reconciliations of these measures to their most comparable GAAP measure.

Noninterest Income your Partner • Choice • Bank | 23 $27.1 $8.6 $42.4 $10.9 $34.1 $45.0 $36.8 $39.7 7.5% 10.7% 10.5% 12.0% 12.2% 10.8% 10.0% 10.6% 5.3% 8.0% 7.5% 10.9% 11.6% 9.5% 9.1% 9.5% -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 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 SBA Loan Sale Trend SBA Loan Sold $ Premium % Gain % ($ in millions) ($ in millions) $10.7 $40.1 $25.3 $17.7 $53.0 $71.4 $52.3 $29.7 0.0 10. 0 20. 0 30. 0 40. 0 50. 0 60. 0 70. 0 80. 0 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 SBA 7(a) Loan Production (1) $1.4 $1.5 $1.0 $1.5 $1.2 $1.3 $1.4 $1.5 $1.5 $0.8 $3.5 $1.3 $4.0 $4.3 $3.4 $3.8 51% 36% 77% 46% 77% 76% 70% 71% 0% 10% 20% 30% 40% 50% 60% 70% 80% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Noninterest Income Trend All Other Income Gain % to Total (1) Total commitment basis ($ in millions) Gain on Sale of Loans

Noninterest Expense your Partner • Choice • Bank | 24 $5.8 $6.4 $7.4 $6.2 $7.1 $7.6 $7.1 $8.6 $3.9 $3.5 $4.2 $3.5 $4.0 $3.6 $4.1 $3.5 1.98% 1.99% 2.38% 1.95% 2.21% 2.17% 2.12% 2.23% 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 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Noninterest Expense Trend Compensation All Other Expenses % to Average Total Assets 53.0% 51.7% 52.7% 46.8% 46.1% 43.5% 44.8% 47.8% 61.2% 60.4% 60.4% 58.5% 59.4% 59.2% 59.8% 0.00 % 10.0 0% 20.0 0% 30.0 0% 40.0 0% 50.0 0% 60.0 0% 70.0 0% 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Efficiency Ratio (2) PCB Peer Average 251 252 246 246 248 249 247 256 240 242 244 246 248 250 252 254 256 258 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Number of FTE (3) Employees (1) (1) Annualized (2) Source: Peer $1 to $3 billion per UBPR (3) Full-time equivalent ($ in millions)

Net Interest Margin your Partner • Choice • Bank | 25 4.73% 4.81% 4.73% 4.63% 4.63% 4.75% 4.59% 4.62% 3.22% 3.43% 3.64% 3.70% 3.83% 3.93% 3.87% 3.87% 1.17% 0.92% 0.73% 0.52% 0.40% 0.37% 0.35% 0.35% 0.85% 0.63% 0.49% 0.34% 0.24% 0.21% 0.19% 0.19% 0.00 % 1.00 % 2.00 % 3.00 % 4.00 % 5.00 % 6.00 % 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Yield & Cost (1) Loan Yield NIM Cost of Int-Bearing Liab Cost of Funds (1) Annualized

Capital Ratios & BV Per Share your Partner • Choice • Bank | 26 11.94% 14.43% 14.43% 15.63% 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% Tier 1 Leverage CET 1 Capital Tier 1 Capital Total Capital Bank Regulatory Capital Ratios Actual Minimum Requirement For Well-Capitalized $14.78 $14.91 $15.19 $15.53 $16.09 $16.68 $17.24 $17.47 13.0 0 13.5 0 14.0 0 14.5 0 15.0 0 15.5 0 16.0 0 16.5 0 17.0 0 17.5 0 18.0 0 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Book Value Per Share March 31, 2022 11.24% 11.35% 12.16% 11.72% 11.60% 11.76% 11.92% 11.87% 10.6 0% 10.8 0% 11.0 0% 11.2 0% 11.4 0% 11.6 0% 11.8 0% 12.0 0% 12.2 0% 12.4 0% Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Total Equity to Total Assets (1) (1) The Company did not have any intangible equity components for the presented periods.

Non-GAAP Measures your Partner • Choice • Bank | 27 Adjusted Allowance to HFI Loans Ratio Adjusted allowance to HFI loans ratio is a non-GAAP measure that we use to enhance comparability to prior periods and provide supplemental information regarding the Company’s credit trends. We calculate adjusted allowance to HFI loan ratio as allowance divided by loans held-for-investment excluding SBA PPP loans. The SBA launched the PPP to provide a direct incentive for small businesses to keep their workers on the payroll in response to the COVID-19 pandemic. The SBA guarantees 100% of the PPP loans made to eligible borrowers, and the loans are eligible to be forgiven if certain conditions are met, at which point the SBA will make payments to the Bank for the forgiven amounts. The SBA guarantee on PPP loans cannot be separated from the loan and therefore is not a separate unit of account. The Company considered the SBA guarantee in the allowance for loan losses evaluation and determined that it is not required to reserve an allowance on SBA PPP loans. Core Deposits Core Deposits are a non-GAAP measure that we use to measure the portion of our total deposits that are thought to be more stable, lower cost and reprice less frequently on average in a rising rate environment. We calculate core deposits as total deposits less time deposits greater than $250,000 and brokered deposits. Management tracks its core deposits because management believes it is a useful measure to help assess the Company’s deposit base and, among other things, potential volatility therein. Pre-Tax Pre-Provision Income, and Adjusted ROAA, ROAE and Diluted EPS for PTPP PTPP income, and adjusted ROAA, ROAE and Diluted EPS are non-GAAP measures that we use to measure the Company’s performance and believe these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. We calculated PTPP income as net income excluding income tax provision and provision for loan losses. Management believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently

Non-GAAP Measures your Partner • Choice • Bank | 28 The following table reconciles adjusted allowance to HFI loans ratio to its most comparable GAAP measure: ($ in thousands) 06/30/20 09/30/20 12/31/20 03/31/21 06/30/21 09/30/21 12/31/21 03/31/22 HFI Loans $ 1,553,589 $ 1,578,804 $ 1,583,578 $ 1,685,916 $ 1,719,656 $ 1,707,878 $ 1,732,205 $ 1,742,955 Less: SBA PPP Loans (133,675) (136,418) (135,654) (218,709) (181,019) (101,901) (65,329) (22,926) HFI Loans, Excluding SBA PPP Loans $ 1,419,914 $ 1,442,386 $ 1,447,924 $ 1,467,207 $ 1,538,637 $ 1,605,977 $ 1,666,876 $ 1,720,029 Allowance $ 20,248 $ 24,546 $ 26,510 $ 25,514 $ 24,889 $ 23,807 $ 22,381 $ 21,198 Allowance to HFI Loans Ratio 1.30% 1.55% 1.67% 1.51% 1.45% 1.39% 1.29% 1.22% Adjusted Allowance to HFI Loans Ratio 1.43% 1.70% 1.83% 1.74% 1.62% 1.48% 1.34% 1.23%

Non-GAAP Measures your Partner • Choice • Bank | 29 The following table reconciles core deposits to total deposits to its most comparable GAAP measure: ($ in thousands) 06/30/20 09/30/20 12/31/20 03/31/21 06/30/21 09/30/21 12/31/21 03/31/22 Total Deposits $ 1,646,930 $ 1,647,107 $ 1,594,851 $ 1,753,772 $ 1,797,648 $ 1,832,666 $ 1,867,134 $ 1,910,379 Less: Time Deposits Greater Than $250K (260,180) (257,208) (268,683) (266,845) (273,401) (263,127) (272,269) (273,844) Less: Brokered Deposits (82,010) (92,001) (80,002) (65,004) (65,004) (65,004) (85,001) (35,001) Core Deposits $ 1,304,740 $ 1,297,898 $ 1,246,166 $ 1,421,923 $ 1,459,243 $ 1,504,535 $ 1,509,864 $ 1,601,534 Core Deposits to Total Deposits 79.2% 78.8% 78.1% 81.1% 81.2% 82.1% 80.9% 83.8%

Non-GAAP Measures your Partner • Choice • Bank | 30 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) 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Net Income $ 3,367 $ 3,449 $ 5,787 $ 8,560 $ 9,844 $ 11,023 $ 10,676 $ 10,240 Add: Provision (Reversal) for Loan Losses 3,855 4,326 2,142 (1,147) (934) (1,053) (1,462) (1,191) Add: Income Tax Provision 1,363 1,464 2,452 3,594 4,098 4,613 4,551 4,159 PTPP Income (Non-GAAP) $ 8,585 $ 9,239 $ 10,381 $ 11,007 $ 13,008 $ 14,583 $ 13,765 $ 13,208 Average Total Assets $ 1,956,464 $ 1,991,614 $ 1,939,326 $ 1,987,217 $ 2,018,789 $ 2,070,365 $ 2,111,834 $ 2,161,132 ROAA (1) 0.69% 0.69% 1.19% 1.75% 1.96% 2.11% 2.01% 1.92% Adjusted ROAA (Non-GAAP)(1) 1.76% 1.85% 2.13% 2.25% 2.58% 2.79% 2.59% 2.48% Average Total Shareholders' Equity $ 226,454 $ 229,463 $ 232,156 $ 236,790 $ 239,448 $ 243,185 $ 251,477 $ 259,367 ROAE (1) 5.98% 5.98% 9.92% 14.66% 16.49% 17.98% 16.84% 16.01% Adjusted ROAE (Non-GAAP)(1) 15.25% 16.02% 17.79% 18.85% 21.79% 23.79% 21.72% 20.65% Net Income $ 3,367 $ 3,449 $ 5,787 $ 8,560 $ 9,844 $ 11,023 $ 10,676 $ 10,240 Less: Income Allocated to Participating Securities (8) (8) (11) (33) (41) (43) (40) (48) Net Income Allocated to Common Stock 3,359 3,441 5,776 8,527 9,803 10,980 10,636 10,192 Add: Provision for Loan Losses 3,855 4,326 2,142 (1,147) (934) (1,053) (1,462) (1,191) Add: Income Tax Provision 1,363 1,464 2,452 3,594 4,098 4,613 4,551 4,159 PTPP Income Allocated to Common Stock $ 8,577 $ 9,231 $ 10,370 $ 10,974 $ 12,967 $ 14,540 $ 13,725 $ 13,160 WA common shares outstanding, diluted 15,373,655 15,377,531 15,392,355 15,533,608 15,309,873 15,031,558 15,093,351 15,141,693 Diluted EPS $ 0.22 $ 0.22 $ 0.38 $ 0.55 $ 0.64 $ 0.73 $ 0.70 $ 0.67 Adjusted Diluted EPS (Non-GAAP) $ 0.56 $ 0.60 $ 0.67 $ 0.71 $ 0.85 $ 0.97 $ 0.91 $ 0.87 (a) (b) (c) (a)/(c) (b)/(c) (d) (a)/(d) (b)/(d) (e) (f) (g) (e)/(g) (f)/(g)

Document

Exhibit 99.3

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

Los Angeles, California - April 28, 2022 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of Pacific City Bank (the “Bank”), announced that on April 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 May 20, 2022, to shareholders of record as of the close of business on May 13, 2022.

About PCB Bancorp

Contact:

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000