Welcome to our dedicated page for Pcb Bancorp news (Ticker: PCB), a resource for investors and traders seeking the latest updates and insights on Pcb Bancorp stock.
PCB Bancorp (PCB) delivers essential banking solutions through its consumer/commercial services and community-focused approach. This news hub provides investors and stakeholders with timely updates on financial developments, strategic initiatives, and market positioning.
Access authoritative coverage of earnings announcements, regulatory filings, leadership changes, and product innovations. Our curated collection features press releases, SEC disclosures, and analysis of operational milestones relevant to PCB's commercial lending, digital banking tools, and niche market services.
Key updates include:
• Financial performance reports
• Mergers & acquisition activity
• Regulatory compliance developments
• Technology implementation progress
Bookmark this page for streamlined tracking of PCB's evolving strategies in community banking and small business financing. Verify facts directly through primary documents while gaining perspective on market trends impacting this financial institution.
PCB Bancorp (NASDAQ: PCB) has extended its stock repurchase program until August 1, 2025. The original plan, approved on August 2, 2023, authorized the repurchase of up to 720,000 shares (approximately 5% of outstanding shares). As of July 24, 2024, the company has repurchased and retired 142,223 shares, leaving 577,777 shares available for repurchase. The program allows for various repurchase methods, including open market transactions and privately negotiated deals. PCB Bancorp plans to implement a Rule 10b5-1 trading plan to facilitate repurchases during periods when insider trading restrictions might otherwise apply. The repurchase program's execution depends on factors such as stock price, trading volume, and market conditions.
PCB Bancorp (NASDAQ: PCB) reported a Q2 2024 net income of $6.3 million or $0.43 per diluted share, up from $4.7 million or $0.33 per share in Q1 2024, but down from $7.5 million or $0.52 per share in Q2 2023.
Key metrics:
- Provision for credit losses: $259K, down from $1.1M in Q1 2024
- Net interest income: $21.7M, steady QoQ
- Total assets: $2.85B, a slight decline QoQ but up 11.6% YoY
- Loans held-for-investment: $2.45B, up 2.1% QoQ
- Total deposits: $2.41B, a minor increase QoQ
- Allowance for Credit Losses (ACL): 1.17%, stable YoY
The company paid an initial preferred stock dividend at an annualized rate of 2% (totaling $142K).
PCB Bancorp (NASDAQ: PCB), the holding company of PCB Bank, has declared a quarterly cash dividend of $0.18 per common share. The dividend will be paid on or about August 16, 2024, to shareholders of record as of the close of business on August 9, 2024. PCB Bank is a California state chartered bank offering commercial banking services to small to medium-sized businesses, individuals, and professionals, primarily in Southern California. The bank predominantly serves Korean-American and other minority communities.
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