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 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) declared a quarterly cash dividend of $0.12 per common share on July 22, 2021, increasing from $0.10. The dividend will be payable on or about August 13, 2021, to shareholders on record as of August 6, 2021. CEO Henry Kim emphasized the company’s commitment to shareholder value through these corporate decisions.
PCB Bancorp serves small to medium-sized businesses, individuals, and professionals, especially within the Korean-American and minority communities in Southern California.
PCB Bancorp (NASDAQ: PCB) reported a strong first quarter of 2021 with net income of $8.6 million ($0.55 per diluted share), up 47.9% from the previous quarter and 139.6% year-over-year. The company reversed loan loss provisions by $1.1 million, improving its allowance for loan losses ratio to 1.51%. Total assets grew to $2.05 billion, reflecting a 13.9% increase year-over-year. Deposits rose 18.7% to $1.75 billion. A stock repurchase program was launched, alongside a $0.10 dividend, marking the 25th consecutive quarterly payment.
PCB Bancorp (NASDAQ: PCB) announced a stock repurchase program on April 8, 2021, allowing for the buyback of up to 5% of its outstanding shares, equating to 775,000 shares. The repurchase will start following the release of unaudited Q1 2021 results, and purchases may occur through various methods, including open market transactions and block purchases. The plan may be altered or halted at the company’s discretion, with repurchases subject to market conditions. A 10b5-1 trading plan will also be implemented to facilitate these buybacks while adhering to insider trading regulations.
PCB Bancorp (NASDAQ: PCB) reported a net income of $5.8 million, or $0.38 per diluted share for Q4 2020, a notable increase from $3.4 million (Q3 2020) and $4.2 million (Q4 2019). Total assets decreased by 4.9% to $1.92 billion but increased 10.1% year-over-year. The company established a provision for loan losses of $2.1 million due to pandemic-related risks. The net interest margin improved to 3.64%. Although total deposits declined by 3.2% from Q3 2020, they rose 7.8% year-over-year, indicating resilience during economic challenges.
PCB Bancorp reported its third-quarter 2020 earnings with a net income of $3.4 million, maintaining earnings per share at $0.22, consistent with the previous quarter but down 47.6% year-over-year. The company established a provision for loan losses of $4.3 million, reflecting heightened economic uncertainty from the COVID-19 pandemic, increasing the allowance for loan losses to 1.70% of total loans, excluding PPP loans. Despite a stable net interest margin of 3.43%, total noninterest income fell by 22.1%. The bank terminated its FDIC consent order related to BSA/AML compliance.
PCB Bancorp (NASDAQ: PCB) announced a quarterly cash dividend of $0.10 per common share on October 22, 2020. The dividend payment date is set for November 13, 2020, to shareholders of record as of the close of business on November 4, 2020. PCB Bancorp serves as the holding company for Pacific City Bank, focusing on commercial banking services primarily for small to medium-sized businesses and individuals in Southern California, especially within Korean-American and other minority communities.
PCB Bancorp (NASDAQ: PCB) announced the termination of the Consent Order by the Federal Deposit Insurance Corporation and California Department of Business Oversight on September 30, 2020. This decision follows the Bank's successful resolution of issues related to its Bank Secrecy Act and Anti-Money Laundering compliance program, initially noted in the April 30, 2019 order. CEO Henry Kim expressed gratitude to the team for their dedication in enhancing compliance programs.