Pcb Bancorp Stock Price, News & Analysis

PCB Bancorp (NASDAQ: PCB) announced net income of $10.3 million for Q1 2023, marking a 18.3% increase from the previous quarter. Diluted earnings per share rose to $0.70, up 20.7% from $0.58. Net interest income fell 7.6% to $22.4 million, while total assets grew by 3.3% to $2.50 billion. The allowance for credit losses stood at 1.18% of loans held-for-investment. PCB Bancorp adopted the CECL accounting standard, resulting in a cumulative effect adjustment of $2.7 million. Total deposits increased by 4.7% to $2.14 billion. The bank's strong capital position is highlighted by a common equity tier 1 capital ratio of 16.03%. PCB's management expressed confidence in their ability to weather economic uncertainties, viewing recent bank failures as opportunities for growth.

PCB Bancorp announced the appointment of Robert McGibbon as an Advisory Board Member of PCB Bank effective March 1, 2023. McGibbon, a retired FDIC Field Supervisor, brings significant regulatory and training experience from his 35-year career at the FDIC, where he managed a portfolio of up to 100 banks in California. His role will focus on Board member training, policy reviews, and regulatory advice on new products. Chairman Sang Young Lee highlighted McGibbon's extensive background as a valuable asset for the bank's strategic growth plans.

PCB Bancorp (NASDAQ: PCB) reported Q4 2022 net income of $8.7 million ($0.58 per diluted share), up from $7.0 million ($0.46 per diluted share) in Q3 2022, but down from $10.7 million ($0.70 per diluted share) in Q4 2021. For the full year, net income was $35.0 million ($2.31 per share), down from $40.1 million ($2.62 per share) in 2021. Key highlights include a 4.15% net interest margin and an increase in total assets to $2.42 billion. The company opened a new branch in Carrollton, Texas and continued its stock buyback program. The allowance for loan losses was 1.22% of loans held-for-investment as of December 31, 2022.

PCB Bancorp announced an amendment to its stock repurchase program on January 26, 2023, extending the expiration date to February 1, 2024. The program allows the repurchase of up to 5% of outstanding shares, with 416,275 shares already repurchased, leaving 331,663 shares available for repurchase. The company may utilize various means, including open market transactions, subject to market conditions. A 10b5-1 trading plan will facilitate purchases during periods restricted by insider trading laws.

PCB Bancorp serves Southern California, offering commercial banking services primarily to Korean-American and minority communities.

PCB Bancorp has declared a quarterly cash dividend of $0.15 per common share on January 26, 2023. The dividend will be paid to shareholders of record as of February 10, 2023, with payment scheduled on or about February 17, 2023. PCB Bancorp, operating primarily in Southern California, offers commercial banking services to small and medium-sized businesses and minority communities, especially Korean-Americans.