PCB Bancorp reports operating and capital-return developments as the bank holding company for PCB Bank. News commonly covers quarterly and annual earnings, net interest income and margin trends, deposit and loan growth, provision for credit losses, allowance for credit losses, SBA loan sale gains, and noninterest expense discipline. Updates also include board actions on common-stock dividends and the company's stock repurchase program. The business is centered on consumer and commercial banking, including deposits, lending, digital banking tools, home loans, and services for small and middle-market businesses and individuals.
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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