PCB Bancorp Reports Earnings for Q1 2026

PCB Bancorp Reports Earnings for Q1 2026 Company Release - 4/23/2026 PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income available to common shareholders of $10.6 million, or $0.74 per diluted common share, for the first quarter of 2026, compared with $9.1 million, or $0.64 per diluted common share, for the previous quarter and $7.7 million, or $0.53 per diluted common share, for the year-ago quarter. Q1 2026 Highlights Net income available to common shareholders totaled $10.6 million, or $0.74 per diluted common share, for the current quarter;Provision for credit losses was $467 thousand for the current quarter compared with $1.0 million for the previous quarter and $1.6 million for the year-ago quarter;Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment ratio was 1.18% at March 31, 2026 compared with 1.18% at December 31, 2025, and 1.17% at March 31, 2025;Net interest income was $26.8 million for the current quarter compared with $26.6 million for the previous quarter and $24.3 million for the year-ago quarter. Net interest margin was 3.36% for the current quarter compared with 3.28% for the previous quarter and 3.28% for the year-ago quarter;Gain on sale of loans was $1.4 million for the current quarter compared with $648 thousand for the previous quarter and $887 thousand for the year-ago quarter;Total assets were $3.40 billion at March 31, 2026, an increase of $114.4 million, or 3.5%, from $3.28 billion at December 31, 2025 and an increase of $212.4 million, or 6.7%, from $3.18 billion at March 31, 2025;Loans held-for-investment were $2.87 billion at March 31, 2026, an increase of $53.2 million, or 1.9%, from $2.82 billion at December 31, 2025 and an increase of $145.9 million, or 5.4%, from $2.73 billion at March 31, 2025; andTotal deposits were $2.89 billion at March 31, 2026, an increase of $92.6 million, or 3.3%, from $2.80 billion at December 31, 2025 and an increase of $173.6 million, or 6.4%, from $2.71 billion at March 31, 2025. Henry Kim, President and CEO, commented, “We delivered another solid results for the first quarter driven by strong loan and deposit growth, expanding net interest margin, solid credit quality, successful expense management, and continued quality earnings growth. Our deposit balance increased $93 million for the quarter, or 13.2% annualized, loan balance increased $45 million, or 6.3% annualized, net interest margin increased eight basis to 3.36% compared with link quarter, nonperforming assets to total assets ratio remained solid at 0.27%, posted an efficiency ratio of 49.1%, and our diluted earnings per share increased 16% to $0.74 compared with $0.64 in the fourth quarter of 2025.” Mr. Kim further stated, “As we move forward, we remain committed to disciplined growth, preserving the strength of our credit portfolio, and maintaining operational efficiency to deliver long-term sustainable value for our shareholders.” Financial Highlights (Unaudited) ($ in thousands, except per share data) Three Months Ended 3/31/2026 12/31/2025 % Change 3/31/2025 % Change Net income $ 10,653 $ 9,235 15.4 % $ 7,735 37.7 % Net income available to common shareholders $ 10,567 $ 9,148 15.5 % $ 7,695 37.3 % Diluted earnings per common share (“EPS”) $ 0.74 $ 0.64 15.6 % $ 0.53 39.6 % Net interest income $ 26,810 $ 26,627 0.7 % $ 24,283 10.4 % Provision for credit losses 467 1,024 (54.4 )% 1,598 (70.8 )% Noninterest income 3,374 2,545 32.6 % 2,580 30.8 % Noninterest expense 14,814 15,026 (1.4 )% 14,474 2.3 % Return on average assets (“ROAA”)(1) 1.30 % 1.11 % 1.01 % Return on average shareholders’ equity (“ROAE”)(1) 10.95 % 9.45 % 8.53 % Return on average tangible common equity (“ROATCE”)(1),(2) 13.17 % 11.40 % 10.45 % Net interest margin(1) 3.36 % 3.28 % 3.28 % Efficiency ratio(3) 49.08 % 51.51 % 53.88 % ($ in thousands, except per share data) 3/31/2026 12/31/2025 % Change 3/31/2025 % Change Total assets $ 3,396,193 $ 3,281,771 3.5 % $ 3,183,758 6.7 % Net loans held-for-investment 2,839,608 2,787,019 1.9 % 2,695,668 5.3 % Total deposits 2,887,980 2,795,412 3.3 % 2,714,399 6.4 % Book value per common share(4) $ 27.88 $ 27.41 $ 25.78 TCE per common share (2) $ 23.02 $ 22.55 $ 20.97 Tier 1 leverage ratio (consolidated) 12.05 % 11.89 % 12.14 % Total shareholders’ equity to total assets 11.68 % 11.88 % 11.65 % TCE to total assets(2), (5) 9.65 % 9.78 % 9.48 % (1) Ratios for the three months ended periods are presented on an annualized basis. (2) Non-GAAP. See “Non-GAAP Financial Measures” for a 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 had no intangible asset component for the presented periods. Results 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) 3/31/2026 12/31/2025 % Change 3/31/2025 % Change Interest income/expense on Loans $ 44,484 $ 45,648 (2.5 )% $ 43,026 3.4 % Investment securities 1,574 1,516 3.8 % 1,408 11.8 % Other interest-earning assets 2,773 2,701 2.7 % 2,458 12.8 % Total interest-earning assets 48,831 49,865 (2.1 )% 46,892 4.1 % Interest-bearing deposits 21,478 23,197 (7.4 )% 22,564 (4.8 )% Borrowings 543 41 1,224.4 % 45 1,106.7 % Total interest-bearing liabilities 22,021 23,238 (5.2 )% 22,609 (2.6 )% Net interest income $ 26,810 $ 26,627 0.7 % $ 24,283 10.4 % Average balance of Loans $ 2,840,688 $ 2,810,897 1.1 % $ 2,649,037 7.2 % Investment securities 160,798 156,819 2.5 % 146,540 9.7 % Other interest-earning assets 236,161 250,215 (5.6 )% 209,375 12.8 % Total interest-earning assets $ 3,237,647 $ 3,217,931 0.6 % $ 3,004,952 7.7 % Interest-bearing deposits $ 2,279,104 $ 2,311,423 (1.4 )% $ 2,140,201 6.5 % Borrowings 56,000 4,011 1,296.2 % 3,933 1,323.8 % Total interest-bearing liabilities $ 2,335,104 $ 2,315,434 0.8 % $ 2,144,134 8.9 % Total funding(1) $ 2,869,802 $ 2,853,402 0.6 % $ 2,660,764 7.9 % Annualized average yield/cost of Loans 6.35 % 6.44 % 6.59 % Investment securities 3.97 % 3.84 % 3.90 % Other interest-earning assets 4.76 % 4.28 % 4.76 % Total interest-earning assets 6.12 % 6.15 % 6.33 % Interest-bearing deposits 3.82 % 3.98 % 4.28 % Borrowings 3.93 % 4.06 % 4.64 % Total interest-bearing liabilities 3.82 % 3.98 % 4.28 % Net interest margin 3.36 % 3.28 % 3.28 % Cost of total funding(1) 3.11 % 3.23 % 3.45 % Supplementary information Net accretion of discount on loans $ 517 $ 746 (30.7 )% $ 872 (40.7 )% Net amortization of deferred loan fees $ 353 $ 255 38.4 % $ 266 32.7 % (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. The increases in net interest margin for the current quarter compared with the previous and year ago quarters were primarily due to a decrease in cost of fund and increases in investment securities and other-interest earning assets yields, partially offset by a decrease in loan yield. During the current quarter, the Company received a special dividend on Federal Home Loan Bank (“FHLB”) stock of $424 thousand, which contributed additional 5 basis point increase to the net interest margin. Loans. The decreases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to decreases in market rates and net accretion of discount on loans, partially offset by an increase in net amortization of deferred loan fees. The following table presents a composition of total loans by interest rate type accompanied by the weighted-average contractual rates as of the dates indicated: 3/31/2026 12/31/2025 3/31/2025 % to Total Loans Weighted-Average Contractual Rate % to Total Loans Weighted-Average Contractual Rate % to Total Loans Weighted-Average Contractual Rate Fixed rate loans 17.7 % 5.73 % 17.5 % 5.60 % 17.8 % 5.35 % Hybrid rate loans 39.4 % 5.59 % 39.7 % 5.57 % 38.0 % 5.36 % Variable rate loans 42.9 % 6.80 % 42.8 % 6.93 % 44.2 % 7.52 % Investment Securities. The increases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to higher yields on newly purchased investment securities. Other Interest-Earning Assets. The increase in average yield for the current quarter compared with the previous quarter was primarily due to an increase in dividends received on FHLB stock, partially offset by a decrease in average interest rate on cash held at the Federal Reserve Bank. Interest-Bearing Deposits. The decreases in average cost for the current quarter compared with the previous and year-ago quarters were primarily due to decreases in market rates. Provision for credit losses The following table presents a composition of provision for credit losses for the periods indicated: Three Months Ended ($ in thousands) 3/31/2026 12/31/2025 % Change 3/31/2025 % Change Provision for credit losses on loans $ 618 $ 791 (21.9 )% $ 1,591 (61.2 )% Provision (reversal) for credit losses on off-balance sheet credit exposure (151 ) 233 NA 7 NA Total provision for credit losses $ 467 $ 1,024 (54.4 )% $ 1,598 (70.8 )% The provision for credit losses on loans for the current quarter was primarily due to an increase in loans held-for-investment. Noninterest Income The following table presents the components of noninterest income for the periods indicated: Three Months Ended ($ in thousands) 3/31/2026 12/31/2025 % Change 3/31/2025 % Change Gain on sale of loans $ 1,409 $ 648 117.4 % $ 887 58.9 % Service charges and fees on deposits 430 416 3.4 % 372 15.6 % Loan servicing income 801 741 8.1 % 725 10.5 % Bank-owned life insurance (“BOLI”) income 274 271 1.1 % 247 10.9 % Other income 460 469 (1.9 )% 349 31.8 % Total noninterest income $ 3,374 $ 2,545 32.6 % $ 2,580 30.8 % 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) 3/31/2026 12/31/2025 % Change 3/31/2025 % Change Gain on sale of SBA loans Sold loan balance $ 21,830 $ 13,201 65.4 % $ 16,605 31.5 % Premium received 1,581 769 105.6 % 1,208 30.9 % Gain recognized 1,409 648 117.4 % 887 58.9 % Loan Servicing Income. The Company services SBA loans and certain residential property loans sold to the secondary market. The following table presents information on loan servicing income for the periods indicated: Three Months Ended ($ in thousands) 3/31/2026 12/31/2025 % Change 3/31/2025 % Change Loan servicing income Servicing income received $ 1,218 $ 1,254 (2.9 )% $ 1,273 (4.3 )% Servicing assets amortization (417 ) (513 ) (18.7 )% (548 ) (23.9 )% Loan servicing income $ 801 $ 741 8.1 % $ 725 10.5 % Underlying loans at end of period $ 506,645 $ 502,408 0.8 % $ 510,927 (0.8 )% Noninterest Expense The following table presents the components of noninterest expense for the periods indicated: Three Months Ended ($ in thousands) 3/31/2026 12/31/2025 % Change 3/31/2025 % Change Salaries and employee benefits $ 9,720 $ 9,339 4.1 % $ 9,075 7.1 % Occupancy and equipment 2,277 2,202 3.4 % 2,289 (0.5 )% Professional fees 534 834 (36.0 )% 628 (15.0 )% Marketing and business promotion 456 607 (24.9 )% 243 87.7 % Data processing 337 351 (4.0 )% 333 1.2 % Director fees and expenses 223 224 (0.4 )% 226 (1.3 )% Regulatory assessments 361 389 (7.2 )% 344 4.9 % Other expense 906 1,080 (16.1 )% 1,336 (32.2 )% Total noninterest expense $ 14,814 $ 15,026 (1.4 )% $ 14,474 2.3 % Salaries and Employee Benefits. The increase for the current quarter compared with the previous quarter was primarily due to increases in accruals for bonus and vacation, and group insurance, and a decrease in direct loan origination cost, which offsets and defers the recognition of salaries and benefits expense, partially offset by a decrease in salaries and other employee benefits. The increase for the current quarter compared with the year-ago quarter was primarily due to increases in salaries and group insurance, and a decrease in loan origination cost. The number of full-time equivalent employees was 264, 264 and 257 as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively. Professional Fees. The decrease for the current quarter compared with the previous quarter was due to higher internal audit fees for the previous quarter as a part of the year-end process. Marketing and Business Promotion. The decrease for the current quarter compared with the previous quarter was primarily due to yearend promotions during the previous quarter. The increase for the current quarter compared with the year-ago quarter was primarily due to an increase in advertising. Other Expense. The decrease for the current quarter compared with the previous quarter was primarily due to decreases in expenses related to legal, armed guard and office supplies. The decrease for the current quarter compared with the year-ago quarter was primarily due to an impairment on operating lease assets of $146 thousand for a sublease contract and recognition of contingent liabilities for legal settlements of $183 thousand during the year-ago quarter. Balance Sheet (Unaudited) Total assets were $3.40 billion at March 31, 2026, an increase of $114.4 million, or 3.5%, from $3.28 billion at December 31, 2025 and an increase of $212.4 million, or 6.7%, from $3.18 billion at March 31, 2025. The increase for the current quarter was primarily due to increases in cash and cash equivalents and loans held-for-investment, partially offset by a decrease in loans held-for-sale. Loans The following table presents a composition of total loans (includes both loans held-for-sale and loans held-for-investment) as of the dates indicated: ($ in thousands) 3/31/2026 12/31/2025 % Change 3/31/2025 % Change Commercial real estate: Commercial property $ 1,091,823 $ 1,071,396 1.9 % $ 965,302 13.1 % Business property 644,307 638,063 1.0 % 618,771 4.1 % Multifamily 198,346 175,579 13.0 % 207,096 (4.2 )% Construction 18,972 18,561 2.2 % 23,978 (20.9 )% Total commercial real estate 1,953,448 1,903,599 2.6 % 1,815,147 7.6 % Commercial and industrial 520,894 508,662 2.4 % 494,697 5.3 % Consumer: Residential mortgage 392,680 401,337 (2.2 )% 406,774 (3.5 )% Other consumer 6,529 6,802 (4.0 )% 10,992 (40.6 )% Total consumer 399,209 408,139 (2.2 )% 417,766 (4.4 )% Loans held-for-investment 2,873,551 2,820,400 1.9 % 2,727,610 5.4 % Loans held-for-sale 3,604 12,077 (70.2 )% 12,101 (70.2 )% Total loans $ 2,877,155 $ 2,832,477 1.6 % $ 2,739,711 5.0 % SBA loans included in: Loans held-for-investment $ 145,101 $ 146,549 (1.0 )% $ 147,622 (1.7 )% Loans held-for-sale $ 2,513 $ 12,077 (79.2 )% $ 12,101 (79.2 )% ACL on loans $ 33,943 $ 33,381 1.7 % $ 31,942 6.3 % ACL on loans to loans held-for-investment 1.18 % 1.18 % 1.17 % The increase in loans held-for-investment for the current quarter was primarily due to new funding of term loans of $112.9 million and net increase of lines of credit of $20.1 million, partially offset by pay-downs and pay-offs of term loans of $78.6 million, a loan transferred to loans held-for-sale of $1.1 million and charge-offs of $76 thousand. The decrease in loans held-for-sale for the current quarter was primarily due to sales of $21.8 million and pay-downs of $149 thousand, partially offset by new funding of $12.4 million and a loan transferred from loans held-for-investment of $1.1 million. The following table presents a composition of off-balance sheet credit exposure as of the dates indicated: ($ in thousands) 3/31/2026 12/31/2025 % Change 3/31/2025 % Change Commercial property $ 9,816 $ 11,344 (13.5 )% $ 7,810 25.7 % Business property 8,852 7,569 17.0 % 11,068 (20.0 )% Construction 4,825 5,229 (7.7 )% 12,312 (60.8 )% Commercial and industrial 331,343 342,593 (3.3 )% 351,802 (5.8 )% Other consumer 1,440 1,347 6.9 % 1,671 (13.8 )% Total commitments to extend credit 356,276 368,082 (3.2 )% 384,663 (7.4 )% Letters of credit 7,330 7,330 — % 6,795 7.9 % Total off-balance sheet credit exposure $ 363,606 $ 375,412 (3.1 )% $ 391,458 (7.1 )% Credit Quality The following table presents a summary of non-performing loans and assets, and classified assets as of the dates indicated: ($ in thousands) 3/31/2026 12/31/2025 % Change 3/31/2025 % Change Nonaccrual loans Commercial real estate: Commercial property $ 1,356 $ 1,403 (3.3 )% $ 1,538 (11.8 )% Business property 1,355 938 44.5 % 1,485 (8.8 )% Total commercial real estate 2,711 2,341 15.8 % 3,023 (10.3 )% Commercial and industrial 83 161 (48.4 )% 66 25.8 % Consumer: Residential mortgage 5,387 5,403 (0.3 )% 3,153 70.9 % Other consumer 4 5 (20.0 )% 6 (33.3 )% Total consumer 5,391 5,408 (0.3 )% 3,159 70.7 % Total nonaccrual loans held-for-investment 8,185 7,910 3.5 % 6,248 31.0 % Loans past due 90 days or more and still accruing — — — % — — % Non-performing loans (“NPLs”) 8,185 7,910 3.5 % 6,248 31.0 % NPLs held-for-sale 1,091 — NA — NA Total NPLs 9,276 7,910 17.3 % 6,248 48.5 % Other real estate owned (“OREO”) — — — % — — % Non-performing assets (“NPAs”) $ 9,276 $ 7,910 17.3 % $ 6,248 48.5 % Loans past due and still accruing Past due 30 to 59 days $ 1,352 $ 943 43.4 % $ 5,236 (74.2 )% Past due 60 to 89 days 19 12 58.3 % 101 (81.2 )% Past due 90 days or more — — — % — — % Total loans past due and still accruing $ 1,371 $ 955 43.6 % $ 5,337 (74.3 )% Special mention loans $ 6,395 $ 6,435 (0.6 )% $ 5,010 27.6 % Classified assets Classified loans held-for-investment $ 9,450 $ 9,159 3.2 % $ 8,280 14.1 % Classified loans held-for-sale 1,091 — NA — NA OREO — — — % — — % Classified assets $ 10,541 $ 9,159 15.1 % $ 8,280 27.3 % NPLs to loans held-for-investment 0.28 % 0.28 % 0.23 % NPAs to total assets 0.27 % 0.24 % 0.20 % Classified assets to total assets 0.31 % 0.28 % 0.26 % Allowance for Credit Losses The following table presents activity in ACL for the periods indicated: Three Months Ended ($ in thousands) 3/31/2026 12/31/2025 % Change 3/31/2025 % Change ACL on loans Balance at beginning of period $ 33,381 $ 32,960 1.3 % $ 30,628 9.0 % Charge-offs (76 ) (381 ) (80.1 )% (353 ) (78.5 )% Recoveries 20 11 81.8 % 76 (73.7 )% Provision for credit losses on loans 618 791 (21.9 )% 1,591 (61.2 )% Balance at end of period $ 33,943 $ 33,381 1.7 % $ 31,942 6.3 % ACL on off-balance sheet credit exposure Balance at beginning of period $ 1,543 $ 1,310 17.8 % $ 1,190 29.7 % Provision (reversal) for credit losses on off-balance sheet credit exposure (151 ) 233 NA 7 NA Balance at end of period $ 1,392 $ 1,543 (9.8 )% $ 1,197 16.3 % Investment Securities Total investment securities were $170.5 million at March 31, 2026, an increase of $10.5 million, or 6.5%, from $160.0 million at December 31, 2025 and an increase of $22.3 million, or 15.0%, from $148.2 million at March 31, 2025. The increase for the current quarter was primarily due to purchases of $18.7 million, partially offset by principal pay-downs of $6.9 million, a fair value decrease of $1.3 million and net premium amortization of $24 thousand. Deposits The following table presents the Company’s deposit mix as of the dates indicated: 3/31/2026 12/31/2025 3/31/2025 ($ in thousands) Amount % to Total Amount % to Total Amount % to Total Noninterest-bearing demand deposits $ 570,393 19.8 % $ 555,645 19.9 % $ 564,407 20.8 % Interest-bearing deposits Savings 5,005 0.2 % 6,077 0.2 % 5,185 0.2 % NOW 13,927 0.5 % 13,928 0.5 % 15,219 0.6 % Retail money market accounts 662,132 22.8 % 656,069 23.4 % 492,334 18.0 % Brokered money market accounts 1 0.1 % 1 0.1 % 1 0.1 % Retail time deposits of $250,000 or less 575,079 19.9 % 574,519 20.6 % 532,512 19.6 % More than $250,000 685,074 23.7 % 648,633 23.1 % 652,458 24.0 % State and brokered time deposits 376,369 13.0 % 340,540 12.2 % 452,283 16.7 % Total interest-bearing deposits 2,317,587 80.2 % 2,239,767 80.1 % 2,149,992 79.2 % Total deposits $ 2,887,980 100.0 % $ 2,795,412 100.0 % $ 2,714,399 100.0 % Estimated total deposits not covered by deposit insurance $ 1,363,735 47.2 % $ 1,270,159 45.4 % $ 1,125,068 41.4 % Total retail deposits were $2.51 billion at March 31, 2026, an increase of $56.7 million, or 2.3%, from $2.45 billion at December 31, 2025, and an increase of $249.5 million, or 11.0%, from $2.26 billion at March 31, 2025. The increase in retail time deposits for the current quarter was primarily due to new accounts of $116.8 million, renewals of matured accounts of $388.8 million and balance increases of $16.5 million, partially offset by matured and closed accounts of $485.0 million. Liquidity The following table presents a summary of the Company’s liquidity position as of the dates indicated: ($ in thousands) 3/31/2026 12/31/2025 % Change Cash and cash equivalents $ 267,405 $ 207,142 29.1 % Cash and cash equivalents to total assets 7.9 % 6.3 % Available borrowing capacity FHLB advances $ 770,183 $ 840,607 (8.4 )% Federal Reserve Discount Window 863,567 841,563 2.6 % Overnight federal funds lines 65,000 65,000 — % Total $ 1,698,750 $ 1,747,170 (2.8 )% Total available borrowing capacity to total assets 50.0 % 53.2 % Shareholders’ Equity Shareholders’ equity was $396.7 million at March 31, 2026, an increase of $6.7 million, or 1.7%, from $390.0 million at December 31, 2025, and an increase of $25.9 million, or 7.0%, from $370.9 million at March 31, 2025. The increase for the current quarter was primarily due to net income and proceeds from stock option exercises of $112 thousand, partially offset by repurchases of common stock of $193 thousand, cash dividends declared on common stock of $3.1 million and preferred stock dividends of $86 thousand, and an increase in accumulated other comprehensive loss of $895 thousand. Stock Repurchases During the current quarter, the Company repurchased and retired 9,005 shares of common stock at a weighted-average price of $21.45, totaling $193.0 thousand. In 2025, the Company repurchased and retired 358,251 shares of common stock at a weighted-average price of $19.82, totaling $7.1 million. As of March 31, 2026, the Company is authorized to purchase 210,521 additional shares under its current stock repurchase program, which expires on July 31, 2026. Series C Preferred Stock The Company paid dividends of $86 thousand and $86 thousand for the current and year-ago quarters, respectively. Capital Ratios The following table presents capital ratios for the Company and the Bank as of the dates indicated: 3/31/2026 12/31/2025 3/31/2025 Well Capitalized Minimum Requirements PCB Bancorp Common tier 1 capital (to risk-weighted assets) 11.48 % 11.46 % 11.25 % 6.50 % Total capital (to risk-weighted assets) 15.09 % 15.13 % 14.98 % 10.00 % Tier 1 capital (to risk-weighted assets) 13.87 % 13.89 % 13.77 % 8.00 % Tier 1 capital (to average assets) 12.05 % 11.89 % 12.14 % 5.00 % PCB Bank Common tier 1 capital (to risk-weighted assets) 13.46 % 13.49 % 13.42 % 6.50 % Total capital (to risk-weighted assets) 14.68 % 14.72 % 14.63 % 10.00 % Tier 1 capital (to risk-weighted assets) 13.46 % 13.49 % 13.42 % 8.00 % Tier 1 capital (to average assets) 11.70 % 11.55 % 11.82 % 5.00 % About PCB Bancorp PCB Bancorp is the bank holding company for PCB Bank, a California state chartered bank, offering a full suite of commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phrases of similar meaning. We caution that 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 the health of the national and local economies including the impact on the Company and its customers resulting from any adverse developments in real estate markets, inflation levels and interest rates; the impacts of the conflicts in the Middle East on the national and global economies and markets; the impact of governmental monetary policy; any material weaknesses in the Company’s internal control over financial reporting that we have identified or may identify; the impacts of sanctions, tariffs and other trade policies of the United States and its global trading partners and tensions related to the same; the Company’s ability to maintain and grow its deposit base; loan demand and continued portfolio performance; the impact of adverse developments at other banks, including bank failures; changes to valuations of the Company’s assets and liabilities including the allowance for credit losses, earning assets, and intangible assets; the ability of the Company to manage liquidity; changes in the availability of liquidity sources including borrowing lines and the ability to pledge or sell certain assets; the Company's ability to attract and retain skilled employees; customers' service expectations; cyber-security risks; the Company's ability to successfully deploy new technology; acquisitions and branch and loan production office expansions; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company’s enterprise risk management framework; litigation costs and outcomes; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, wildfires and other disasters, other public health crises, acts of war or terrorism, and other external events on our business. These and other important factors are detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other filings the Company makes with the SEC, which are available without charge at the SEC’s website (http://www.sec.gov) and on the investor relations section of the Company’s website at www.mypcbbank.com. 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 the Company undertakes no 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. PCB Bancorp and Subsidiary Consolidated Balance Sheets (Unaudited) ($ in thousands, except share and per share data) 3/31/2026 12/31/2025 % Change 3/31/2025 % Change Assets Cash and due from banks $ 24,787 $ 25,319 (2.1 )% $ 28,852 (14.1 )% Interest-bearing deposits in other financial institutions 242,618 181,823 33.4 % 185,496 30.8 % Total cash and cash equivalents 267,405 207,142 29.1 % 214,348 24.8 % Securities available-for-sale, at fair value 170,477 160,009 6.5 % 148,190 15.0 % Loans held-for-sale 3,604 12,077 (70.2 )% 12,101 (70.2 )% Loans held-for-investment 2,873,551 2,820,400 1.9 % 2,727,610 5.4 % Allowance for credit losses on loans (33,943 ) (33,381 ) 1.7 % (31,942 ) 6.3 % Net loans held-for-investment 2,839,608 2,787,019 1.9 % 2,695,668 5.3 % Premises and equipment, net 7,695 8,194 (6.1 )% 8,420 (8.6 )% Federal Home Loan Bank and other bank stock 14,978 14,978 — % 14,042 6.7 % Bank-owned life insurance 33,070 32,796 0.8 % 32,013 3.3 % Deferred tax assets, net 9,697 9,210 5.3 % 6,736 44.0 % Servicing assets 5,691 5,627 1.1 % 5,631 1.1 % Operating lease assets 16,453 17,158 (4.1 )% 17,779 (7.5 )% Accrued interest receivable 10,952 10,669 2.7 % 10,967 (0.1 )% Other assets 16,563 16,892 (1.9 )% 17,863 (7.3 )% Total assets $ 3,396,193 $ 3,281,771 3.5 % $ 3,183,758 6.7 % Liabilities Deposits Noninterest-bearing demand $ 570,393 $ 555,645 2.7 % $ 564,407 1.1 % Savings, NOW and money market accounts 681,065 676,075 0.7 % 512,739 32.8 % Time deposits of $250,000 or less 831,448 855,059 (2.8 )% 924,795 (10.1 )% Time deposits of more than $250,000 805,074 708,633 13.6 % 712,458 13.0 % Total deposits 2,887,980 2,795,412 3.3 % 2,714,399 6.4 % Federal Home Loan Bank advances 50,000 34,000 47.1 % 30,000 66.7 % Operating lease liabilities 18,301 18,996 (3.7 )% 19,465 (6.0 )% Accrued interest payable and other liabilities 43,194 43,337 (0.3 )% 49,030 (11.9 )% Total liabilities 2,999,475 2,891,745 3.7 % 2,812,894 6.6 % Commitments and contingent liabilities Shareholders’ equity Preferred stock 69,141 69,141 — % 69,141 — % Common stock 139,405 139,256 0.1 % 143,156 (2.6 )% Retained earnings 193,923 186,485 4.0 % 165,611 17.1 % Accumulated other comprehensive loss, net (5,751 ) (4,856 ) 18.4 % (7,044 ) (18.4 )% Total shareholders’ equity 396,718 390,026 1.7 % 370,864 7.0 % Total liabilities and shareholders’ equity $ 3,396,193 $ 3,281,771 3.5 % $ 3,183,758 6.7 % Outstanding common shares 14,231,423 14,230,428 14,387,176 Book value per common share(1) $ 27.88 $ 27.41 $ 25.78 TCE per common share (2) $ 23.02 $ 22.55 $ 20.97 Total loan to total deposit ratio 99.63 % 101.33 % 100.93 % Noninterest-bearing deposits to total deposits 19.75 % 19.88 % 20.79 % (1) The ratios are calculated by dividing total shareholders’ equity by the number of outstanding common shares. The Company had no intangible equity components for the presented periods. (2) Non-GAAP. See “Non-GAAP Financial Measures” for a 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 3/31/2026 12/31/2025 % Change 3/31/2025 % Change Interest and dividend income Loans, including fees $ 44,484 $ 45,648 (2.5 )% $ 43,026 3.4 % Investment securities 1,574 1,516 3.8 % 1,408 11.8 % Other interest-earning assets 2,773 2,701 2.7 % 2,458 12.8 % Total interest income 48,831 49,865 (2.1 )% 46,892 4.1 % Interest expense Deposits 21,478 23,197 (7.4 )% 22,564 (4.8 )% Other borrowings 543 41 1,224.4 % 45 1,106.7 % Total interest expense 22,021 23,238 (5.2 )% 22,609 (2.6 )% Net interest income 26,810 26,627 0.7 % 24,283 10.4 % Provision for credit losses 467 1,024 (54.4 )% 1,598 (70.8 )% Net interest income after provision for credit losses 26,343 25,603 2.9 % 22,685 16.1 % Noninterest income Gain on sale of loans 1,409 648 117.4 % 887 58.9 % Service charges and fees on deposits 430 416 3.4 % 372 15.6 % Loan servicing income 801 741 8.1 % 725 10.5 % BOLI income 274 271 1.1 % 247 10.9 % Other income 460 469 (1.9 )% 349 31.8 % Total noninterest income 3,374 2,545 32.6 % 2,580 30.8 % Noninterest expense Salaries and employee benefits 9,720 9,339 4.1 % 9,075 7.1 % Occupancy and equipment 2,277 2,202 3.4 % 2,289 (0.5 )% Professional fees 534 834 (36.0 )% 628 (15.0 )% Marketing and business promotion 456 607 (24.9 )% 243 87.7 % Data processing 337 351 (4.0 )% 333 1.2 % Director fees and expenses 223 224 (0.4 )% 226 (1.3 )% Regulatory assessments 361 389 (7.2 )% 344 4.9 % Other expense 906 1,080 (16.1 )% 1,336 (32.2 )% Total noninterest expense 14,814 15,026 (1.4 )% 14,474 2.3 % Income before income taxes 14,903 13,122 13.6 % 10,791 38.1 % Income tax expense 4,250 3,887 9.3 % 3,056 39.1 % Net income 10,653 9,235 15.4 % 7,735 37.7 % Preferred stock dividends 86 87 (1.1 )% 40 115.0 % Net income available to common shareholders $ 10,567 $ 9,148 15.5 % $ 7,695 37.3 % Earnings per common share Basic $ 0.74 $ 0.64 $ 0.53 Diluted $ 0.74 $ 0.64 $ 0.53 Average common shares Basic 14,142,092 14,133,086 14,272,267 Diluted 14,238,226 14,235,867 14,403,769 Dividend paid per common share $ 0.22 $ 0.20 $ 0.20 ROAA(1) 1.30 % 1.11 % 1.01 % ROAE (1) 10.95 % 9.45 % 8.53 % ROATCE(1), (2) 13.17 % 11.40 % 10.45 % Efficiency ratio (3) 49.08 % 51.51 % 53.88 % (1) Ratios are presented on an annualized basis. (2) Non-GAAP. See “Non-GAAP Financial Measures” for a 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 3/31/2026 12/31/2025 3/31/2025 Average Balance Interest Income/ Expense Avg. Yield/Rate(6) Average Balance Interest Income/ Expense Avg. Yield/Rate(6) Average Balance Interest Income/ Expense Avg. Yield/Rate(6) Assets Interest-earning assets Total loans(1) $ 2,840,688 $ 44,484 6.35 % $ 2,810,897 $ 45,648 6.44 % $ 2,649,037 $ 43,026 6.59 % Mortgage-backed securities 131,025 1,305 4.04 % 126,147 1,227 3.86 % 112,825 1,075 3.86 % Collateralized mortgage obligation 18,443 169 3.72 % 19,064 184 3.83 % 21,028 210 4.05 % SBA loan pool securities 4,060 31 3.10 % 4,338 36 3.29 % 5,927 54 3.69 % Municipal bonds(2) 2,502 22 3.57 % 2,480 22 3.52 % 2,424 22 3.68 % Corporate bonds 4,768 47 4.00 % 4,790 47 3.89 % 4,336 47 4.40 % Other interest-earning assets 236,161 2,773 4.76 % 250,215 2,701 4.28 % 209,375 2,458 4.76 % Total interest-earning assets 3,237,647 48,831 6.12 % 3,217,931 49,865 6.15 % 3,004,952 46,892 6.33 % Noninterest-earning assets Cash and due from banks 23,505 24,539 24,652 ACL on loans (33,344 ) (32,873 ) (30,676 ) Other assets 98,520 98,231 98,588 Total noninterest-earning assets 88,681 89,897 92,564 Total assets $ 3,326,328 $ 3,307,828 $ 3,097,516 Liabilities and Shareholders’ Equity Interest-bearing liabilities Deposits NOW and money market accounts $ 678,108 5,743 3.43 % $ 683,325 6,073 3.53 % $ 483,927 4,297 3.60 % Savings 5,360 3 0.23 % 5,329 3 0.22 % 5,612 3 0.22 % Time deposits 1,595,636 15,732 4.00 % 1,622,769 17,121 4.19 % 1,650,662 18,264 4.49 % Total interest-bearing deposits 2,279,104 21,478 3.82 % 2,311,423 23,197 3.98 % 2,140,201 22,564 4.28 % Other borrowings 56,000 543 3.93 % 4,011 41 4.06 % 3,933 45 4.64 % Total interest-bearing liabilities 2,335,104 22,021 3.82 % 2,315,434 23,238 3.98 % 2,144,134 22,609 4.28 % Noninterest-bearing liabilities Noninterest-bearing demand 534,698 537,968 516,630 Other liabilities 61,952 66,886 69,042 Total noninterest-bearing liabilities 596,650 604,854 585,672 Total liabilities 2,931,754 2,920,288 2,729,806 Total shareholders’ equity 394,574 387,540 367,710 Total liabilities and shareholders’ equity $ 3,326,328 $ 3,307,828 $ 3,097,516 Net interest income $ 26,810 $ 26,627 $ 24,283 Net interest spread (3) 2.30 % 2.17 % 2.05 % Net interest margin(4) 3.36 % 3.28 % 3.28 % Total deposits $ 2,813,802 $ 21,478 3.10 % $ 2,849,391 $ 23,197 3.23 % $ 2,656,831 $ 22,564 3.44 % Total funding(5) $ 2,869,802 $ 22,021 3.11 % $ 2,853,402 $ 23,238 3.23 % $ 2,660,764 $ 22,609 3.45 % (1) Total loans include both loans held-for-sale and loans held-for-investment. (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 Financial Measures 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 shareholders’ equity. The Company had no intangible assets for the presented periods. ROATCE, TCE per common share, and TCE to total assets constitute supplemental financial information determined by methods other than in accordance with Generally Accepted Accounting Principles, or GAAP. These non-GAAP financial measures are used by management in its analysis of the Company's performance. These non-GAAP financial measures should not be viewed as substitutes for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. The following tables provide reconciliations of the non-GAAP financial measures with financial measures defined by GAAP. ($ in thousands) Three Months Ended 3/31/2026 12/31/2025 3/31/2025 Average total shareholders' equity (a) $ 394,574 $ 387,540 $ 367,710 Less: average preferred stock (b) 69,141 69,141 69,141 Average TCE (c)=(a)-(b) 325,433 318,399 298,569 Net income (d) $ 10,653 $ 9,235 $ 7,735 ROAE(1) (d)/(a) 10.95 % 9.45 % 8.53 % Net income available to common shareholders (e) 10,567 9,148 7,695 ROATCE(1) (e)/(c) 13.17 % 11.40 % 10.45 % (1) Annualized. ($ in thousands, except per share data) 3/31/2026 12/31/2025 3/31/2025 Total shareholders' equity (a) $ 396,718 $ 390,026 $ 370,864 Less: preferred stock (b) 69,141 69,141 69,141 TCE (c)=(a)-(b) 327,577 320,885 301,723 Outstanding common shares (d) 14,231,423 14,230,428 14,387,176 Book value per common share (a)/(d) $ 27.88 $ 27.41 $ 25.78 TCE per common share (c)/(d) 23.02 22.55 20.97 Total assets (e) $ 3,396,193 $ 3,281,771 $ 3,183,758 Total shareholders' equity to total assets (a)/(e) 11.68 % 11.88 % 11.65 % TCE to total assets (c)/(e) 9.65 % 9.78 % 9.48 % Timothy Chang Executive Vice President & Chief Financial Officer 213-210-2000 Source: PCB Bancorp