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 (NASDAQ: PCB) is a California corporation and the bank holding company for PCB Bank, operating in the commercial banking segment of the finance and insurance sector. News about PCB Bancorp frequently centers on its financial performance, capital actions, and regulatory disclosures. The company issues regular earnings press releases that discuss net income available to common shareholders, net interest income, noninterest income, net interest margin, efficiency ratio, return on average assets, and return on average shareholders’ equity.
Investors following PCB Bancorp news will see detailed quarterly and annual earnings reports that describe trends in total assets, loans held-for-investment, total deposits, and credit quality metrics such as the allowance for credit losses on loans and provisions or reversals for credit losses. Releases also provide information on the composition of loans by interest rate type and the yields and costs associated with loans, investment securities, other interest-earning assets, and interest-bearing deposits.
Company news also includes announcements of quarterly cash dividends on common stock, with specified dividend amounts, record dates, and payment dates, as well as updates on the company’s stock repurchase program, including extensions of the program term and the number of shares repurchased and remaining authorized. PCB Bancorp has reported the use of a Rule 10b5-1 trading plan in connection with its repurchase program.
Regulatory and listing-related updates appear in the news flow as well, such as a notice from the Nasdaq Stock Market regarding a late Form 10-Q filing and the company’s plan to address the matter within Nasdaq’s framework. Operational developments, including the opening of a full-service branch in Suwanee, Georgia, are also highlighted in earnings releases. For readers interested in PCB stock, this news page provides a stream of company-issued information on performance, capital management, and operational updates.
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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.