Pcb Bancorp Stock Price, News & Analysis

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.

PCB Bancorp (NASDAQ: PCB) reported net income of $7.0 million, or $0.46 per diluted share for Q3 2022, down from $9.1 million in Q2 2022 and $11.0 million in Q3 2021. The bank's net interest income rose to $24.0 million, a 12.5% increase quarter-over-quarter. The provision for loan losses was $3.8 million, compared to a reversal of $109,000 in the previous quarter. Total assets decreased slightly to $2.33 billion, while loans held-for-investment increased by 6.9%. PCB Bank opened two new branches and announced plans for future expansion.

PCB Bancorp has declared a quarterly cash dividend of $0.15 per common share on October 27, 2022. This dividend is set to be paid on or about November 18, 2022, to shareholders holding shares as of the close of business on November 10, 2022. PCB Bancorp is the parent company of PCB Bank, which provides commercial banking services primarily to small to medium-sized businesses and individuals in Southern California, focusing on Korean-American and other minority communities.

PCB Bancorp announced a stock repurchase program on July 28, 2022, allowing the buyback of up to 5% of its outstanding common stock by February 1, 2023, commencing from August 2, 2022. The repurchase will utilize various methods, including open market transactions and block purchases, subject to market conditions. A Rule 10b5-1 trading plan will guide the repurchase, facilitating transactions even under insider trading restrictions. This initiative demonstrates PCB Bancorp's commitment to enhancing shareholder value.

PCB Bancorp (NASDAQ: PCB) announced a quarterly cash dividend of $0.15 per common share on July 28, 2022. The dividend will be distributed on or about August 19, 2022 to shareholders of record as of the close of business on August 12, 2022. PCB Bancorp operates Pacific City Bank, offering commercial banking services mainly to small to medium-sized businesses and minority communities in Southern California.

PCB Bancorp (NASDAQ: PCB) reported Q2 2022 net income of $9.1 million, or $0.60 per diluted share, down from $10.2 million in Q1 2022. Total assets rose to $2.34 billion, a 6.6% increase from Q1 2022. The bank reversed $109K in loan losses this quarter, a significant decline from the $1.2 million reversal in the previous quarter. Net interest income increased to $21.4 million with a net interest margin of 4.01%. Total deposits also grew by 4.6% to $2.00 billion. Effective August 25, 2022, Pacific City Bank will be rebranded as PCB Bank.