[10-Q] PCB Bancorp Quarterly Earnings Report

Rhea-AI Filing Summary

PCB Bancorp reported stronger second-quarter results with rising net interest income and loan growth that supported higher profits. Net interest income grew to $25.99 million from $21.74 million a year earlier, driving pre-tax income of $12.67 million and net income of $9.07 million for the quarter, or $0.63 basic earnings per share, up from $0.43. For the first six months, net income was $16.81 million and diluted EPS was $1.15.

The balance sheet expanded: total assets were $3.306 billion and loans held-for-investment rose to $2.795 billion. Deposits increased to $2.823 billion. Credit provisions rose materially to $1.79 million for the quarter (six months $3.39 million), and the allowance for credit losses on loans increased to $33.55 million. Nonaccrual loans increased to $8.93 million. The company retained $69.1 million of Series C preferred stock from the ECIP program and repurchased common shares during the period.

Positive

• Net interest income expansion: NII grew to $25.99 million from $21.74 million year-over-year, supporting higher profitability
• Profitability improvement: Quarterly net income rose to $9.07 million from $6.28 million and diluted EPS increased to $0.62 from $0.43
• Deposit and loan growth: Total deposits increased to $2.823 billion and loans held-for-investment rose to $2.795 billion versus prior periods
• Higher noninterest income: Gain on sale of loans and other noninterest income increased, with loan sale gains of $1.465 million in the quarter

Negative

• Rising credit costs: Provision for credit losses increased materially to $1.787 million for the quarter (six months $3.385 million)
• Allowance and nonaccruals increased: ACL on loans rose to $33.554 million and total nonaccrual loans increased to $8.932 million at June 30, 2025
• Unrealized securities markdowns persist: Securities available-for-sale carried $10.0 million of gross unrealized losses at June 30, 2025
• Series C preferred remains outstanding: $69.141 million of Series C ECIP preferred stock remains on the balance sheet with dividend obligations

Insights

Financial Analyst

TL;DR Strong core margin expansion and loan growth drove meaningful EPS improvement this quarter.

Net interest income rose about 19% year-over-year to $25.99 million, while loans held-for-investment increased roughly 6% versus December 31, 2024, supporting higher net income of $9.07 million and EPS of $0.63. Deposit growth funded loan growth, with total deposits up to $2.823 billion. Noninterest income, including gains on loan sales, contributed additional revenue. Overall, operating expense control helped leverage revenue gains into improved profitability for the quarter and year-to-date periods.

Risk Analyst

TL;DR Credit metrics weakened as provisions, ACL and nonaccruals rose materially despite improved earnings.

Provision expense increased sharply to $1.79 million for the quarter and $3.39 million for six months, and the ACL rose to $33.55 million, reflecting higher modeled expected losses tied to macro assumptions. Nonaccrual loans nearly doubled from $4.69 million at year-end to $8.93 million at June 30, 2025. Short-term FHLB borrowing of $45.0 million was taken and repaid; available borrowing capacity remains sizable. These credit trends warrant monitoring despite near-term earnings strength.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                   to                  

Commission file number 001-38621

PCB BANCORP

(Exact name of registrant as specified in its charter)

California			20-8856755
(State or other jurisdiction of incorporation or organization)			(IRS Employer Identification No.)

3701 Wilshire Boulevard, Suite 900, Los Angeles, California 90010

(Address of principal executive offices) (Zip Code)

(213) 210-2000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, no par value			PCB			Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ☐ No ☒

As of July 31, 2025, the registrant had outstanding 14,349,602 shares of common stock.

PCB Bancorp and Subsidiary

Quarterly Report on Form 10-Q

June 30, 2025

Table of Contents

Part I - Financial Information
Item 1.			Consolidated Financial Statements			5
			Consolidated Balance Sheets - June 30, 2025 (Unaudited) and December 31, 2024			5
			Consolidated Statements of Income (Unaudited) - Three and Six Months Ended June 30, 2025 and 2024			6
			Consolidated Statements of Comprehensive Income (Unaudited) - Three and Six Months Ended June 30, 2025 and 2024			7
			Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - Three and Six Months Ended June 30, 2025 and 2024			8
			Consolidated Statements of Cash Flows (Unaudited) - Six Months Ended June 30, 2025 and 2024			10
			Notes to Consolidated Financial Statements (Unaudited)			12
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			45
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			69
Item 4.			Controls and Procedures			71
Part II - Other Information
Item 1.			Legal Proceedings			72
Item 1A.			Risk Factors			72
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			73
Item 3.			Defaults Upon Senior Securities			73
Item 4.			Mine Safety Disclosures			73
Item 5.			Other Information			73
Item 6.			Exhibits			74
Signatures						75

2

Forward-looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements reflect current views of PCB Bancorp (collectively, with its consolidated subsidiary, the “Company,” “we,” “us” or “our”) with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “outlook,” “aim,” “would,” and “annualized” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our business and industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, including those factors identified in “Risk Factors” or “Management’s Discussion and Analysis of Financial Condition and Results of Operations” or the following:

•business and economic conditions, particularly those affecting the financial services industry and our primary market areas and arising from recent inflationary pressures and governmental and societal responses thereto;

•our ability to successfully manage our credit risk and the sufficiency of our allowance for credit loss;

•factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers and the success of construction projects that we finance;

•governmental monetary and fiscal policies, and changes in market interest rates;

•the current inflationary environment and government and regulatory responses thereto;

•adverse developments at other banks, including bank failures, that impact general sentiment regarding the stability and liquidity of banks and may affect our customers’ behavior and our stock price;

•a significant portion of our loan portfolio that is comprised of real estate loans;

•our ability to attract and retain Korean-American customers;

•our ability to identify and address cyber-security risks, fraud and systems errors;

•our ability to effectively execute our strategic plan and manage our growth;

•changes in our senior management team and our ability to attract, motivate and retain qualified personnel;

•cyber-attacks, ransomware attacks, computer viruses or other malware that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data, disable or degrade service, or sabotage our systems;

•liquidity issues, including fluctuations in the fair value and liquidity of the securities we hold and our ability to raise additional capital, if necessary;

•costs and obligations associated with operating as a public company;

•effects of competition from a wide variety of local, regional, national and other providers of financial, investment and insurance services;

•the effects of severe weather, natural disasters, acts of war or terrorism, health epidemics or pandemics (or expectations about them) and other external events on our business;

•the effects of sanctions, tariffs and other trade policies of the United States and its global trading partners and trade tensions related to the same;

•the impact of any claims or legal actions to which we may be subject, including any effect on our reputation;

•the effectiveness of our internal control over financial reporting and our ability to remediate any weakness in our internal control over financial reporting;

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•our ability to satisfy the lending and other conditions necessary to repurchase our Series C Preferred Stock under our Option Agreement with the U.S. Treasury and to qualify to pay a lower rate of dividends on such preferred stock; and

•changes in federal tax laws or policies.

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements and the risks described under “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, in “Part II, Item 1A - Risk Factors” of this Quarterly Report on Form 10-Q and in other documents that we file with the Securities and Exchange Commission (“SEC”). Because of these risks and other uncertainties, our actual future results, performance or achievement, or industry results, may be materially different from the results indicated by the forward looking statements in this report. In addition, our past results of operations are not necessarily indicative of our future results. You should not rely on any forward looking statements, which represent our beliefs, assumptions and estimates only as of the dates on which they were made, as predictions of future events. Any forward-looking statement speaks only as of the date on which it is initially made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

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Part I - Financial Information

Item 1 - Consolidated Financial Statements

PCB Bancorp and Subsidiary

Consolidated Balance Sheets

($ in thousands, except share data)

						June 30, 2025						December 31, 2024
						(Unaudited)
Assets
Cash and due from banks						$	41,614					$	27,100
Interest-bearing deposits in other financial institutions						221,953						171,692
Total cash and cash equivalents						263,567						198,792
Securities available-for-sale, at fair value (amortized cost of $163,997 and $159,742, respectively, and allowance for credit losses of $0 and $0, respectively, at June 30, 2025 and December 31, 2024)						154,620						146,349
Loans held-for-sale, at lower of cost or fair value						8,133						6,292
Loans held-for-investment, net of deferred fees and costs						2,795,309						2,629,387
Allowance for credit losses on loans						(33,554)						(30,628)
Net loans held-for-investment						2,761,755						2,598,759
Premises and equipment, net						8,942						8,280
Federal Home Loan Bank and other restricted stock, at cost						14,978						14,042
Bank-owned life insurance						32,266						31,766
Deferred tax assets, net						7,032						7,249
Servicing assets						5,756						5,837
Operating lease assets						17,861						17,254
Accrued interest receivable						10,879						10,466
Other assets						19,800						18,885
Total assets						$	3,305,589					$	3,063,971
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing demand						$	575,905					$	547,853
Savings, NOW and money market accounts						551,493						466,887
Time deposits of $250,000 or less						986,357						935,927
Time deposits of more than $250,000						709,160						665,124
Total deposits						2,822,915						2,615,791
Other short-term borrowings						—						15,000
Federal Home Loan Bank advances						45,000						—
Operating lease liabilities						19,652						18,671
Accrued interest payable and other liabilities						41,522						50,695
Total liabilities						2,929,089						2,700,157
Commitments and contingencies
Preferred stock, 10,000,000 shares authorized, no par value:
Series C, senior non-cumulative perpetual, $1,000 per share liquidation preference, 69,141 and 69,141 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively						69,141						69,141
Common stock, 60,000,000 shares authorized, no par value; 14,336,602 and 14,380,651 shares issued and outstanding, respectively, and included 114,100 and 119,100 shares of unvested restricted stock, respectively, at June 30, 2025 and December 31, 2024						142,152						143,195
Retained earnings						171,735						160,797
Accumulated other comprehensive loss, net						(6,528)						(9,319)
Total shareholders’ equity						376,500						363,814
Total liabilities and shareholders’ equity						$	3,305,589					$	3,063,971

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

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PCB Bancorp and Subsidiary

Consolidated Statements of Income (Unaudited)

($ in thousands, except share and per share data)

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
Interest and dividend income:
Loans, including fees						$	45,478					$	40,626					$	88,504					$	79,877
Tax-exempt investment securities						21						29						43						57
Taxable investment securities						1,441						1,281						2,827						2,499
Other interest-earning assets						2,368						3,009						4,826						6,067
Total interest income						49,308						44,945						96,200						88,500
Interest expense:
Deposits						22,505						22,536						45,069						44,503
Borrowings						813						674						858						1,263
Total interest expense						23,318						23,210						45,927						45,766
Net interest income						25,990						21,735						50,273						42,734
Provision for credit losses						1,787						259						3,385						1,349
Net interest income after provision for credit losses						24,203						21,476						46,888						41,385
Noninterest income:
Service charges and fees on deposits						375						364						747						742
Loan servicing income						760						799						1,485						1,718
Bank-owned life insurance income						253						236						500						464
Gain on sale of loans						1,465						763						2,352						1,841
Other income						444						323						793						665
Total noninterest income						3,297						2,485						5,877						5,430
Noninterest expense:
Salaries and employee benefits						8,844						9,225						17,919						18,443
Occupancy and equipment						2,379						2,300						4,668						4,658
Professional fees						805						973						1,433						2,057
Marketing and business promotion						597						318						840						637
Data processing						317						495						650						897
Director fees and expenses						225						221						451						453
Regulatory assessments						358						327						702						625
Other expense						1,304						1,316						2,640						3,757
Total noninterest expense						14,829						15,175						29,303						31,527
Income before income taxes						12,671						8,786						23,462						15,288
Income tax expense						3,600						2,505						6,656						4,322
Net income						9,071						6,281						16,806						10,966
Preferred stock dividends						87						142						127						142
Net income available to common shareholders						$	8,984					$	6,139					$	16,679					$	10,824
Earnings per common share, basic						$	0.63					$	0.43					$	1.16					$	0.76
Earnings per common share, diluted						$	0.62					$	0.43					$	1.15					$	0.75
Weighted-average common shares outstanding, basic						14,213,032						14,237,083						14,242,486						14,236,251
Weighted-average common shares outstanding, diluted						14,326,011						14,312,949						14,364,995						14,323,171

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

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PCB Bancorp and Subsidiary

Consolidated Statements of Comprehensive Income (Unaudited)

($ in thousands)

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
Net income						$	9,071					$	6,281					$	16,806					$	10,966
Other comprehensive income (loss):
Unrealized gain (loss) on securities available-for-sale arising during the period						797						(102)						4,016						(1,729)
Income tax benefit (expense) related to items of other comprehensive income (loss)						(281)						30						(1,225)						502
Total other comprehensive income (loss), net of tax						516						(72)						2,791						(1,227)
Total comprehensive income						$	9,587					$	6,209					$	19,597					$	9,739

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

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PCB Bancorp and Subsidiary

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

($ in thousands, except share and per share data)

						Three Months Ended
						Shares Outstanding												Shareholders’ Equity
						Preferred Stock						Common Stock						Preferred Stock						Common Stock						Retained Earnings						Accumulated Other Comprehensive Loss						Total
Balance at April 1, 2024						69,141						14,263,791						$	69,141					$	142,734					$	148,209					$	(10,079)					$	350,005
Comprehensive income (loss)
Net income						—						—						—						—						6,281						—						6,281
Other comprehensive loss, net of tax						—						—						—						—						—						(72)						(72)
Forfeiture of restricted stock						—						(420)						—						—						—						—						—
Repurchase of common stock						—						(14,947)						—						(222)						—						—						(222)
Share-based compensation expense						—						—						—						129						—						—						129
Stock options exercised						—						5,600						—						57						—						—						57
Preferred stock dividends						—						—						—						—						(142)						—						(142)
Cash dividends declared on common stock ($0.18 per share)						—						—						—						—						(2,567)						—						(2,567)
Balance at June 30, 2024						69,141						14,254,024						$	69,141					$	142,698					$	151,781					$	(10,151)					$	353,469
Balance at April 1, 2025						69,141						14,387,176						$	69,141					$	143,156					$	165,611					$	(7,044)					$	370,864
Comprehensive income
Net income						—						—						—						—						9,071						—						9,071
Other comprehensive income, net of tax						—						—						—						—						—						516						516
Repurchase of common stock						—						(98,628)						—						(1,770)						—						—						(1,770)
Share-based compensation expense						—						—						—						232						—						—						232
Stock options exercised						—						48,054						—						534						—						—						534
Preferred stock dividends						—						—						—						—						(87)						—						(87)
Cash dividends declared on common stock ($0.20 per share)						—						—						—						—						(2,860)						—						(2,860)
Balance at June 30, 2025						69,141						14,336,602						$	69,141					$	142,152					$	171,735					$	(6,528)					$	376,500

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

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PCB Bancorp and Subsidiary

Consolidated Statements of Changes in Shareholders’ Equity, Continued (Unaudited)

($ in thousands, except share and per share data)

						Six Months Ended
						Shares Outstanding												Shareholders’ Equity
						Preferred Stock						Common Stock						Preferred Stock						Common Stock						Retained Earnings						Accumulated Other Comprehensive Loss						Total
Balance at January 1, 2024						69,141						14,260,440						$	69,141					$	142,563					$	146,092					$	(8,924)					$	348,872
Comprehensive income (loss)
Net income						—						—						—						—						10,966						—						10,966
Other comprehensive loss, net of tax						—						—						—						—						—						(1,227)						(1,227)
Forfeiture of restricted stock						—						(420)						—						—						—						—						—
Repurchase of common stock						—						(14,947)						—						(222)						—						—						(222)
Share-based compensation expense						—						—						—						265						—						—						265
Stock options exercised						—						8,951						—						92						—						—						92
Preferred stock dividends						—						—						—						—						(142)						—						(142)
Cash dividends declared on common stock ($0.36 per share)						—						—						—						—						(5,135)						—						(5,135)
Balance at June 30, 2024						69,141						14,254,024						$	69,141					$	142,698					$	151,781					$	(10,151)					$	353,469
Balance at January 1, 2025						69,141						14,380,651						$	69,141					$	143,195					$	160,797					$	(9,319)					$	363,814
Comprehensive income
Net income						—						—						—						—						16,806						—						16,806
Other comprehensive income, net of tax						—						—						—						—						—						2,791						2,791
Repurchase of common stock						—						(149,304)						—						(2,723)						—						—						(2,723)
Share-based compensation expense						—						—						—						462						—						—						462
Stock options exercised						—						105,255						—						1,218						—						—						1,218
Preferred stock dividends						—						—						—						—						(127)						—						(127)
Cash dividends declared on common stock ($0.40 per share)						—						—						—						—						(5,741)						—						(5,741)
Balance at June 30, 2025						69,141						14,336,602						$	69,141					$	142,152					$	171,735					$	(6,528)					$	376,500

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

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PCB Bancorp and Subsidiary

Consolidated Statements of Cash Flows (Unaudited)

($ in thousands)

						Six Months Ended June 30,
						2025						2024
Cash flows from operating activities
Net income						$	16,806					$	10,966
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment						1,112						1,101
Net amortization of premiums on securities						65						82
Net accretion of discounts on loans						(1,482)						(1,364)
Net accretion of deferred loan fees						(680)						(673)
Amortization of servicing assets						1,039						893
Provision for credit losses						3,385						1,349
Bank-owned life insurance income						(500)						(464)
Deferred tax expense (benefit)						(1,008)						813
Stock-based compensation						462						265
Gain on sale of loans						(2,352)						(1,841)
Originations of loans held-for-sale						(45,560)						(32,437)
Proceeds from sales of and principal collected on loans held-for-sale						46,065						37,052
Change in accrued interest receivable and other assets						(1,013)						(906)
Change in accrued interest payable and other liabilities						(9,095)						8,040
Net cash provided by operating activities						7,244						22,876
Cash flows from investing activities
Purchase of securities available-for-sale						(14,855)						(14,774)
Proceeds from maturities and paydowns of securities available-for-sale						10,535						8,277
Net change in loans held-for-investment						(165,098)						(124,632)
Purchase of Federal Home Loan Bank stock						(936)						(1,326)
Proceeds from sale of other real estate owned						—						2,571
Purchases of premises and equipment						(1,820)						(4,000)
Net cash used in investing activities						(172,174)						(133,884)
Cash flows from financing activities
Net change in deposits						207,124						54,642
Net change in short-term Federal Home Loan Bank advances and other borrowings						30,000						36,000
Proceeds from long-term Federal Home Loan Bank advances						—						50,000
Repayment of long-term Federal Home Loan Bank advances						—						(89,000)
Stock options exercised						1,218						92
Repurchase of common stock						(2,723)						(222)
Cash dividends paid on preferred stock						(173)						(81)
Cash dividends paid on common stock						(5,741)						(5,135)
Net cash provided by financing activities						229,705						46,296
Net increase (decrease) in cash and cash equivalents						64,775						(64,712)
Cash and cash equivalents at beginning of period						198,792						242,342
Cash and cash equivalents at end of period						$	263,567					$	177,630

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

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PCB Bancorp and Subsidiary

Consolidated Statements of Cash Flows, Continued (Unaudited)

($ in thousands)

						Six Months Ended June 30,
						2025						2024
Supplemental disclosures of cash flow information:
Interest paid						$	46,532					$	42,138
Income taxes paid						16,125						2,407
Supplemental disclosures of non-cash investment activities:
Right of use assets obtained in exchange for lease obligations						$	2,223					$	—

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

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PCB Bancorp and Subsidiary

Notes to Consolidated Financial Statements (Unaudited)

Note 1 - Basis of Presentation and Significant Accounting Policies

Nature of Operations

PCB Bancorp is a bank holding company whose subsidiary is PCB Bank (the “Bank”), which is a single operating segment. As of June 30, 2025, the Bank operated nine full-service branches in Los Angeles and Orange counties, California, three full-service branches on the East Coast (Bayside, New York; and Englewood Cliffs and Palisades Park, New Jersey), two full-service branches in Texas (Carrollton and Dallas), one full-service branch in Georgia (Suwanee), and three loan production offices (“LPOs”) in Los Angeles and Orange Counties, California; and Bellevue, Washington. The Bank offers a broad range of loans, deposits, and other products and services predominantly to small and middle market businesses and individuals.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Article 10 of SEC Regulation S-X and other SEC rules and regulations for reporting on the Quarterly Report on Form 10-Q. Accordingly, certain disclosures required by U.S. generally accepted accounting principles (“GAAP”) are not included herein. These interim statements should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2024 filed by the Company with the SEC. The December 31, 2024 balance sheet presented herein has been derived from the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC, but does not include all of the disclosures required by GAAP for complete financial statements.

In the opinion of management of the Company, the accompanying unaudited interim consolidated financial statements reflect all of the adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial condition and consolidated results of operations as of the dates and for the periods presented. Certain reclassifications have been made in the prior period financial statements to conform to the current period presentation. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Principles of Consolidation

The consolidated financial statements include the accounts of PCB Bancorp and its wholly owned subsidiary as of June 30, 2025 and December 31, 2024, and for the three and six months ended June 30, 2025 and 2024. Significant inter-company accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, all references to the Company include its wholly owned subsidiary.

Significant Accounting Policies

The accounting and reporting policies of the Company are based upon GAAP and conform to predominant practices within the banking industry. Other than as disclosed below, the Company has not made any significant changes in its critical accounting policies from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC.

Use of Estimates in the Preparation of Financial Statements

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates are subject to change and such change could have a material effect on the consolidated financial statements. Actual results may differ from those estimates.

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Adopted Accounting Pronouncements

During the six months ended June 30, 2025, there were no significant accounting pronouncements applicable to the Company that were adopted or became effective.

Recent Accounting Pronouncements Not Yet Adopted

The following recently issued accounting pronouncement applicable to the Company has not yet been adopted:

In December 2023, the FASB issued Accounting Standard Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU requires public business entities to disclose in the rate reconciliation table additional categories of information about federal, state, and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. It also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state, and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for periods for which financial statements have not yet been issued. This ASU is not expected to have a significant impact on the Company’s Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU requires disaggregated disclosure of income statement expenses for public business entities. This ASU requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. The prescribed categories include, among other things, employee compensation, depreciation, and intangible asset amortization. Additionally, entities must disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods within fiscal years beginning after December 15, 2027. The guidance can be applied prospectively with an option for retrospective application and early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s Consolidated Financial Statements.

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Note 2 - Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value including a three-level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (i.e. an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The three-level fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are defined as follows:

•Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

•Level 2: Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

Fair value is measured on a recurring basis for certain assets and liabilities in which fair value is the primary basis of accounting. Additionally, fair value is used on a non-recurring basis to evaluate certain assets or liabilities for impairment or for disclosure purposes. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company records securities available-for-sale at fair value on a recurring basis. Certain other assets, such as loans held-for-sale, loans individually evaluated, servicing assets and other real estate owned (“OREO”) are recorded at fair value on a non-recurring basis. Non-recurring fair value measurements typically involve assets that are periodically evaluated for impairment and for which any impairment is recorded in the period in which the re-measurement is performed. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value:

Investment securities: The fair values of securities available-for-sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1) or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management reviews the valuation techniques and assumptions used by the provider and determines that the provider uses widely accepted valuation techniques based on observable market inputs appropriate for the type of security being measured. Securities held-to-maturity are not measured at fair value on a recurring basis.

Loans held-for-sale: The Company records SBA loans held-for-sale, residential property loans held-for-sale and certain non-residential real estate loans held-for-sale at the lower of cost or fair value, on an aggregate basis. The Company obtains fair values from a third party independent valuation service provider. Loans held-for-sale accounted for at the lower of cost or fair value are considered to be recognized at fair value when they are recorded at below cost, on an aggregate basis, and are classified as Level 2.

Loans individually evaluated: Certain collateral-dependent loans individually evaluated are recognized at fair value when they reflect partial write-downs, through charge-offs or specific reserve allowances, that are based on the current appraised or market-quoted value of the underlying collateral. In some cases, the properties for which market quotes or appraised values have been obtained are located in areas where comparable sales data is limited, outdated, or unavailable. Fair value estimates for collateral-dependent loans individually evaluated are obtained from real estate brokers or other third-party consultants, and are classified as Level 3.

Other real estate owned: The Company initially records OREO at fair value at the time of foreclosure. Thereafter, OREO is recorded at the lower of cost or fair value based on their subsequent changes in fair value. The fair value of OREO is generally based on recent real estate appraisals adjusted for estimated selling costs. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and result in a Level 3 classification due to the unobservable inputs used for determining fair value. Only OREO with a valuation allowance are considered to be carried at fair value.

Servicing Assets: Servicing assets represent the value associated with servicing loans that have been sold. The fair value for servicing assets is determined through discounted cash flow analysis and utilizes discount rates and prepayment speed assumptions as inputs. All of these assumptions require a significant degree of management estimation and judgment. The fair market valuation is performed on a quarterly basis for servicing assets. Servicing assets are accounted for at the lower of cost or market value and considered to be recognized at fair value when they are recorded at below cost and are classified as Level 3.

14

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of dates indicated:

						Fair Value Measurement Level
($ in thousands)						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
June 30, 2025
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities						$	—					$	122,248					$	—					$	122,248
Residential collateralized mortgage obligations						—						20,313						—						20,313
SBA loan pool securities						—						4,829						—						4,829
Municipal bonds						—						2,409						—						2,409
Corporate bonds						—						4,821						—						4,821
Total securities available-for-sale						—						154,620						—						154,620
Total assets measured at fair value on a recurring basis						$	—					$	154,620					$	—					$	154,620
Total liabilities measured at fair value on a recurring basis						$	—					$	—					$	—					$	—
December 31, 2024
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities						$	—					$	112,439					$	—					$	112,439
Residential collateralized mortgage obligations						—						21,237						—						21,237
SBA loan pool securities						—						6,008						—						6,008
Municipal bonds						—						2,420						—						2,420
Corporate bonds						—						4,245						—						4,245
Total securities available-for-sale						—						146,349						—						146,349
Total assets measured at fair value on a recurring basis						$	—					$	146,349					$	—					$	146,349
Total liabilities measured at fair value on a recurring basis						$	—					$	—					$	—					$	—

15

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The following table presents the Company’s assets and liabilities measured at fair value on a non-recurring basis as of dates indicated:

						Fair Value Measurement Level
($ in thousands)						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
June 30, 2025
Loans individually evaluated:
Business property						$	—					$	—					$	543					$	543
Commercial and industrial						$	—					$	—					$	33					$	33
Total loans individually evaluated						—						—						576						576
Total assets measured at fair value on a non-recurring basis						$	—					$	—					$	576					$	576
Total liabilities measured at fair value on a non-recurring basis						$	—					$	—					$	—					$	—
December 31, 2024
Loans individually evaluated:
Business property						$	—					$	—					$	994					$	994
Total loans individually evaluated						—						—						994						994
Total assets measured at fair value on a non-recurring basis						$	—					$	—					$	994					$	994
Total liabilities measured at fair value on a non-recurring basis						$	—					$	—					$	—					$	—

The following table presents quantitative information about level 3 fair value measurements for assets measured at fair value on a non-recurring basis as of the date indicated:

($ in thousands)

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Weighted-Average

June 30, 2025

Loans individually evaluated:

Business property

$

543

Fair value of collateral

Selling cost

6%

Commercial and industrial

33

Discounted cash flows

NM

NM

December 31, 2024

Loans individually evaluated:

Business property

$

994

Fair value of collateral

Selling Cost

6%

The following table presents gains or losses, including charge-offs, recoveries, and specific reserves recorded, for assets measured at fair value for the periods indicated:

						Three Months Ended June 30,												Six Months Ended June 30,
($ in thousands)						2025						2024						2025						2024
Loans individually evaluated:
Business property						$	(126)					$	31					$	(126)					$	44
Commercial and industrial						(37)						32						(37)						32
Net gains recognized						$	(163)					$	63					$	(163)					$	76

16

Fair Value of Financial Instruments

The following table presents the carrying value and estimated fair values of financial assets and liabilities as of the dates indicated:

						Carrying Value						Fair Value						Fair Value Measurements
($ in thousands)																		Level 1						Level 2						Level 3
June 30, 2025
Financial assets:
Interest-bearing deposits in other financial institutions						$	221,953					$	221,953					$	221,953					$	—					$	—
Securities available-for-sale						154,620						154,620						—						154,620						—
Loans held-for-sale						8,133						8,684						—						8,684						—
Net loans held-for-investment						2,761,755						2,756,986						—						—						2,756,986
Federal Home Loan Bank (“FHLB”) and other restricted stock						14,978						N/A						N/A						N/A						N/A
Accrued interest receivable						10,879						10,879						118						577						10,184
Financial liabilities:
Deposits						$	2,822,915					$	2,832,648					$	—					$	—					$	2,832,648
FHLB advances						45,000						45,000						—						45,000						—
Accrued interest payable						23,802						23,802						—						6						23,796
December 31, 2024
Financial assets:
Interest-bearing deposits in other financial institutions						$	171,692					$	171,692					$	171,692					$	—					$	—
Securities available-for-sale						146,349						146,349						—						146,349						—
Loans held-for-sale						6,292						6,783						—						6,783						—
Net loans held-for-investment						2,598,759						2,593,839						—						—						2,593,839
FHLB and other restricted stock						14,042						N/A						N/A						N/A						N/A
Accrued interest receivable						10,466						10,466						139						548						9,779
Financial liabilities:
Deposits						$	2,615,791					$	2,620,750					$	—					$	—					$	2,620,750
Other short-term borrowings						15,000						15,000						—						15,000						—
Accrued interest payable						24,407						24,407						—						2						24,405

17

Note 3 - Investment Securities

The following table presents the amortized cost and fair value of the securities available-for-sale as of the dates indicated:

($ in thousands)						Amortized Cost						Gross Unrealized Gain						Gross Unrealized Loss						Fair Value
June 30, 2025
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities						$	130,228					$	589					$	(8,569)					$	122,248
Residential collateralized mortgage obligations						21,263						79						(1,029)						20,313
SBA loan pool securities						5,048						—						(219)						4,829
Municipal bonds						2,458						—						(49)						2,409
Corporate bonds						5,000						—						(179)						4,821
Total securities available-for-sale						$	163,997					$	668					$	(10,045)					$	154,620
December 31, 2024
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities						$	123,209					$	168					$	(10,938)					$	112,439
Residential collateralized mortgage obligations						22,753						1						(1,517)						21,237
SBA loan pool securities						6,328						—						(320)						6,008
Municipal bonds						2,452						—						(32)						2,420
Corporate bonds						5,000						—						(755)						4,245
Total securities available-for-sale						$	159,742					$	169					$	(13,562)					$	146,349

As of June 30, 2025 and December 31, 2024, pledged securities were $74.3 million and $72.5 million, respectively. These securities were pledged for the State Deposit from the California State Treasurer.

The Company elected to exclude accrued interest receivable from the amortized cost of its securities available-for-sale. Accrued interest receivable on securities available-for-sale totaled $577 thousand and $548 thousand at June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025 and December 31, 2024, there were no holdings of securities available-for-sale of any one issuer, other than U.S. government agency and U.S. government sponsored enterprise securities, in an amount greater than 10% of shareholders’ equity.

The following table presents the amortized cost and fair value of the securities available-for-sale by contractual maturity as of the date indicated. Expected maturities may differ from contractual maturities, if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

						June 30, 2025
($ in thousands)						Amortized Cost						Fair Value
Within one year						$	—					$	—
One to five years						83						83
Five to ten years						6,499						6,294
Greater than ten years						876						853
Residential mortgage-backed securities, residential collateralized mortgage obligations and SBA loan pool securities						156,539						147,390
Total						$	163,997					$	154,620

The Company had no proceeds from sales and calls of securities available-for-sale for the three and six months ended June 30, 2025 or 2024.

18

The following table presents the investment securities with unrealized losses by security type and length of time in a continuous unrealized loss position for which an allowance for credit losses (“ACL”) was not recorded as of the dates indicated:

						Length of Time that Individual Securities Have Been In a Continuous Unrealized Loss Position
						Less Than 12 Months																		12 Months or Longer																		Total
($ in thousands)						Fair Value						Gross Unrealized Losses						Number of Securities						Fair Value						Gross Unrealized Losses						Number of Securities						Fair Value						Gross Unrealized Losses						Number of Securities
June 30, 2025
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities						$	12,006					$	(83)					9						$	65,432					$	(8,486)					110						$	77,438					$	(8,569)					119
Residential collateralized mortgage obligations						2,811						(8)						2						12,861						(1,021)						36						15,672						(1,029)						38
SBA loan pool securities						338						—						3						4,448						(219)						13						4,786						(219)						16
Municipal bonds						2,039						(49)						6						—						—						—						2,039						(49)						6
Corporate bonds						—						—						—						4,821						(179)						1						4,821						(179)						1
Total securities available-for-sale						$	17,194					$	(140)					20						$	87,562					$	(9,905)					160						$	104,756					$	(10,045)					180
December 31, 2024
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities						$	26,250					$	(392)					17						$	67,640					$	(10,546)					109						$	93,890					$	(10,938)					126
Residential collateralized mortgage obligations						4,963						(26)						3						13,375						(1,491)						36						18,338						(1,517)						39
SBA loan pool securities						396						(1)						3						5,316						(319)						13						5,712						(320)						16
Municipal bonds						2,050						(32)						6						—						—						—						2,050						(32)						6
Corporate bonds						—						—						—						4,245						(755)						1						4,245						(755)						1
Total securities available-for-sale						$	33,659					$	(451)					29						$	90,576					$	(13,111)					159						$	124,235					$	(13,562)					188

As of June 30, 2025 and December 31, 2024, 95.5% and 95.3%, respectively, of the Company's securities available-for-sale at amortized cost basis were issued by U.S. government agency and U.S. GSEs. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell these securities before their anticipated recovery, the Company determined that these securities with unrealized losses did not warrant an ACL as of June 30, 2025 and December 31, 2024.

Municipal and corporate bonds had an investment grade rating upon purchase. The issuers of these securities have not established any cause for default on these securities and various rating agencies have reaffirmed their long-term investment grade status as of June 30, 2025 and December 31, 2024. These securities have fluctuated in value since their purchase dates as market interest rates fluctuated. Additionally, the Company continues to receive contractual principal and interest payments in a timely manner. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell before the recovery of its amortized cost basis. The Company therefore determined that the investment securities with unrealized losses did not warrant an ACL as of June 30, 2025 and December 31, 2024.

As of June 30, 2025 and December 31, 2024, the Company recorded no ACL on securities available-for-sale.

19

Note 4 - Loans and Allowance for Credit Losses on Loans

Loans Held-For-Investment

The following table presents the composition of the Company’s loans held-for-investment as of the dates indicated.

($ in thousands)						June 30, 2025						December 31, 2024
Commercial real estate:
Commercial property						$	1,010,780					$	940,931
Business property						635,648						595,547
Multifamily						212,738						194,220
Construction						27,294						21,854
Total commercial real estate						1,886,460						1,752,552
Commercial and industrial						492,857						472,763
Consumer:
Residential mortgage						406,682						392,456
Other consumer						9,310						11,616
Total consumer						415,992						404,072
Loans held-for-investment						2,795,309						2,629,387
Allowance for credit losses on loans						(33,554)						(30,628)
Net loans held-for-investment						$	2,761,755					$	2,598,759

In the ordinary course of business, the Company may grant loans to certain of its officers and directors, and the companies with which they are associated. As of June 30, 2025 and December 31, 2024, the Company had no such loans outstanding.

Allowance for Credit Losses on Loans

The following table presents a composition of provision for credit losses for the periods indicated:

						Three Months Ended June 30,												Six Months Ended June 30,
($ in thousands)						2025						2024						2025						2024
Provision for credit losses on loans						$	1,721					$	329					$	3,312					$	1,251
Provision for credit losses on off-balance sheet credit exposures						66						(70)						73						98
Total provision for credit losses						$	1,787					$	259					$	3,385					$	1,349

20

The following tables present the activities in ACL on loans for the periods indicated:

($ in thousands)						Commercial Property						Business Property						Multifamily						Construction						Commercial and Industrial						Residential Mortgage						Other Consumer						Total
Balance at April 1, 2025						$	12,055					$	4,192					$	2,643					$	46					$	9,581					$	3,379					$	46					$	31,942
Charge-offs						—						—						—						—						(46)						—						(74)						(120)
Recoveries						—						1						—						—						9						—						1						11
Provision (reversal) for credit losses on loans						(1,299)						1,013						350						33						1,671						(115)						68						1,721
Balance at June 30, 2025						$	10,756					$	5,206					$	2,993					$	79					$	11,215					$	3,264					$	41					$	33,554
Balance at April 1, 2024						$	12,119					$	4,814					$	1,315					$	109					$	7,588					$	2,334					$	53					$	28,332
Charge-offs						—						—						—						—						—						—						—						—
Recoveries						—						—						—						—						70						—						16						86
Provision (reversal) for credit losses on loans						(219)						34						346						22						(472)						623						(5)						329
Balance at June 30, 2024						$	11,900					$	4,848					$	1,661					$	131					$	7,186					$	2,957					$	64					$	28,747
($ in thousands)						Commercial Property						Business Property						Multifamily						Construction						Commercial and Industrial						Residential Mortgage						Other Consumer						Total
Balance at January 1, 2025						$	12,923					$	3,967					$	2,371					$	81					$	8,713					$	2,506					$	67					$	30,628
Charge-offs						—						—						—						—						(397)						—						(76)						(473)
Recoveries						—						2						—						—						80						—						5						87
Provision (reversal) for credit losses on loans						(2,167)						1,237						622						(2)						2,819						758						45						3,312
Balance at June 30, 2025						$	10,756					$	5,206					$	2,993					$	79					$	11,215					$	3,264					$	41					$	33,554
Balance at January 1, 2024						$	12,665					$	4,739					$	1,441					$	135					$	6,245					$	2,226					$	82					$	27,533
Charge-offs						—						—						—						—						(155)						—						(30)						(185)
Recoveries						—						2						—						—						79						—						67						148
Provision (reversal) for credit losses on loans						(765)						107						220						(4)						1,017						731						(55)						1,251
Balance at June 30, 2024						$	11,900					$	4,848					$	1,661					$	131					$	7,186					$	2,957					$	64					$	28,747

The increase in overall ACL for the three and six months ended June 30, 2025 was primarily due to increases in loans held-for-investment and quantitatively measured loss reserve requirement from the worsened year-over-year change in real GDP forecast and the increased unemployment rate forecast, as well as net charge-offs and increased reserves on individually evaluated loans, partially offset by a decrease in qualitative adjustment factors largely from the credit quality improvement in commercial property loans. The decrease in qualitative adjustment factors was partially offset by increases in business property, and commercial and industrial problem loans.

21

Credit Quality Indicators

The Company classifies loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans in regards to credit risk. This analysis typically includes non-homogeneous loans, such as commercial property and commercial and industrial loans, and is performed on an ongoing basis as new information is obtained. The Company uses the following definitions for risk ratings:

Pass - Loans classified as pass include non-homogeneous loans not meeting the risk ratings defined below and smaller, homogeneous loans not assessed on an individual basis.

Special Mention - Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of repayment prospects for the loan or of the institution’s credit position at some future date.

Substandard - Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

22

The following table presents the Company’s loans held-for-investment by loan segment, internal risk ratings and vintage year as of June 30, 2025 and gross write offs for the six months ended June 30, 2025. The vintage year is the year of origination, renewal or major modification. Revolving loans that are converted to term loans presented in the table below are excluded from the Term Loans by Origination Year columns.

						Term Loans by Origination Year																																				Revolving Loans						Revolving Loans Converted to Term
($ in thousands)						2025						2024						2023						2022						2021						Prior																		Total
June 30, 2025
Commercial Real Estate:
Commercial property
Pass						$	155,628					$	192,195					$	140,863					$	247,519					$	120,573					$	128,668					$	20,472					$	887					$	1,006,805
Special mention						—						—						—						927						—						—						—						—						927
Substandard						—						—						126						377						248						2,297						—						—						3,048
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	155,628					$	192,195					$	140,989					$	248,823					$	120,821					$	130,965					$	20,472					$	887					$	1,010,780
Year-to-date period gross write offs						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Business property
Pass						$	110,602					$	92,180					$	99,295					$	90,316					$	121,524					$	98,903					$	5,934					$	3,699					$	622,453
Special mention						—						—						—						—						5,592						—						—						—						5,592
Substandard						—						—						—						5,921						1,053						629						—						—						7,603
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	110,602					$	92,180					$	99,295					$	96,237					$	128,169					$	99,532					$	5,934					$	3,699					$	635,648
Year-to-date period gross write offs						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Multifamily
Pass						$	29,892					$	30,621					$	48,057					$	39,477					$	37,590					$	26,101					$	1,000					$	—					$	212,738
Special mention						—						—						—						—						—						—						—						—						—
Substandard						—						—						—						—						—						—						—						—						—
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	29,892					$	30,621					$	48,057					$	39,477					$	37,590					$	26,101					$	1,000					$	—					$	212,738
Year-to-date period gross write offs						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Construction
Pass						$	—					$	1,601					$	9,019					$	16,674					$	—					$	—					$	—					$	—					$	27,294
Special mention						—						—						—						—						—						—						—						—						—
Substandard						—						—						—						—						—						—						—						—						—
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	—					$	1,601					$	9,019					$	16,674					$	—					$	—					$	—					$	—					$	27,294
Year-to-date period gross write offs						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

23

						Term Loans by Origination Year																																				Revolving Loans						Revolving Loans Converted to Term
($ in thousands)						2025						2024						2023						2022						2021						Prior																		Total
June 30, 2025 (Continued)
Commercial and Industrial
Pass						$	18,725					$	40,566					$	30,510					$	18,347					$	6,168					$	7,817					$	355,660					$	14,490					$	492,283
Special mention						—						—						208						—						—						111						—						—						319
Substandard						—						—						—						—						—						255						—						—						255
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	18,725					$	40,566					$	30,718					$	18,347					$	6,168					$	8,183					$	355,660					$	14,490					$	492,857
Year-to-date period gross write offs						$	—					$	—					$	125					$	—					$	149					$	123					$	—					$	—					$	397
Consumer
Residential mortgage
Pass						$	41,087					$	34,188					$	60,947					$	144,370					$	70,090					$	50,473					$	—					$	—					$	401,155
Special mention						—						—						—						—						—						—						—						—						—
Substandard						—						—						4,869						—						—						658						—						—						5,527
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	41,087					$	34,188					$	65,816					$	144,370					$	70,090					$	51,131					$	—					$	—					$	406,682
Year-to-date period gross write offs						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Other consumer
Pass						$	180					$	—					$	2,306					$	3,053					$	888					$	138					$	2,745					$	—					$	9,310
Special mention						—						—						—						—						—						—						—						—						—
Substandard						—						—						—						—						—						—						—						—						—
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	180					$	—					$	2,306					$	3,053					$	888					$	138					$	2,745					$	—					$	9,310
Year-to-date period gross write offs						$	—					$	71					$	1					$	—					$	4					$	—					$	—					$	—					$	76
Total loans held-for-investment
Pass						$	356,114					$	391,351					$	390,997					$	559,756					$	356,833					$	312,100					$	385,811					$	19,076					$	2,772,038
Special mention						—						—						208						927						5,592						111						—						—						6,838
Substandard						—						—						4,995						6,298						1,301						3,839						—						—						16,433
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	356,114					$	391,351					$	396,200					$	566,981					$	363,726					$	316,050					$	385,811					$	19,076					$	2,795,309
Year-to-date period gross write offs						$	—					$	71					$	126					$	—					$	153					$	123					$	—					$	—					$	473

24

The following table presents the Company’s loans held-for-investment by loan segment, internal risk ratings and vintage year as of December 31, 2024. The vintage year is the year of origination, renewal or major modification. Revolving loans that are converted to term loans presented in the table below are excluded from term loans by vintage year columns.

						Term Loans by Origination Year																																				Revolving Loans						Revolving Loans Converted to Term
($ in thousands)						2024						2023						2022						2021						2020						Prior																		Total
December 31, 2024
Commercial Real Estate:
Commercial property
Pass						$	196,454					$	142,455					$	259,222					$	138,837					$	76,462					$	102,666					$	21,031					$	385					$	937,512
Special mention						—						—						—						—						—						—						—						—						—
Substandard						—						131						399						258						—						2,631						—						—						3,419
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	196,454					$	142,586					$	259,621					$	139,095					$	76,462					$	105,297					$	21,031					$	385					$	940,931
Year-to-date period gross write offs						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Business property
Pass						$	93,973					$	100,337					$	95,024					$	148,382					$	44,239					$	95,372					$	6,431					$	3,750					$	587,508
Special mention						—						—						5,034						—						—						—						—						—						5,034
Substandard						—						—						447						859						—						1,699						—						—						3,005
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	93,973					$	100,337					$	100,505					$	149,241					$	44,239					$	97,071					$	6,431					$	3,750					$	595,547
Year-to-date period gross write offs						$	—					$	—					$	77					$	—					$	—					$	27					$	—					$	—					$	104
Multifamily
Pass						$	34,104					$	53,020					$	39,870					$	38,104					$	25,751					$	2,370					$	1,001					$	—					$	194,220
Special mention						—						—						—						—						—						—						—						—						—
Substandard						—						—						—						—						—						—						—						—						—
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	34,104					$	53,020					$	39,870					$	38,104					$	25,751					$	2,370					$	1,001					$	—					$	194,220
Year-to-date period gross write offs						$	—					$	—					$	—					$	20					$	—					$	—					$	—					$	—					$	20
Construction
Pass						$	886					$	7,589					$	13,379					$	—					$	—					$	—					$	—					$	—					$	21,854
Special mention						—						—						—						—						—						—						—						—						—
Substandard						—						—						—						—						—						—						—						—						—
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	886					$	7,589					$	13,379					$	—					$	—					$	—					$	—					$	—					$	21,854
Year-to-date period gross write offs						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

25

						Term Loans by Origination Year																																				Revolving Loans						Revolving Loans Converted to Term
($ in thousands)						2024						2023						2022						2021						2020						Prior																		Total
December 31, 2024 (Continued)
Commercial and Industrial
Pass						$	46,644					$	34,737					$	21,700					$	7,312					$	3,125					$	8,044					$	347,605					$	3,517					$	472,684
Special mention						—						—						—						—						—						—						—						—						—
Substandard						—						—						—						8						—						71						—						—						79
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	46,644					$	34,737					$	21,700					$	7,320					$	3,125					$	8,115					$	347,605					$	3,517					$	472,763
Year-to-date period gross write offs						$	—					$	—					$	—					$	—					$	—					$	126					$	248					$	150					$	524
Consumer
Residential mortgage
Pass						$	37,548					$	73,833					$	151,922					$	73,183					$	10,840					$	44,727					$	—					$	—					$	392,053
Special mention						—						—						—						—						—						—						—						—						—
Substandard						—						—						—						—						—						403						—						—						403
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	37,548					$	73,833					$	151,922					$	73,183					$	10,840					$	45,130					$	—					$	—					$	392,456
Year-to-date period gross write offs						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Other consumer
Pass						$	346					$	2,914					$	4,243					$	1,530					$	394					$	8					$	2,157					$	—					$	11,592
Special mention						—						—						—						—						—						—						—						—						—
Substandard						—						—						23						—						1						—						—						—						24
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	346					$	2,914					$	4,266					$	1,530					$	395					$	8					$	2,157					$	—					$	11,616
Year-to-date period gross write offs						$	—					$	18					$	15					$	—					$	10					$	—					$	—					$	—					$	43
Total loans held-for-investment
Pass						$	409,955					$	414,885					$	585,360					$	407,348					$	160,811					$	253,187					$	378,225					$	7,652					$	2,617,423
Special mention						—						—						5,034						—						—						—						—						—						5,034
Substandard						—						131						869						1,125						1						4,804						—						—						6,930
Doubtful						—						—						—						—						—						—						—						—						—
Total						$	409,955					$	415,016					$	591,263					$	408,473					$	160,812					$	257,991					$	378,225					$	7,652					$	2,629,387
Year-to-date period gross write offs						$	—					$	18					$	92					$	20					$	10					$	153					$	248					$	150					$	691

26

Nonaccrual Loans

The following table presents the loans on nonaccrual status by loan segments as of the date indicated:

($ in thousands)						Total Nonaccrual Loans						Nonaccrual Loans with ACL						ACL on Nonaccrual Loans						Collateral Dependent Nonaccrual Loans						ACL on Collateral Dependent Nonaccrual Loans
June 30, 2025
Commercial real estate:
Commercial property						$	1,497					$	—					$	—					$	1,497					$	—
Business property						1,654						670						126						1,654						126
Total commercial real estate						3,151						670						126						3,151						126
Commercial and industrial						255						146						40						108						—
Consumer:
Residential mortgage						5,526						—						—						5,526						—
Total consumer						5,526						—						—						5,526						—
Total						$	8,932					$	816					$	166					$	8,785					$	126
December 31, 2024
Commercial real estate:
Commercial property						$	1,851					$	—					$	—					$	1,851					$	—
Business property						2,336						1,032						38						2,336						38
Total commercial real estate						4,187						1,032						38						4,187						38
Commercial and industrial						79						8						8						79						8
Consumer:
Residential mortgage						403						—						—						403						—
Other consumer						24						24						—						—						—
Total consumer						427						24						—						403						—
Total						$	4,693					$	1,064					$	46					$	4,669					$	46

There were no nonaccrual loans guaranteed by a U.S. government agency at June 30, 2025 and December 31, 2024.

27

Collateral Dependent Loans

Loans that have been classified as collateral dependent are loans where substantially all repayment of the loan is expected to come from the operation of or eventual liquidation of the collateral. Collateral dependent loans are evaluated individually for purposes of determining the ACL, which is determined based on the estimated fair value of the collateral. Estimates for costs to sell are included in the determination of the ACL when liquidation of the collateral is anticipated. In cases where the loan is well secured and the estimated value of the collateral exceeds the amortized cost of the loan, no ACL is recorded. The following table presents the collateral dependent loans by loan segments as of the date indicated:

($ in thousands)						Hotel / Motel						Restaurant												Car Wash						Retail												Single Family Residential						Other						Total
June 30, 2025
Commercial real estate:
Commercial property						$	1,497					$	—											$	—					$	—											$	—					$	—					$	1,497
Business property						—						384												670						567												—						33						1,654
Total commercial real estate						1,497						384												670						567												—						33						3,151
Commercial and industrial						9						—												—						—												99						—						108
Consumer:
Residential mortgage						—						—												—						—												5,526						—						5,526
Total consumer						—						—												—						—												5,526						—						5,526
Total						$	1,506					$	384											$	670					$	567											$	5,625					$	33					$	8,785
December 31, 2024
Commercial real estate:
Commercial property						$	1,851					$	—											$	—					$	—											$	—					$	—					$	1,851
Business property						—						—												1,695						606												—						35						2,336
Total commercial real estate						1,851						—												1,695						606												—						35						4,187
Commercial and industrial						11						—												8						—												60						—						79
Consumer:
Residential mortgage						—						—												—						—												403						—						403
Total consumer						—						—												—						—												403						—						403
Total						$	1,862					$	—											$	1,703					$	606											$	463					$	35					$	4,669

28

Past Due Loans

The following table presents the aging of past due in accruing loans and nonaccrual loans by loan segments as of date indicated:

						Still Accruing																								Nonaccrual
($ in thousands)						30 to 59 Days Past Due						60 to 89 Days Past Due						90 or More Days Past Due						Total						30 to 59 Days Past Due						60 to 89 Days Past Due						90 or More Days Past Due						Total						Total Loans Past Due
June 30, 2025
Commercial real estate:
Commercial property						$	—					$	—					$	—					$	—					$	—					$	682					$	248					$	930					$	930
Business property						1,567						—						—						1,567						476						187						899						1,562						3,129
Total commercial real estate						1,567						—						—						1,567						476						869						1,147						2,492						4,059
Commercial and industrial						158						211						—						369						61						37						11						109						478
Consumer:
Residential mortgage						566						—						—						566						376						—						4,869						5,245						5,811
Other consumer						36						15						—						51						—						—						—						—						51
Total consumer						602						15						—						617						376						—						4,869						5,245						5,862
Total						$	2,327					$	226					$	—					$	2,553					$	913					$	906					$	6,027					$	7,846					$	10,399
December 31, 2024
Commercial real estate:
Commercial property						$	433					$	—					$	—					$	433					$	—					$	984					$	269					$	1,253					$	1,686
Business property						333						—						—						333						508						—						698						1,206						1,539
Total commercial real estate						766						—						—						766						508						984						967						2,459						3,225
Commercial and industrial						—						—						—						—						—						71						—						71						71
Consumer:
Residential mortgage						3,679						303						—						3,982						—						403						—						403						4,385
Other consumer						154						—						—						154						—						—						24						24						178
Total consumer						3,833						303						—						4,136						—						403						24						427						4,563
Total						$	4,599					$	303					$	—					$	4,902					$	508					$	1,458					$	991					$	2,957					$	7,859

29

Loan Modification

Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay, interest rate reduction or combination of at above mentioned modifications. When principal forgiveness is provided, the amount of forgiveness is charged-off against the ACL. These loans are placed on nonaccrual status at the time of such modification.

The following tables present loans that the borrowers were both experiencing financial difficulty and modified during the period indicated by loan segments and modification type:

						Three Months Ended
($ in thousands)						Combination of Other-Than-Insignificant Payment Delay and Term Extension																								Total						Percentage to Each Loan Segment
June 30, 2025
Commercial and industrial						$	52																							$	52					0.1		%
Total						$	52																							$	52					0.1		%
June 30, 2024
Commercial real estate:
Commercial property						$	548																							$	548					0.1		%
Business property						1,061																								1,061						0.2		%
Total commercial real estate						1,609																								1,609						0.1		%
Total						$	1,609																							$	1,609					0.1		%
						Six Months Ended
($ in thousands)						Combination of Other-Than-Insignificant Payment Delay and Term Extension																								Total						Percentage to Each Loan Segment
June 30, 2025
Commercial and industrial						52																								52						0.1		%
Total						$	52																							$	52					0.1		%
June 30, 2024
Commercial real estate:
Commercial property						$	548																							$	548					0.1		%
Business property						1,061																								1,061						0.2		%
Total commercial real estate						1,609																								1,609						0.1		%
Commercial and industrial						44																								44						0.1		%
Total						$	1,653																							$	1,653					0.1		%

The Company had no commitments to lend to any borrower included in the above table.

30

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the periods indicates:

Three Months Ended

Six Months Ended

Combination of Other-Than-Insignificant Payment Delay and Term Extension

Combination of Other-Than-Insignificant Payment Delay and Term Extension

June 30, 2025

Commercial and industrial

6-month interest-only payment and 6-month term extension

6-month interest-only payment and 6-month term extension

June 30, 2024

Commercial property

6-month fixed payment and 6-month term extension

6-month fixed payment and 6-month term extension

Business property

6-month fixed payment and 6-month term extension

6-month fixed payment and 6-month term extension

Commercial and industrial

6-month interest-only payment and 6-month term extension

The following table presents the performance of loans that the borrowers were both experiencing financial difficulty and modified in the last 12 months:

($ in thousands)						30 to 59 Days Past Due						60 to 89 Days Past Due						90 or More Days Past Due						Total
June 30, 2025
Commercial real estate:
Business property						$	476					$	—					$	670					$	1,146
Total commercial real estate						476						—						670						1,146
Commercial and industrial						52						—						—						52
Total						$	528					$	—					$	670					$	1,198
December 31, 2024
Commercial real estate:
Business property						$	508					$	—					$	664					$	1,172
Total commercial real estate						508						—						664						1,172
Total						$	508					$	—					$	664					$	1,172

Purchases, Sales, and Transfers

The Company had no loans that were transferred from loans held-for-investment to loans held-for-sale during the three and six months ended June 30, 2025 or 2024.

The Company had no loans that were transferred from loans held-for-sale to loans held-for investment during the three and six months ended June 30, 2025 or 2024.

The Company had no purchases of loans held-for-investment during the three and six months ended June 30, 2025 or 2024.

31

Loans Held-For-Sale

The following table presents a composition of loans held-for-sale as of the date indicated:

($ in thousands)						June 30, 2025						December 31, 2024
Commercial real estate:
Commercial property						$	—					$	3,307
Business property						4,163						713
Total commercial real estate						4,163						4,020
Commercial and industrial						3,970						2,272
Total						$	8,133					$	6,292

Loans held-for-sale are carried at the lower of cost or fair value. When a determination is made at the time of commitment to originate as held-for-investment, it is the Company’s intent to hold these loans to maturity or for the “foreseeable future,” subject to periodic reviews under the Company’s management evaluation processes, including asset/liability management and credit risk management. When the Company subsequently changes its intent to hold certain loans, the loans are transferred to held-for-sale at the lower of cost or fair value. Certain loans are transferred to held-for-sale with write-downs to ACL on loans.

Note 5. Other Real Estate Owned

The following table presents activity in OREO for the periods indicated:

						Three Months Ended June 30,												Six Months Ended June 30,
($ in thousands)						2025						2024						2025						2024
Balance at beginning of year						$	—					$	—					$	—					$	2,558
Additions						—						—						—						—
Sales						—						—						—						(2,558)
Balance at end of year						$	—					$	—					$	—					$	—

The following table presents activity in OREO valuation allowance for the periods indicated:

						Three Months Ended June 30,												Six Months Ended June 30,
($ in thousands)						2025						2024						2025						2024
Balance at beginning of year						$	—					$	—					$	—					$	—
Additions						—						—						—						—
Net direct write-downs and removal from sale						—						—						—						—
Balance at end of year						$	—					$	—					$	—					$	—

The following table presents expenses related to OREO for the periods indicated:

						Three Months Ended June 30,												Six Months Ended June 30,
($ in thousands)						2025						2024						2025						2024
Net gain on sales						$	—					$	—					$	—					$	(13)
Operating expenses, net of rental income						—						—						—						2
Total expenses						$	—					$	—					$	—					$	(11)

The Company did not provide loans to finance the sale of its OREO properties during the six months ended June 30, 2024.

32

Note 6 - Servicing Assets

The Company sells SBA and certain residential mortgage loans with servicing retained. SBA loans are included in commercial real estate loans (“CRE SBA”) and commercial and industrial loans (“C&I SBA”). The Company sold loans of $26.9 million and $13.6 million, respectively, with the servicing rights retained and recognized a net gain on sale of $1,465 thousand and $763 thousand, respectively, during the three months ended June 30, 2025 and 2024. For the six months ended June 30, 2025 and 2024, the Company sold loans of $43.6 million and $33.0 million, respectively, with the servicing rights retained and recognized a net gain on sale of $2.4 million and $1.8 million, respectively. Loan servicing income was $760 thousand and $799 thousand, respectively, for the three months ended June 30, 2025 and 2024, and $1.5 million and $1.7 million, respectively, for the six months ended June 30, 2025 and 2024.

The following table presents the composition of servicing assets with key assumptions used to estimate the fair value as of the dates indicated:

						June 30, 2025																								December 31, 2024
($ in thousands)						Residential Mortgage						CRE SBA						C&I SBA						Total						Residential Mortgage						CRE SBA						C&I SBA						Total
Carrying amount						$	36					$	5,107					$	613					$	5,756					$	42					$	5,226					$	569					$	5,837
Fair value						$	79					$	9,132					$	1,075					$	10,286					$	84					$	7,750					$	894					$	8,728
Discount rate						7.85		%				13.50		%				13.50		%										7.85		%				12.14		%				15.85		%
Prepayment speed						14.31		%				16.63		%				15.90		%										13.93		%				17.82		%				13.02		%
Weighted-average remaining life						18.3 years						20.1 years						7.3 years												23.8 years						20.7 years						7.4 years
Underlying loans being serviced						$	7,903					$	439,822					$	67,249					$	514,974					$	9,072					$	445,601					$	70,909					$	525,582

The following tables present activity in servicing assets for the periods indicated:

						Three Months Ended June 30,
						2025																								2024
($ in thousands)						Residential Mortgage						CRE SBA						C&I SBA						Total						Residential Mortgage						CRE SBA						C&I SBA						Total
Balance at beginning of period						$	38					$	5,085					$	508					$	5,631					$	47					$	5,985					$	512					$	6,544
Additions						—						457						158						615						—						143						37						180
Amortization						(2)						(435)						(53)						(490)						(2)						(472)						(45)						(519)
Balance at end of period						$	36					$	5,107					$	613					$	5,756					$	45					$	5,656					$	504					$	6,205
						Six Months Ended June 30,
						2025																								2024
($ in thousands)						Residential Mortgage						CRE SBA						C&I SBA						Total						Residential Mortgage						CRE SBA						C&I SBA						Total
Balance at beginning of period						$	42					$	5,226					$	569					$	5,837					$	49					$	6,135					$	482					$	6,666
Additions						—						731						227						958						—						320						112						432
Amortization						(6)						(850)						(183)						(1,039)						(4)						(799)						(90)						(893)
Impairment						—						—						—						—						—						—						—						—
Balance at end of period						$	36					$	5,107					$	613					$	5,756					$	45					$	5,656					$	504					$	6,205

33

Note 7 - Operating Leases

The following table presents operating lease cost and supplemental cash flow information related to leases for the periods indicated:

						Three Months Ended June 30,												Six Months Ended June 30,
($ in thousands)						2025						2024						2025						2024
Operating lease cost (1)						$	912					$	884					$	1,873					$	1,827
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	885					$	853					$	1,816					$	1,728
Right of use assets obtained in exchange for lease obligations						$	878					$	—					$	2,223					$	—
Right of use assets impairment (2)						$	82					$	—					$	228					$	—

(1)    Included in Occupancy and Equipment on the Consolidated Statements of Income (Unaudited).

(2)    Included in Other Expense on the Consolidated Statements of Income (Unaudited).

The Company used the incremental borrowing rate based on the information available at lease commencement in determining the present value of lease payments. The following table presents supplemental balance sheet information related to leases as of the dates indicated:

($ in thousands)						June 30, 2025						December 31, 2024
Operating leases:
Operating lease assets						$	17,861					$	17,254
Operating lease liabilities						$	19,652					$	18,671
Weighted-average remaining lease term						7.5 years						7.8 years
Weighted-average discount rate						4.76		%				4.72		%

The following table presents maturities of operating lease liabilities as of the date indicated:

($ in thousands)						June 30, 2025
Maturities:
2025						$	1,852
2026						3,406
2027						3,031
2028						2,920
2029						2,760
After 2029						10,217
Total lease payment						24,186
Imputed Interest						(4,534)
Present value of operating lease liabilities						$	19,652

34

Note 8 - Federal Home Loan Bank Advances and Other Borrowings

FHLB Advances

The Company had a term FHLB advance of $45.0 million with an interest rate of 4.56% and a maturity date of July 7, 2025 (term of 66 days) at June 30, 2025. At December 31, 2024, the Company had no FHLB advances. The Company repaid the advance upon maturity.

At June 30, 2025 and December 31, 2024, loans pledged to secure borrowings from the FHLB were $1.08 billion and $977.6 million, respectively. The Company’s investment in capital stock of the FHLB of San Francisco totaled $14.8 million and $13.9 million at June 30, 2025 and December 31, 2024, respectively. The Company had additional borrowing capacity of $750.7 million and $722.4 million from the FHLB as of June 30, 2025 and December 31, 2024, respectively.

Federal Reserve Discount Window

The Company had $774.9 million of unused borrowing capacity from the Federal Reserve Discount Window, to which the Company pledged loans with a carrying value of $952.6 million with no outstanding borrowings at June 30, 2025. At December 31, 2024, the Company had $586.5 million of unused borrowing capacity from the Federal Reserve Discount Window, to which the Company pledged loans with a carrying value of $724.0 million with no outstanding borrowings.

Overnight Federal Funds Lines

The Company maintains overnight federal funds lines with correspondent financial institutions. The Company maintained available borrowing capacity of $65.0 million and had no borrowings at June 30, 2025. At December 31, 2024, the Company had an overnight borrowing of $15.0 million with an interest rate of 4.65% and unused borrowing capacity of $50.0 million.

35

Note 9 - Shareholders’ Equity

Series C, Senior Non-Cumulative Perpetual Preferred Stock

On May 24, 2022, the Company issued 69,141 shares of Series C Preferred Stock with a liquidation preference of $1,000 per share for the capital investment of $69.1 million from the U.S. Treasury under the ECIP. The ECIP investment qualifies as tier 1 capital for purposes of the bank regulatory capital requirements.

The Series C Preferred Stock accrued no dividend for the first 24 months following the investment date. Thereafter, the dividend rate will be adjusted based on the qualified lending growth criteria listed in the terms of the ECIP investment with the annual dividend rate up to 2%. After the tenth anniversary of the investment date, the dividend rate will be fixed based on the average annual amount of lending in years 2 through 10. Dividends are payable quarterly in arrears on March 15, June 15, September 15, and December 15.

Established by the Consolidated Appropriations Act, 2021, the ECIP was created to encourage low- and moderate-income community financial institutions and minority depository institutions to provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, especially low-income and underserved communities, including persistent poverty counties, that may be disproportionately impacted by the economic effect of the COVID-19 pandemic by providing direct and indirect capital investments in low- and moderate-income community financial institutions.

The Series C Preferred Stock may be redeemed at the option of the Company on or after the fifth anniversary of issuance (or earlier in the event of loss of regulatory capital treatment), subject to the approval of the appropriate federal banking regulator and in accordance with the federal banking agencies’ regulatory capital regulations.

On January 16, 2025, the Company entered into the Option Agreement with the U.S. Treasury, which grants the Company the conditional option to repurchase the Series C Preferred Stock during the first 15 years following the Company’s issuance of the Series C Preferred Stock. The purchase price for the Preferred Stock under the Option Agreement is based on a formula equal to the present value of the Preferred Stock, calculated as set forth in the Option Agreement, together with any accrued and unpaid dividends thereon and could represent a discount from the Series C Preferred Stock’s liquidation amount.

The purchase option may not be exercised during the first 10 years following the Company’s sale of the Series C Preferred Stock (“the ECIP Period”) unless and until the Company meets at least one of the following three conditions (the “Threshold Conditions”): (1) an average of at least 60% of the Company’s loan originations qualify as “Deep Impact Lending” over any 16 consecutive quarters, (2) an average of at least 85% of the Company’s “total originations qualify as “Qualified Lending” over any 24 quarters or (3) the Series C Preferred Stock has a dividend rate of no more than 0.5% at each of six consecutive “Reset Dates,” in each case as defined in Option Agreement and the terms of the Series C Preferred. In addition to satisfying a Threshold Condition, the Option Agreement requires that the Company meet certain other eligibility conditions in order to exercise the purchase option in the future, including compliance with the terms of the original ECIP purchase agreement and the terms of the Series C Preferred Stock, maintaining qualification as either a certified community development financial institution or a minority depository institution and satisfying other legal and regulatory criteria.

The earliest possible date by which a Threshold Condition may be met is June 30, 2026. However, the Company does not currently meet any of the Threshold Conditions necessary to exercise the purchase option, and there can be no assurance whether and when the Threshold Conditions will be met.

The following table presents the estimated purchase price based on the formula set forth in the Option Agreement as if the Company meet all Threshold Conditions as of June 30, 2025:

						Dividend Rate at the Reset Date Immediately Preceding the Purchase Date
($ in thousands)						0.50%						1.25%						2.00%
Purchase price						$	4,593					$	11,484					$	18,374
Discount						64,548						57,657						50,767

The Company began paying quarterly dividends on the Series C Preferred Stock beginning in the three months ended June 30, 2024. Dividends on the Series C Preferred Stock totaled $87 thousand and $142 thousand for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, Dividends on the Series C Preferred Stock totaled $127 thousand and $142 thousand, respectively.

36

Stock Repurchases

During the year ended December 31, 2024, the Company repurchased and retired 14,947 shares of common stock at a weighted-average price of $14.88 per share under a stock repurchase program approved by the Board of Directors on August 2, 2023. On July 25, 2024, the Company announced that the term of the stock repurchase program would be extended to August 1, 2025.

During the six months ended June 30, 2025, the Company repurchased and retired 149,304 shares of common stock at a weighted-average price of $18.24 per share. As of June 30, 2025, the Company was authorized to purchase 428,473 additional shares under the stock repurchase program.

Note 10 - Share-Based Compensation

On May 25, 2023, the Company adopted the 2023 Equity Based Compensation Plan (“2023 EBC Plan”) approved by its shareholders to replace the 2013 Equity Based Stock Compensation Plan. The 2023 EBC Plan provides 700,000 shares of common stock for share-based compensation awards including incentive and non-qualified stock options, and restricted stock awards. As of June 30, 2025, there were 382,800 shares available for future grants.

Share-Based Compensation Expense

The following table presents share-based compensation expense and the related tax benefits for the periods indicated:

						Three Months Ended June 30,												Six Months Ended June 30,
($ in thousands)						2025						2024						2025						2024
Share-based compensation expense related to:
Stock options						$	69					$	72					$	137					$	144
Restricted stock awards						163						57						325						121
Total share-based compensation expense						$	232					$	129					$	462					$	265
Related tax benefits						$	61					$	29					$	122					$	63

The following table presents unrecognized share-based compensation expense as of the date indicated:

June 30, 2025

($ in thousands)

Unrecognized Expense

Weighted-Average Remaining Expected Recognition Period

Unrecognized share-based compensation expense related to:

Stock options

$

385

1.6 years

Restricted stock awards

1,967

3.3 years

Total unrecognized share-based compensation expense

$

2,352

3.0 years

37

Stock Options

The following tables represent stock option activity for the periods indicated:

						Three Months Ended June 30, 2025
($ in thousands except per share data)						Number of Shares						Weighted-Average Exercise Price Per Share						Weighted-Average Contractual Term						Aggregated Intrinsic Value
Outstanding at beginning of period						519,211						$	14.45					4.92 years						$	2,213
Exercised						(48,054)						$	11.11					1.65 years
Outstanding at end of period						471,157						$	14.79					4.98 years						$	2,917
Exercisable at end of period						299,498						$	14.17					3.21 years						$	2,039
						Six Months Ended June 30, 2025
($ in thousands except per share data)						Number of Shares						Weighted-Average Exercise Price Per Share						Weighted-Average Contractual Term						Aggregated Intrinsic Value
Outstanding at beginning of period						576,412						$	14.20					5.01 years						$	3,481
Exercised						(105,255)						$	11.57					2.43 years
Outstanding at end of period						471,157						$	14.79					4.98 years						$	2,917
Exercisable at end of period						299,498						$	14.17					3.21 years						$	2,039

The following table represents information regarding unvested stock options for the periods indicated:

						Three Months Ended June 30, 2025												Six Months Ended June 30, 2025
						Number of Shares						Weighted-Average Exercise Price Per Share						Number of Shares						Weighted-Average Exercise Price Per Share
Outstanding at beginning of period						171,659						$	15.87					179,659						$	15.93
Vested						—						$	—					(8,000)						$	17.40
Outstanding at end of period						171,659						$	15.87					171,659						$	15.87

Restricted Stock Awards

The following table represents restricted stock award activity for the periods indicated:

						Three Months Ended June 30, 2025												Six Months Ended June 30, 2025
						Number of Shares						Weighted-Average Grant Date Fair Value Per Share						Number of Shares						Weighted-Average Grant Date Fair Value Per Share
Outstanding at beginning of period						114,100						$	20.34					119,100						$	20.40
Vested						—						$	—					(5,000)						$	21.96
Outstanding at end of period						114,100						$	20.34					114,100						$	20.34

38

Note 11 - Income Taxes

Income tax expense was $3.6 million and $2.5 million, respectively, and the effective tax rate was 28.4% and 28.5%, respectively, for the three months ended June 30, 2025 and 2024. For the six months ended June 30, 2025 and 2024, income tax expense was $6.7 million and $4.3 million, respectively, and the effective tax rate was 28.4% and 28.3%, respectively.

At June 30, 2025 and December 31, 2024, the Company had no unrecognized tax benefits or related accrued interest.

The Company and its subsidiaries are subject to U.S. federal and various state jurisdictions income tax examinations. As of June 30, 2025, the Company is no longer subject to examination by taxing authorities for tax years before 2021 for federal taxes and before 2020 for various state jurisdictions. The statute of limitations vary by state, and state taxes other than California have been minimal and immaterial to the Company’s financial results.

Note 12 - Earnings Per Share

The following table presents the computations of basic and diluted earnings per share (“EPS”) for the periods indicated:

						Three Months Ended June 30,												Six Months Ended June 30,
($ in thousands, except per share)						2025						2024						2025						2024
Basic earnings per share:
Net income available to common shareholders						$	8,984					$	6,139					$	16,679					$	10,824
Less: income allocated to unvested restricted stock						(72)						(11)						(133)						(20)
Net income allocated to common stock						$	8,912					$	6,128					$	16,546					$	10,804
Weighted-average total common shares outstanding						14,327,132						14,262,269						14,356,613						14,262,252
Less: weighted-average unvested restricted stock						(114,100)						(25,186)						(114,127)						(26,001)
Weighted-average common shares outstanding, basic						14,213,032						14,237,083						14,242,486						14,236,251
Basic earnings per share						$	0.63					$	0.43					$	1.16					$	0.76
Diluted earnings per share:
Net income allocated to common stock						$	8,912					$	6,128					$	16,546					$	10,804
Weighted-average common shares outstanding, basic						14,213,032						14,237,083						14,242,486						14,236,251
Diluted effect of stock options						112,979						75,866						122,509						86,920
Weighted-average common shares outstanding, diluted						14,326,011						14,312,949						14,364,995						14,323,171
Diluted earnings per share						$	0.62					$	0.43					$	1.15					$	0.75

There were 60,000 and 286,700 stock options excluded in computing diluted EPS because they were anti-dilutive for three months ended June 30, 2025 and 2024, respectively. For six months ended June 30, 2025 and 2024, there were 60,000 and 263,000 stock options excluded in computing diluted EPS because they were anti-dilutive, respectively.

39

Note 13 - Off-Balance Sheet Credit Exposures, Commitments and Other Contingencies

In the ordinary course of business, the Company enters into financial commitments to meet the financing needs of its customers. These financial commitments include commitments to extend credit and letters of credit. Those instruments involve to varying degrees, elements of credit, and interest rate risk not recognized in the Company’s consolidated financial statements.

The following table presents outstanding financial commitments whose contractual amount represents credit risk as of the dates indicated:

						June 30, 2025												December 31, 2024
($ in thousands)						Fixed Rate						Variable Rate						Fixed Rate						Variable Rate
Unused lines of credit						$	14,196					$	348,490					$	12,923					$	370,313
Unfunded loan commitments						—						12,255						—						17,339
Standby letters of credit						5,659						1,685						5,279						1,516
Commercial letters of credit						—						74						—						—
Total						$	19,855					$	362,504					$	18,202					$	389,168

Unfunded loan commitments are generally made for periods of 90 days or less, except for SBA loans that are generally made for periods of 180 days or less.

The Company applies an expected credit loss estimation methodology applied to each respective loan segment for determining the ACL on off-balance sheet credit exposures. The loss estimation process includes assumptions for utilization at default. These assumptions are based on the Company’s own historical internal loan data. As of June 30, 2025 and December 31, 2024, the Company maintained an ACL on off-balance sheet credit exposures of $1.3 million and $1.2 million in Accrued Interest Payable and Other Liabilities in the Consolidated Balance Sheets, respectively.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. The Company evaluates each client’s credit worthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company is based on management’s credit evaluation of the customer.

Litigation

The Company is involved in various matters of litigation, which have arisen in the ordinary course of business. In the opinion of management, the disposition of pending matters of litigation will not have a material effect on the Company’s consolidated financial statements.

40

Note 14 - Regulatory Matters

Under the final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (“Basel III rules”), the Company and Bank must hold a capital conservation buffer of 2.50% above the adequately capitalized risk-based capital ratios to avoid restrictions on dividends, stock repurchase, discretionary bonuses and other payments. Management believes as of June 30, 2025 and December 31, 2024, the Company and the Bank met all capital adequacy requirements to which they are subject. Historically, the Company has operated under the Federal Reserve’s Small Bank Holding Company Policy Statement, which exempts bank holding companies with total consolidated assets of less than $3.0 billion from the Federal Reserve's risk-based and leverage consolidated capital requirements. Because the Company's total consolidated assets exceeded $3.0 billion as of December 31, 2024, the Company is now subject to the Federal Reserve's consolidated capital requirements separate in addition to those of the Bank. The Company and the Bank’s capital conservation buffers were 6.64% and 6.47%, respectively, as of June 30, 2025, and 6.94% and 6.92%, respectively, as of December 31, 2024. Unrealized gain or loss on securities available-for-sale is not included in computing regulatory capital. The following table presents the regulatory capital amounts and ratios for the Company and the Bank as of dates indicated:

						Actual												Minimum Capital Adequacy Requirement												To Be Well Capitalized Under Prompt Corrective Provisions
($ in thousands)						Amount						Ratio						Amount						Ratio						Amount						Ratio
June 30, 2025
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)						$	313,274					11.14		%				$	126,539					4.5		%				N/A						N/A
Total capital (to risk-weighted assets)						417,232						14.84		%				224,957						8.0		%				N/A						N/A
Tier 1 capital (to risk-weighted assets)						382,415						13.60		%				168,718						6.0		%				N/A						N/A
Tier 1 capital (to average assets)						382,415						11.81		%				129,483						4.0		%				N/A						N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets)						$	372,004					13.23		%				$	126,492					4.5		%				$	182,710					6.5		%
Total capital (to risk-weighted assets)						406,821						14.47		%				224,874						8.0		%				281,092						10.0		%
Tier 1 capital (to risk-weighted assets)						372,004						13.23		%				168,655						6.0		%				224,874						8.0		%
Tier 1 capital (to average assets)						372,004						11.50		%				129,441						4.0		%				161,801						5.0		%
December 31, 2024
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)						$	303,423					11.44		%				$	119,387					4.5		%				N/A						N/A
Total capital (to risk-weighted assets)						404,383						15.24		%				212,243						8.0		%				N/A						N/A
Tier 1 capital (to risk-weighted assets)						372,564						14.04		%				159,182						6.0		%				N/A						N/A
Tier 1 capital (to average assets)						372,564						12.45		%				119,666						4.0		%				N/A						N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets)						$	363,786					13.72		%				$	119,340					4.5		%				$	172,380					6.5		%
Total capital (to risk-weighted assets)						395,606						14.92		%				212,160						8.0		%				265,200						10.0		%
Tier 1 capital (to risk-weighted assets)						363,786						13.72		%				159,120						6.0		%				212,160						8.0		%
Tier 1 capital (to average assets)						363,786						12.16		%				119,636						4.0		%				149,545						5.0		%

The California Financial Code provides that a bank generally may not make a cash distribution to its shareholders in excess of the lesser of the bank’s undivided profits or the bank’s net income for its last three fiscal years less the amount of any distribution made to the bank’s shareholders during the same period. This law limits the distributions the Bank is permitted to make to the Company. As a California corporation, the Company is subject to the limitations of the California Corporations Code, which allows a corporation to distribute cash or property to shareholders, including a dividend or repurchase or redemption of shares, if the corporation meets either a retained earnings test or a balance sheet test. Under the retained earnings test, the Company may make a distribution from retained earnings to the extent that its retained earnings exceed the sum of (a) the amount of the distribution plus (b) the amount, if any, of dividends in arrears on shares with preferential dividend rights. Under the balance sheet test, the Company may also make a distribution if, immediately after the distribution, the value of its assets equals or exceeds the sum of (a) its total liabilities plus (b) the liquidation preference of any shares which have a preference upon dissolution over the rights of shareholders receiving the distribution. Indebtedness is not considered a liability if the terms of such indebtedness provide that payment of principal and interest thereon are to be made only if, and to the extent that, a distribution to shareholders could be made under the balance sheet test.

41

The Federal Reserve, the Federal Deposit Insurance Corporation (the “FDIC”) and the California Department of Financial Protection and Innovation periodically examine the Company, the Bank and their businesses, including for compliance with laws and regulations. If, as a result of an examination, a banking agency were to determine that the Company’s or the Bank’s financial condition, capital resources, asset quality, earnings prospects, management, liquidity or other aspects of any of their operations had become unsatisfactory, or that the Company or the Bank was in violation of any law or regulation, they may take a number of different remedial actions as they deem appropriate. These actions include the power to enjoin “unsafe or unsound” practices, to require affirmative action to correct any conditions resulting from any violation or practice, to issue an administrative order that can be judicially enforced, to direct an increase in the Company’s or the Bank’s capital, to restrict growth, to assess civil money penalties, to fine or remove officers and directors and, if it is concluded that such conditions cannot be corrected or there is an imminent risk of loss to depositors, to terminate the Bank’s deposit insurance and place the Bank into receivership or conservatorship.

Note 15 - Revenue Recognition

The following table presents revenue from contracts with customers within the scope of ASC 606, Revenue from Contracts with Customers, for the periods indicated:

						Three Months Ended June 30,												Six Months Ended June 30,
($ in thousands)						2025						2024						2025						2024
Noninterest income in-scope of Topic 606
Service charges and fees on deposits:
Monthly service fees						$	30					$	19					$	59					$	50
Account analysis fees						225						231						443						465
Non-sufficient funds charges						95						87						195						176
Other deposit related fees						25						27						50						51
Total service charges and fees on deposits						375						364						747						742
Debit card fees						117						18						203						99
Gain on sale of other real estate owned						—						—						—						13
Wire transfer fees						173						165						326						306
Other service charges						57						58						112						116
Total						$	722					$	605					$	1,388					$	1,276

42

Note 16 - Segment Information

The Company operates as a single operating segment, the banking segment or the Bank, providing financial services within the U.S. The Bank provides a full range of deposit products, and commercial and residential loans, primarily to individuals, small businesses and commercial clients. All operations are domestic.

The Chief Operating Decision Maker (“CODM”), the Chief Executive Officer, evaluates the performance and allocates resources to the Bank as a whole. The CODM relies on the Executive Management Team, which includes the Chief Financial Officer, Chief Risk Officer, Chief Banking Officer, Chief Credit Officer and others, to provide detailed financial and operational reports. These reports help the CODM assess the performance of the Bank and determine the appropriate allocation of resources. Although the Bank management team provides valuable insights into various functional areas, all significant decisions related to performance evaluation and resource allocation are ultimately made by the CODM in the context of the Bank as a single operating segment.

The CODM evaluates the performance of the Bank based on both financial and non-financial measures. The CODM reviews revenue to evaluate product pricing and net income, including significant expenses, to assess performance and profitability. In conjunction with these measures, the CODM utilizes profitability ratios, EPS, net interest margin, loan and deposit growth, credit quality, capital adequacy, and liquidity as these measures provide additional insight of the Bank's business activities. The CODM also considers non-financial factors such as the Bank’s reputation, regulatory compliance and human resources.

The following table presents financial measures the CODM reviews to allocate resources to the Bank as of the dates or for the periods indicated:

						As of or For the Three Months Ended June 30,												As of or For the Six Months Ended June 30,
($ in thousands)						2025						2024						2025						2024
Revenue
Interest income						$	49,308					$	44,945					$	96,200					$	88,500
Interest expense						23,318						23,210						45,927						45,766
Net interest income						25,990						21,735						50,273						42,734
Gain on sale of loans						1,465						763						2,352						1,841
Other income						1,832						1,722						3,525						3,589
Total revenue, net of interest expense						29,287						24,220						56,150						48,164
Expenses
Provision for credit losses						1,787						259						3,385						1,349
Salaries and employee benefits						8,844						9,225						17,919						18,443
Premises expense						1,831						1,750						3,556						3,557
Depreciation expense						548						550						1,112						1,101
Other expense						3,606						3,650						6,716						8,426
Total expense						16,616						15,434						32,688						32,876
Income before income taxes						12,671						8,786						23,462						15,288
Income taxes						3,600						2,505						6,656						4,322
Net income						$	9,071					$	6,281					$	16,806					$	10,966
Earnings per share, diluted						$	0.62					$	0.43					$	1.15					$	0.75
Return on average assets						1.13		%				0.89		%				1.07		%				0.78		%
Return on average shareholders’ equity						9.76		%				7.19		%				9.16		%				6.29		%
Net interest margin						3.33		%				3.16		%				3.30		%				3.13		%
Loans held-for-investment growth percentage						2.5		%				2.1		%				6.3		%				5.4		%
Total deposits growth percentage						4.0		%				0.1		%				7.9		%				2.3		%
Tier 1 leverage ratio (consolidated)						11.81		%				12.66		%				11.81		%				12.66		%
ACL on loans to loans held-for-investment						1.20		%				1.17		%				1.20		%				1.17		%

43

Note 17 - Subsequent Events

Dividend Declared on Common Stock

On July 23, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per common share. The dividend will be paid on or about August 15, 2025, to shareholders of record as of the close of business on August 8, 2025.

Extension of Stock Repurchase Plan

On July 23, 2025, the Company’s Board of Directors extended the term of the current stock repurchase program for an additional year, to expire on July 31, 2026. The stock repurchase program, which was first adopted on August 2, 2023 and as previously extended, was scheduled to expire on August 1, 2025.

44

Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following is management’s discussion and analysis of the major factors that influenced the Company’s results of operations and financial condition as of and for the three and six months ended June 30, 2025. This analysis should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and with the unaudited consolidated financial statements and notes (unaudited) thereto set forth in this Quarterly Report on Form 10-Q.

Critical Accounting Estimates

The Company’s consolidated financial statements are prepared in accordance with GAAP and general practices within the banking industry. Within these financial statements, certain financial information contains approximate measurements of financial effects of transactions and impacts at the consolidated statements of financial condition dates and the Company’s results of operations for the reporting periods. As certain accounting policies require significant estimates and assumptions that have a material impact on the carrying value of assets and liabilities, the Company has established critical accounting policies to facilitate making the judgment necessary to prepare financial statements. The Company’s critical accounting policies are described in Note 1 to Consolidated Financial Statements and in the “Critical Accounting Estimates” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in its Annual Report on Form 10-K for the year ended December 31, 2024 and in Note 1 to Consolidated Financial Statements (unaudited) included in Part I of this Quarterly Report on Form 10-Q.

Allowance for Credit Losses

The Company accounts for credit losses on loans, off-balance sheet credit exposures and securities available-for-sale in accordance with ASC 326, “Financial Instruments - Credit Losses (Topic 326).” Measuring credit losses under the current expected credit losses (“CECL”) framework requires a significant amount of judgment, including the incorporation of reasonable and supportable forecasts about future conditions that may ultimately impact the level of credit losses the Company may recognize. Under the CECL framework, current expected credit losses are recorded on financial assets within the scope of ASC 326 at the time of their origination or acquisition.

Estimating expected credit losses requires management to use relevant forward-looking information, including the use of reasonable and supportable forecasts. The measurement of the ACL is performed by collectively evaluating loans with similar risk characteristics. The Company’s discounted cash flow methodology incorporates a probability of default and loss given default model, as well as expectations of future economic conditions, using reasonable and supportable forecasts.

The use of reasonable and supportable forecasts requires significant judgment, such as selecting forecast scenarios, as well as determining the appropriate length of the forecast horizon. Management leverages economic projections from a reputable and independent third party to inform and provide its reasonable and supportable economic forecasts. Although no one economic variable can fully demonstrate the sensitivity of the ACL estimate to changes in economic variables used in the ACL model, the Company utilized changes in U.S. unemployment rate and year-over-year change in real gross domestic product (“GDP”) growth rate as its key economic variables. Other internal and external indicators of economic forecasts may also be considered by management when developing the forecast metrics. The Company’s ACL model reverts to long-term average loss rates for purposes of estimating expected cash flows beyond a period deemed reasonable and supportable. The Company forecasts economic conditions and expected credit losses over a one-year time horizon. Beyond the one-year forecast time horizon, the Company’s ACL model reverts to historical long-term average loss rates over a one-year period.

Within the various economic scenarios considered as of June 30, 2025, the quantitative estimate of the ACL would increase by approximately $22.4 million under sole consideration of a more adverse downside scenario. The quoted sensitivity calculation reflects the sensitivity of the modeled ACL estimate to macroeconomic forecast data, but is absent of qualitative overlays and other qualitative adjustments that are part of the quarterly reserving process and does not necessarily reflect the nature and extent of future changes in the ACL for reasons including increases or decreases in qualitative adjustments, changes in the risk profile and size of the portfolio, changes in the severity of the macroeconomic scenario and the range of scenarios under management consideration.

45

A portion of the collectively evaluated ACL on loans also includes qualitative adjustments for risk factors not reflected or captured by the quantitative modeled ACL but are relevant in estimating future expected credit losses. Qualitative adjustments may be related to and include, but are not limited to factors such as: (i) management’s assessment of economic forecasts used in the model and how those forecasts align with management’s overall evaluation of current and expected economic conditions, (ii) organization-specific risks such as credit concentrations, collateral specific risks, regulatory risks, and external factors that may ultimately impact credit quality, (iii) potential model limitations such as limitations identified through back-testing, and other limitations associated with factors such as underwriting changes, acquisition of new portfolios and changes in portfolio segmentation, and (iv) management’s overall assessment of the adequacy of the ACL, including an assessment of ACL model data inputs.

Although management uses the best information reasonably available to derive estimates and assumptions necessary to measure an appropriate level of the ACL, these estimates and assumptions are subject to change in future periods, which may have a material impact on the level of the ACL and the Company’s results of operations.

Non-GAAP Measures

The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated, and presented in accordance with GAAP. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures and may not be comparable to non-GAAP financial measures that may be presented by other companies.

The following tables present reconciliation of return on average tangible common equity, tangible common equity per common share and tangible common equity to tangible assets ratios to their most comparable GAAP measures as of the dates or for the periods indicated. These non-GAAP measures, which are presented in this Quarterly Report on Form 10-Q, are used by management in its analysis of the Company's performance.

						Three Months Ended June 30,												Six Months Ended June 30,
($ in thousands)						2025						2024						2025						2024
Average total shareholders' equity						$	372,629					$	351,221					$	370,184					$	350,583
Less: average preferred stock						69,141						69,141						69,141						69,141
Average tangible common equity						$	303,488					$	282,080					$	301,043					$	281,442
Net income						$	9,071					$	6,281					$	16,806					$	10,966
Annualized return on average shareholders’ equity						9.76		%				7.19		%				9.16		%				6.29		%
Net income available to common shareholders						$	8,984					$	6,139					$	16,679					$	10,824
Annualized return on average tangible common equity						11.87		%				8.75		%				11.17		%				7.73		%

($ in thousands, except per share data)						June 30, 2025						December 31, 2024						June 30, 2024
Total shareholders' equity						$	376,500					$	363,814					$	353,469
Less: preferred stock						69,141						69,141						69,141
Tangible common equity						$	307,359					$	294,673					$	284,328
Outstanding common shares						14,336,602						14,380,651						14,254,024
Book value per common share						$	26.26					$	25.30					$	24.80
Tangible common equity per common share						$	21.44					$	20.49					$	19.95
Total assets						$	3,305,589					$	3,063,971					$	2,852,964
Total shareholders' equity to total assets						11.39		%				11.87		%				12.39		%
Tangible common equity to total assets						9.30		%				9.62		%				9.97		%

46

Selected Financial Data

The following table presents certain selected financial data as of the dates or for the periods indicated:

						As of or For the Three Months Ended June 30,												As of or For the Six Months Ended June 30,
($ in thousands, except per share data)						2025						2024						2025						2024
Selected balance sheet data:
Cash and cash equivalents						$	263,567					$	177,630					$	263,567					$	177,630
Securities available-for-sale						154,620						148,009						154,620						148,009
Loans held-for-sale						8,133						2,959						8,133						2,959
Loans held-for-investment						2,795,309						2,449,074						2,795,309						2,449,074
ACL on loans						(33,554)						(28,747)						(33,554)						(28,747)
Total assets						3,305,589						2,852,964						3,305,589						2,852,964
Total deposits						2,822,915						2,406,254						2,822,915						2,406,254
Shareholders’ equity						376,500						353,469						376,500						353,469
Selected income statement data:
Interest income						$	49,308					$	44,945					$	96,200					$	88,500
Interest expense						23,318						23,210						45,927						45,766
Net interest income						25,990						21,735						50,273						42,734
Provision for credit losses						1,787						259						3,385						1,349
Noninterest income						3,297						2,485						5,877						5,430
Noninterest expense						14,829						15,175						29,303						31,527
Income before income taxes						12,671						8,786						23,462						15,288
Income tax expense						3,600						2,505						6,656						4,322
Net income						9,071						6,281						16,806						10,966
Preferred stock dividends						87						142						127						142
Net income available to common shareholders						8,984						6,139						16,679						10,824
Per share data:
Earnings per common share, basic						$	0.63					$	0.43					$	1.16					$	0.76
Earnings per common share, diluted						0.62						0.43						1.15						0.75
Book value per common share (1)						26.26						24.80						26.26						24.80
Tangible common equity per common share (9)						21.44						19.95						21.44						19.95
Cash dividends declared per common share						0.20						0.18						0.40						0.36
Outstanding share data:
Number of common shares outstanding						14,336,602						14,254,024						14,336,602						14,254,024
Weighted-average common shares outstanding, basic						14,213,032						14,237,083						14,242,486						14,236,251
Weighted-average common shares outstanding, diluted						14,326,011						14,312,949						14,364,995						14,323,171
Selected performance ratios:
Return on average assets (2)						1.13		%				0.89		%				1.07		%				0.78		%
Return on average shareholders’ equity (2)						9.76		%				7.19		%				9.16		%				6.29		%
Dividend payout ratio (3)						31.75		%				41.86		%				34.48		%				47.37		%
Efficiency ratio (4)						50.63		%				62.65		%				52.19		%				65.46		%
Yield on average interest-earning assets (2)						6.31		%				6.53		%				6.32		%				6.47		%
Cost of average interest-bearing liabilities (2)						4.14		%				4.88		%				4.21		%				4.87		%
Net interest spread (2)						2.17		%				1.65		%				2.11		%				1.60		%
Net interest margin (2), (5)						3.33		%				3.16		%				3.30		%				3.13		%
Total loans to total deposits ratio (6)						99.31		%				101.90		%				99.31		%				101.90		%

47

						As of or For the Three Months Ended June 30,												As of or For the Six Months Ended June 30,
($ in thousands, except per share data)						2025						2024						2025						2024
Asset quality:
Loans 30 to 89 days past due and still accruing						$	2,553					$	2,286					$	2,553					$	2,286
Nonperforming loans (7)						8,932						7,500						8,932						7,500
Nonperforming assets (8)						8,932						7,500						8,932						7,500
Net charge-offs (recoveries)						109						(86)						386						37
Loans 30 to 89 days past due and still accruing to loans held-for-investment						0.09		%				0.09		%				0.09		%				0.09		%
Nonperforming loans to loans held-for-investment						0.32		%				0.31		%				0.32		%				0.31		%
Nonperforming loans to ACL on loans						26.62		%				26.09		%				26.62		%				26.09		%
Nonperforming assets to total assets						0.27		%				0.26		%				0.27		%				0.26		%
ACL on loans to loans held-for-investment						1.20		%				1.17		%				1.20		%				1.17		%
ACL on loans to nonperforming loans						375.66		%				383.29		%				375.66		%				383.29		%
Net charge-offs (recoveries) to average loans held-for-investment (2)						0.02		%				(0.01)		%				0.03		%				0.01		%
Capital ratios:
Shareholders’ equity to total assets						11.39		%				12.39		%				11.39		%				12.39		%
Tangible common equity to total assets (9)						9.30		%				9.97		%				9.30		%				9.97		%
Average shareholders’ equity to average total assets						11.55		%				12.31		%				11.71		%				12.38		%
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)						11.14		%				11.91		%				11.14		%				11.91		%
Total capital (to risk-weighted assets)						14.84		%				15.94		%				14.84		%				15.94		%
Tier 1 capital (to risk-weighted assets)						13.60		%				14.71		%				13.60		%				14.71		%
Tier 1 capital (to average assets)						11.81		%				12.66		%				11.81		%				12.66		%
PCB Bank
Common tier 1 capital (to risk-weighted assets)						13.23		%				14.38		%				13.23		%				14.38		%
Total capital (to risk-weighted assets)						14.47		%				15.60		%				14.47		%				15.60		%
Tier 1 capital (to risk-weighted assets)						13.23		%				14.38		%				13.23		%				14.38		%
Tier 1 capital (to average assets)						11.50		%				12.37		%				11.50		%				12.37		%

(1)    Shareholders’ equity divided by common shares outstanding.

(2)    Annualized.

(3)    Dividends declared per common share divided by basic earnings per common share.

(4)    Noninterest expenses divided by the sum of net interest income and noninterest income.

(5)    Net interest income divided by average total interest-earning assets.

(6)    Total loans include both loans held-for-sale and loans held-for-investment.

(7)    Nonperforming loans include nonaccrual loans and loans past due 90 days or more and still accruing.

(8)    Nonperforming assets include nonperforming loans and other real estate owned.

(9)    Non-GAAP measure. See "Non-GAAP Measures" for a reconciliation to its most comparable GAAP measure.

48

Executive Summary

Q2 2025 Financial Highlights

•Net income available for common shareholders was $9.0 million for the three months ended June 30, 2025, an increase of $2.8 million, or 46.3%, from $6.1 million for the three months ended June 30, 2024;

▪Recorded a provision for credit losses of $1.8 million for the three months ended June 30, 2025 compared with $259 thousand for the three months ended June 30, 2024;

▪ACL on loans to loans held-for-investment ratio was 1.20% at June 30, 2025 compared with 1.16% at December 31, 2024;

•Net interest income was $26.0 million for the three months ended June 30, 2025 compared with $21.7 million for the three months ended June 30, 2024. Net interest margin was 3.33% for the three months ended June 30, 2025 compared with 3.16% for the three months ended June 30, 2024;

•Gain on sale of loans was $1.5 million for the three months ended June 30, 2025 compared with $763 thousand for the three months ended June 30, 2024;

•Total assets were $3.31 billion at June 30, 2025, an increase of $241.6 million, or 7.9%, from $3.06 billion at December 31, 2024;

•Loans held-for-investment were $2.80 billion at June 30, 2025, an increase of $165.9 million, or 6.3%, from $2.63 billion at December 31, 2024; and

•Total deposits were $2.82 billion at June 30, 2025, an increase of $207.1 million, or 7.9%, from $2.62 billion at December 31, 2024.

Results of Operations

Net Interest Income

A principal component of the Company’s earnings is net interest income, which is the difference between the interest and fees earned on loans and investments and the interest paid on deposits and borrowed funds. Net interest income expressed as a percentage of average interest earning assets is referred to as the net interest margin. The net interest spread is the yield on average interest earning assets less the cost of average interest bearing liabilities. Net interest income is affected by changes in the balances of interest earning assets and interest bearing liabilities and changes in the yields earned on interest earning assets and the rates paid on interest bearing liabilities.

49

The following tables present interest income, average interest-earning assets, interest expense, average interest-bearing liabilities, and their corresponding yields and costs expressed both in dollars and rates, on a consolidated operations basis, for the periods indicated:

						Three Months Ended June 30,
						2025																		2024
($ in thousands)						Average Balance						Interest						Yield/ Cost (6)						Average Balance						Interest						Yield/ Cost (6)
Interest-earning assets:
Total loans (1)						$	2,782,200					$	45,478					6.56		%				$	2,414,824					$	40,626					6.77		%
Mortgage backed securities						117,987						1,145						3.89		%				104,538						911						3.50		%
Collateralized mortgage obligation						20,616						203						3.95		%				22,992						249						4.36		%
SBA loan pool securities						5,368						46						3.44		%				6,891						74						4.32		%
Municipal bonds - tax exempt (2)						2,379						21						3.54		%				3,238						29						3.60		%
Corporate bonds						4,705						47						4.01		%				4,157						47						4.55		%
Interest-bearing deposits in other financial institutions						186,061						2,069						4.46		%				199,634						2,736						5.51		%
FHLB and other bank stock						14,814						299						8.10		%				13,794						273						7.96		%
Total interest-earning assets						3,134,130						49,308						6.31		%				2,770,068						44,945						6.53		%
Noninterest-earning assets:
Cash and due from banks						23,267																		23,057
Allowance for credit losses on loans						(31,932)																		(28,372)
Other assets						100,930																		88,399
Total noninterest earning assets						92,265																		83,084
Total assets						$	3,226,395																	$	2,853,152
Interest-bearing liabilities:
Deposits:
NOW and money market accounts						$	532,842					4,772						3.59		%				$	473,557					4,876						4.14		%
Savings						5,334						4						0.30		%				6,899						4						0.23		%
Time deposits						1,649,034						17,729						4.31		%				1,383,167						17,656						5.13		%
Borrowings						71,286						813						4.57		%				48,462						674						5.59		%
Total interest-bearing liabilities						2,258,496						23,318						4.14		%				1,912,085						23,210						4.88		%
Noninterest-bearing liabilities:
Demand deposits						533,530																		535,508
Other liabilities						61,740																		54,338
Total noninterest-bearing liabilities						595,270																		589,846
Total liabilities						2,853,766																		2,501,931
Shareholders’ equity						372,629																		351,221
Total liabilities and shareholders’ equity						$	3,226,395																	$	2,853,152
Net interest income												$	25,990																	$	21,735
Net interest spread (3)																		2.17		%																1.65		%
Net interest margin (4)																		3.33		%																3.16		%
Cost of deposits																		3.32		%																3.78		%
Cost of funds (5)																		3.35		%																3.81		%

(1)    Average balance includes both loans held-for-sale and loans held-for-investment, as well as nonaccrual loans. Net amortization of deferred loan fees of $414 thousand and $339 thousand, respectively, and net accretion of discount on loans of $610 thousand and $791 thousand, respectively, are included in the interest income for the three months ended June 30, 2025 and 2024.

(2)    The yield on municipal bonds has not been computed on a tax-equivalent basis.

(3)    Net interest spread is calculated by subtracting average rate on interest-bearing liabilities from average yield on interest-earning assets.

(4)    Net interest margin is calculated by dividing net interest income by average interest-earning assets.

(5)    Cost of funds is calculated by dividing annualized interest expense on total interest-bearing liabilities by the sum of average total interest-bearing liabilities and noninterest-bearing demand deposits.

(6)    Annualized.

50

						Six Months Ended June 30,
						2025																		2024
($ in thousands)						Average Balance						Interest						Yield/ Cost (6)						Average Balance						Interest						Yield/ Cost (6)
Interest-earning assets:
Total loans (1)						$	2,715,986					$	88,504					6.57		%				$	2,392,426					$	79,877					6.71		%
Mortgage backed securities						115,420						2,220						3.88		%				103,195						1,750						3.41		%
Collateralized mortgage obligation						20,821						413						4.00		%				23,377						503						4.33		%
SBA loan pool securities						5,646						100						3.57		%				7,104						152						4.30		%
Municipal bonds - tax exempt (2)						2,402						43						3.61		%				3,269						57						3.51		%
Corporate bonds						4,521						94						4.19		%				4,192						94						4.51		%
Interest-bearing deposits in other financial institutions						190,671						4,217						4.46		%				201,960						5,512						5.49		%
FHLB and other bank stock						14,430						609						8.51		%				13,255						555						8.42		%
Total interest-earning assets						3,069,897						96,200						6.32		%				2,748,778						88,500						6.47		%
Noninterest-earning assets:
Cash and due from banks						23,958																		22,211
Allowance for credit losses on loans						(31,308)																		(27,975)
Other assets						99,763																		88,592
Total noninterest earning assets						92,413																		82,828
Total assets						$	3,162,310																	$	2,831,606
Interest-bearing liabilities:
Deposits:
NOW and money market accounts						$	508,520					9,069						3.60		%				$	463,679					9,541						4.14		%
Savings						5,472						7						0.26		%				6,548						8						0.25		%
Time deposits						1,649,844						35,993						4.40		%				1,375,190						34,954						5.11		%
Borrowings						37,796						858						4.58		%				45,324						1,263						5.60		%
Total interest-bearing liabilities						2,201,632						45,927						4.21		%				1,890,741						45,766						4.87		%
Noninterest-bearing liabilities:
Demand deposits						525,126																		539,159
Other liabilities						65,368																		51,123
Total noninterest-bearing liabilities						590,494																		590,282
Total liabilities						2,792,126																		2,481,023
Shareholders’ equity						370,184																		350,583
Total liabilities and shareholders’ equity						$	3,162,310																	$	2,831,606
Net interest income												$	50,273																	$	42,734
Net interest spread (3)																		2.11		%																1.60		%
Net interest margin (4)																		3.30		%																3.13		%
Cost of deposits																		3.38		%																3.75		%
Cost of funds (5)																		3.40		%																3.79		%

(1)    Average balance includes both loans held-for-sale and loans held-for-investment, as well as nonaccrual loans. Net amortization of deferred loan fees of $680 thousand and $673 thousand, respectively, and net accretion of discount on loans of $1.5 million and $1.4 million, respectively, are included in the interest income for the six months ended June 30, 2025 and 2024.

(2)    The yield on municipal bonds has not been computed on a tax-equivalent basis.

(3)    Net interest spread is calculated by subtracting average rate on interest-bearing liabilities from average yield on interest-earning assets.

(4)    Net interest margin is calculated by dividing net interest income by average interest-earning assets.

(5)    Cost of funds is calculated by dividing annualized interest expense on total interest-bearing liabilities by the sum of average total interest-bearing liabilities and noninterest-bearing demand deposits.

(6)    Annualized.

51

The following table presents the changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities. Information is provided on changes attributable to: (i) changes in volume multiplied by the prior rate; and (ii) changes in rate multiplied by the prior volume. Changes attributable to both rate and volume which cannot be segregated have been allocated proportionately to the change due to volume and the change due to rate.

						Three Months Ended June 30, 2025 vs. 2024																		Six Months Ended June 30, 2025 vs. 2024
						Increase (Decrease) Due to												Net Increase (Decrease)						Increase (Decrease) Due to												Net Increase (Decrease)
($ in thousands)						Volume						Rate												Volume						Rate
Interest earned on:
Total loans						$	6,343					$	(1,491)					$	4,852					$	10,504					$	(1,877)					$	8,627
Investment securities						88						64						152						136						178						314
Other interest-earning assets						(175)						(466)						(641)						(288)						(953)						(1,241)
Total interest income						6,256						(1,893)						4,363						10,352						(2,652)						7,700
Interest incurred on:
Savings, NOW, and money market deposits						523						(627)						(104)						938						(1,411)						(473)
Time deposits						9,937						(9,864)						73						6,368						(5,329)						1,039
Borrowings						323						(184)						139						(211)						(194)						(405)
Total interest expense						10,783						(10,675)						108						7,095						(6,934)						161
Change in net interest income						$	(4,527)					$	8,782					$	4,255					$	3,257					$	4,282					$	7,539

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

The following table presents the components of net interest income for the periods indicated:

						Three Months Ended June 30,												Amount Change						Percentage Change
($ in thousands)						2025						2024
Interest and dividend income:
Loans, including fees						$	45,478					$	40,626					$	4,852					11.9		%
Investment securities						1,462						1,310						152						11.6		%
Other interest-earning assets						2,368						3,009						(641)						(21.3)		%
Total interest income						49,308						44,945						4,363						9.7		%
Interest expense:
Deposits						22,505						22,536						(31)						(0.1)		%
Borrowings						813						674						139						20.6		%
Total interest expense						23,318						23,210						108						0.5		%
Net interest income						$	25,990					$	21,735					$	4,255					19.6		%

Net interest income increased primarily due to a 13.1% increase in average balance of interest-earning assets and a 74 basis point decrease in average cost, partially offset by an 18.1% increase in average balance of interest-bearing liabilities and a 22 basis point decrease in average yield.

Interest and fees on loans increased primarily due to a 15.2% increase in average balance, partially offset by a 21 basis point decrease in average yield. The decrease in average yield was primarily due to decreases in market rates and net accretion of discount on loans, partially offset by an increase in net amortization of deferred loan fees.

Interest on investment securities increased primarily due to a 6.5% increase in average balance and a 16 basis point increase in average yield. The increase in average yield was primarily due to a higher yield on newly purchased investment securities. For the three months ended June 30, 2025 and 2024, the average yield on total investment securities was 3.88% and 3.72%, respectively.

Interest income on other interest-earning assets decreased primarily due to a 5.9% decrease in average balance and a 94 basis point decrease in average yield. The decrease in average yield was primarily due to a decrease in interest rate on cash held at the Federal Reserve Bank. For the three months ended June 30, 2025 and 2024, the average yield on total other interest-earning assets was 4.73% and 5.67%, respectively.

52

Interest expense on deposits decreased primarily due to a 73 basis point decrease in average cost of interest-bearing deposits, partially offset by a 17.4% increase in average balance of interest-bearing deposits. The decrease in average cost was primarily due to a decrease in market rates. For the three months ended June 30, 2025 and 2024, average cost on total interest-bearing deposits was 4.13% and 4.86%, respectively, and average cost on total deposits were 3.32% and 3.78%, respectively.

Interest expense on other borrowings increased primarily due to a 47.1% increase in average balance, partially offset by a 102 basis point decrease in average cost.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

The following table presents the components of net interest income for the periods indicated:

						Six Months Ended June 30,												Amount Change						Percentage Change
($ in thousands)						2025						2024
Interest and dividend income:
Loans, including fees						$	88,504					$	79,877					$	8,627					10.8		%
Investment securities						2,870						2,556						314						12.3		%
Other interest-earning assets						4,826						6,067						(1,241)						(20.5)		%
Total interest income						96,200						88,500						7,700						8.7		%
Interest expense:
Deposits						45,069						44,503						566						1.3		%
Borrowings						858						1,263						(405)						(32.1)		%
Total interest expense						45,927						45,766						161						0.4		%
Net interest income						$	50,273					$	42,734					$	7,539					17.6		%

Net interest income increased primarily due to a 11.7% increase in average balance of interest-earning assets and a 66 basis point decrease in average cost, partially offset by a 16.4% increase in average balance of interest-bearing liabilities and a 15 basis point decrease in average yield.

Interest and fees on loans increased primarily due to a 13.5% increase in average balance, partially offset by a 14 basis point decrease in average yield. The decrease in average yield was primarily due to decreases in market rates.

Interest on investment securities increased primarily due to a 5.4% increase in average balance and a 25 basis point increase in average yield. The increase in average yield was primarily due to a higher yield on newly purchased investment securities. For the six months ended June 30, 2025 and 2024, the average yield on total investment securities was 3.89% and 3.64%, respectively.

Interest income on other interest-earning assets decreased primarily due to a 4.7% decrease in average balance and a 93 basis point decrease in average yield. The decrease in average yield was primarily due to a decrease in interest rate on cash held at the Federal Reserve Bank. For the six months ended June 30, 2025 and 2024, the average yield on total other interest-earning assets was 4.74% and 5.67%, respectively.

Interest expense on deposits increased primarily due to a 17.3% increase in average balance of interest-bearing deposits, partially offset by a 65 basis point decrease in average cost of interest-bearing deposits. The decrease in average cost was primarily due to a decrease in market rates. For the six months ended June 30, 2025 and 2024, average cost on total interest-bearing deposits was 4.20% and 4.85%, respectively, and average cost on total deposits were 3.38% and 3.75%, respectively.

Interest expense on other borrowings decreased primarily due to a 16.6% decrease in average balance and a 102 basis point decrease in average cost.

53

Provision for Credit Losses

The following tables present a composition of provision for credit losses for the periods indicated:

						Three Months Ended June 30,												Amount Change						Percentage Change
($ in thousands)						2025						2024
Provision for credit losses on loans						$	1,721					$	329					$	1,392					423.1		%
Provision (reversal) for credit losses on off-balance sheet credit exposure						66						(70)						136						NM
Total provision for credit losses						$	1,787					$	259					$	1,528					590.0		%

						Six Months Ended June 30,												Amount Change						Percentage Change
($ in thousands)						2025						2024
Provision for credit losses on loans						$	3,312					$	1,251					$	2,061					164.7		%
Provision for credit losses on off-balance sheet credit exposure						73						98						(25)						(25.5)		%
Total provision for credit losses						$	3,385					$	1,349					$	2,036					150.9		%

The provision for credit losses for the three and six months ended June 30, 2025 was primarily due to increases in loans held-for-investment, substandard and nonaccrual loans, net charge-offs, reserves on individually evaluated loans, and quantitatively measured loss reserves, partially offset by a decrease in the qualitative adjustment factors on commercial property loans. See further discussion in “Loans Held-For-Investment and Allowance for Credit Losses.”

54

Noninterest Income

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

The following table presents the components of noninterest income for the periods indicated:

						Three Months Ended June 30,												Amount Change						Percentage Change
($ in thousands)						2025						2024
Service charges and fees on deposits						$	375					$	364					$	11					3.0		%
Loan servicing income						760						799						(39)						(4.9)		%
Bank-owned life insurance income						253						236						17						7.2		%
Gain on sale of loans						1,465						763						702						92.0		%
Other income						444						323						121						37.5		%
Total noninterest income						$	3,297					$	2,485					$	812					32.7		%

Loan servicing income decreased primarily due to a decrease in servicing fee income, partially offset by a decrease in servicing asset amortization. Servicing asset amortization was $490 thousand and $519 thousand, respectively, for the three months ended June 30, 2025 and 2024.

Gain on sale of loans increased primarily due to an increase in sale volume, partially offset by a decrease in level of premium on SBA loans in the secondary market. The Company sold SBA loans of $26.9 million with a gain of $1.5 million during the three months ended June 30, 2025. During the three months ended June 30, 2024, the Company sold SBA loans of $13.6 million with a gain of $763 thousand.

Other income primarily included wire transfer fees of $173 thousand and $165 thousand, respectively, and debit card interchange fees of $117 thousand and $18 thousand, respectively, for the three months ended June 30, 2025 and 2024.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

The following table presents the components of noninterest income for the periods indicated:

						Six Months Ended June 30,												Amount Change						Percentage Change
($ in thousands)						2025						2024
Service charges and fees on deposits						$	747					$	742					$	5					0.7		%
Loan servicing income						1,485						1,718						(233)						(13.6)		%
Bank-owned life insurance income						500						464						36						7.8		%
Gain on sale of loans						2,352						1,841						511						27.8		%
Other income						793						665						128						19.2		%
Total noninterest income						$	5,877					$	5,430					$	447					8.2		%

Loan servicing income decreased primarily due to a decrease in servicing fee income and an increase in servicing asset amortization. Servicing asset amortization was $1.0 million and $893 thousand, respectively, for the six months ended June 30, 2025 and 2024.

Gain on sale of loans increased primarily due to an increase in sale volume, partially offset by a decrease in level of premium on SBA loans in the secondary market. The Company sold SBA loans of $43.6 million with a gain of $2.4 million during the six months ended June 30, 2025. During the six months ended June 30, 2024, the Company sold SBA loans of $33.0 million with a gain of $1.8 million.

Other income primarily included wire transfer fees of $326 thousand and $306 thousand, respectively, and debit card interchange fees of $203 thousand and $99 thousand, respectively, for the six months ended June 30, 2025 and 2024.

55

Noninterest Expense

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

The following table presents the components of noninterest expense for the periods indicated:

						Three Months Ended June 30,												Amount Change						Percentage Change
($ in thousands)						2025						2024
Salaries and employee benefits						$	8,844					$	9,225					$	(381)					(4.1)		%
Occupancy and equipment						2,379						2,300						79						3.4		%
Professional fees						805						973						(168)						(17.3)		%
Marketing and business promotion						597						318						279						87.7		%
Data processing						317						495						(178)						(36.0)		%
Director fees and expenses						225						221						4						1.8		%
Regulatory assessments						358						327						31						9.5		%
Other expenses						1,304						1,316						(12)						(0.9)		%
Total noninterest expense						$	14,829					$	15,175					$	(346)					(2.3)		%

Salaries and employee benefits decreased primarily due to decreases in salaries, bonus and vacation accruals, as well as an increase in direct loan origination cost, which offsets and defers the recognition of salaries and benefits expense. The number of full-time equivalent employees was 266 at June 30, 2025 compared to 265 at June 30, 2024.

Professional fees decreased primarily due to professional fees incurred during the year-ago quarter related to a core system conversion that was completed in April 2024.

Marketing and business promotion expense increased primarily due to an increase in advertisements.

Data processing decreased primarily due to a decreased overall service charges after the core system conversion.

Regulatory assessments increased primarily due to an increase in the balance sheet.

Other expenses included $132 thousand and $124 thousand in loan related expenses, $613 thousand and $543 thousand in office expense, and $179 thousand and $210 thousand in armed guard expense for the three months ended June 30, 2025 and 2024, respectively. During the three months ended June 30, 2025, the Company recognized an impairment of operating lease assets of $82 thousand for a sublease contract.

56

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

The following table presents the components of noninterest expense for the periods indicated:

						Six Months Ended June 30,												Amount Change						Percentage Change
($ in thousands)						2025						2024
Salaries and employee benefits						$	17,919					$	18,443					$	(524)					(2.8)		%
Occupancy and equipment						4,668						4,658						10						0.2		%
Professional fees						1,433						2,057						(624)						(30.3)		%
Marketing and business promotion						840						637						203						31.9		%
Data processing						650						897						(247)						(27.5)		%
Director fees and expenses						451						453						(2)						(0.4)		%
Regulatory assessments						702						625						77						12.3		%
Other expenses						2,640						3,757						(1,117)						(29.7)		%
Total noninterest expense						$	29,303					$	31,527					$	(2,224)					(7.1)		%

Salaries and employee benefits decreased primarily due to decreases in salaries and vacation accrual, and an increase in direct loan origination cost, partially offset by an increase in bonus accrual. The number of full-time equivalent employees was 266 at June 30, 2025 compared to 265 at June 30, 2024.

Professional fees decreased primarily due to professional fees incurred during the six months ended June 30, 2024 related to a core system conversion that was completed in April 2024.

Marketing and business promotion expense increased primarily due to an increase in advertisements.

Data processing decreased primarily due to a decreased overall service charges after the core system conversion.

Regulatory assessments increased primarily due to an increase in the balance sheet.

Other expenses included $224 thousand and $218 thousand in loan related expenses, $1.1 million and $1.1 million in office expense, and $362 thousand and $414 thousand in armed guard expense for the six months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025, the Company recognized impairments of operating lease assets of $228 thousand for sublease contracts and contingent liabilities for legal settlements of $183 thousand. During the six months ended June 30, 2024, the Company recognized termination charge for the legacy core system of $508 thousand and an expense of $815 thousand for a reimbursement for an SBA loan guarantee previously paid by the SBA on a loan originated in 2014 that subsequently defaulted and was ultimately determined to be ineligible for the SBA guaranty.

Income Tax Expense

Income tax expense was $3.6 million and $2.5 million, respectively, and the effective tax rate was 28.4% and 28.5%, respectively, for the three months ended June 30, 2025 and 2024. For the six months ended June 30, 2025 and 2024, income tax expense was $6.7 million and $4.3 million, respectively, and the effective tax rate was 28.4% and 28.3%, respectively.

57

Financial Condition

Investment Securities

The Company’s investment strategy aims to maximize earnings while maintaining liquidity in securities with minimal credit risk. The types and maturities of securities purchased are primarily based on current and projected liquidity and interest rate sensitivity positions.

The following table presents the amortized cost and fair value of the investment securities available-for-sale portfolio as of the dates indicated:

						June 30, 2025																		December 31, 2024
($ in thousands)						Amortized Cost						Fair Value						Unrealized Loss						Amortized Cost						Fair Value						Unrealized Loss
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities						$	130,228					$	122,248					$	(7,980)					$	123,209					$	112,439					$	(10,770)
Residential collateralized mortgage obligations						21,263						20,313						(950)						22,753						21,237						(1,516)
SBA loan pool securities						5,048						4,829						(219)						6,328						6,008						(320)
Municipal bonds						2,458						2,409						(49)						2,452						2,420						(32)
Corporate bonds						5,000						4,821						(179)						5,000						4,245						(755)
Total securities available-for-sale						$	163,997					$	154,620					$	(9,377)					$	159,742					$	146,349					$	(13,393)

The fair value of total investment securities available-for-sale were $154.6 million at June 30, 2025, an increase of $8.3 million, or 5.7%, from $146.3 million at December 31, 2024. The increase was primarily due to purchases of $14.9 million and an increase in fair value of securities available-for-sale of $4.0 million, partially offset by principal paydowns of $10.5 million and net premium amortization of $65 thousand.

As of June 30, 2025 and December 31, 2024, 95.5% and 95.3%, respectively, of the Company's securities available-for-sale at amortized cost basis were issued by U.S. government agency and U.S. GSEs. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell these securities before their anticipated recovery, the Company determined that these securities with unrealized losses did not warrant an ACL as of June 30, 2025 and December 31, 2024.

Municipal and corporate bonds had an investment grade rating upon purchase. The issuers of these securities have not established any cause for default on these securities and various rating agencies have reaffirmed their long-term investment grade status as of June 30, 2025 and December 31, 2024. These securities have fluctuated in value since their purchase dates as market interest rates fluctuated. Additionally, the Company continues to receive contractual principal and interest payments in a timely manner. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell before the recovery of its amortized cost basis. The Company therefore determined that the investment securities with unrealized losses did not warrant an ACL as of June 30, 2025 and December 31, 2024.

As of June 30, 2025 and December 31, 2024, the Company recorded no ACL on securities available-for-sale.

58

The following table presents the contractual maturity schedule for securities, at amortized cost, and their weighted-average yields as of the date indicated:

						June 30, 2025
						Within One Year												More than One Year through Five Years												More than Five Years through Ten Years												More than Ten Years												Total
($ in thousands)						Amortized Cost						Weighted-Average Yield						Amortized Cost						Weighted-Average Yield						Amortized Cost						Weighted-Average Yield						Amortized Cost						Weighted-Average Yield						Amortized Cost						Weighted-Average Yield
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities						$	12					1.46		%				$	1,593					1.48		%				$	8,658					1.91		%				$	119,965					3.84		%				$	130,228					3.68		%
Residential collateralized mortgage obligations						—						—		%				6,358						4.73		%				16						2.44		%				14,889						3.30		%				21,263						3.73		%
SBA loan pool securities						152						2.42		%				740						4.32		%				1,753						2.55		%				2,403						3.42		%				5,048						3.22		%
Municipal bonds						—						—		%				83						2.99		%				1,500						3.50		%				875						3.61		%				2,458						3.52		%
Corporate bonds						—						—		%				—						—		%				5,000						3.75		%				—						—		%				5,000						3.75		%
Total securities available-for-sale						$	164					2.35		%				$	8,774					4.09		%				$	16,927					2.66		%				$	138,132					3.77		%				$	163,997					3.67		%

Weighted-average yields are based upon the amortized cost of securities and are calculated using the interest method which takes into consideration of premium amortization and discount accretion. Weighted-average yields on tax-exempt debt securities exclude the federal income tax benefit.

59

Loans Held-For-Sale

Loans held-for-sale are carried at the lower of cost or fair value. When a determination is made at the time of commitment to originate as held-for-investment, it is the Company’s intent to hold these loans to maturity or for the foreseeable future, subject to periodic reviews under the Company’s management evaluation processes, including asset/liability management and credit risk management. When the Company subsequently changes its intent to hold certain loans, the loans are transferred to held-for-sale at the lower of cost or fair value. Certain loans are transferred to held-for-sale with write-downs to the allowance for credit losses on loans.

Loans held-for-sale were $8.1 million at June 30, 2025, an increase of $1.8 million, or 29.3%, from $6.3 million at December 31, 2024. The increase was primarily due to new funding of $45.6 million, partially offset by sales of $43.6 million and pay-offs and pay-downs of $166 thousand.

Loans Held-For-Investment and Allowance for Credit Losses

The following table presents the composition of the Company’s loans held-for-investment as of the dates indicated:

						June 30, 2025												December 31, 2024
($ in thousands)						Amount						Percentage to Total						Amount						Percentage to Total
Commercial real estate:
Commercial property						$	1,010,780					36.3		%				$	940,931					35.9		%
Business property						635,648						22.7		%				595,547						22.6		%
Multifamily						212,738						7.6		%				194,220						7.4		%
Construction						27,294						1.0		%				21,854						0.8		%
Total commercial real estate						1,886,460						67.6		%				1,752,552						66.7		%
Commercial and industrial						492,857						17.6		%				472,763						18.0		%
Consumer:
Residential mortgage						406,682						14.5		%				392,456						14.9		%
Other consumer						9,310						0.3		%				11,616						0.4		%
Total consumer						415,992						14.8		%				404,072						15.3		%
Loans held-for-investment						2,795,309						100.0		%				2,629,387						100.0		%
Allowance for credit losses on loans						(33,554)												(30,628)
Net loans held-for-investment						$	2,761,755											$	2,598,759
ACL on loans to loans held-for-investment						1.20		%										1.16		%

Loans held-for-investment were $2.80 billion at June 30, 2025, an increase of $165.9 million, or 6.3%, from $2.63 billion at December 31, 2024. The increase was primarily due to new funding of term loans of $346.0 million and net increase of lines of credit of $16.8 million, partially offset by pay-downs and pay-offs of term loans of $196.4 million and charge-offs of $473 thousand.

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The following table presents activities in ACL for the periods indicated:

						Three Months Ended June 30,												Six Months Ended June 30,
($ in thousands)						2025						2024						2025						2024
ACL on loans
Balance at beginning of period						$	31,942					$	28,332					$	30,628					$	27,533
Charge-offs						(120)						—						(473)						(185)
Recoveries						11						86						87						148
Provision for credit losses on loans						1,721						329						3,312						1,251
Balance at end of period						$	33,554					$	28,747					$	33,554					$	28,747
ACL on off-balance sheet credit exposures
Balance at beginning of period						$	1,197					$	1,445					$	1,190					$	1,277
Provision for credit losses on off-balance sheet credit exposure						66						(70)						73						98
Balance at end of period						$	1,263					$	1,375					$	1,263					$	1,375

The increase in overall ACL for the three and six months ended June 30, 2025 was primarily due to increases in loans held-for-investment and quantitatively measured loss reserve, as well as net charge-offs and increased reserves on individually evaluated loans, partially offset by a decrease in qualitative adjustment factors in commercial property loans.

The increase in the quantitatively measured loss reserve requirement was primarily due to the worsened year-over-year change in real GDP forecast and the increased unemployment rate forecast. The Company utilizes these forecasts published by the Federal Open Market Committee (“FOMC”). The 2025 year-end year-over-year change in forecasted real GDP decreased to 1.4% in the June 2025 FOMC meeting from 1.7% March 2025 and 2.1% in December 2024. The forecasted year-end national unemployment rate increased to 4.5% in June 2025 FOMC meeting from 4.4% in March 2025 and 4.3% in December 2024. Overall changes in macroeconomic projections resulted the increases of probability of default and loss given default rates across majority of the loan segments leading to higher overall expected loss measurements.

The decrease in the qualitative adjustment factors was primarily due to the credit quality improvements in commercial property loans, partially offset by increased problem loans in business property, and commercial and industrial loans.

Loans individually evaluated for impairment totaled $56.6 million and $52.0 million, respectively, and related reserve totaled $191 thousand and $59 thousand, respectively, at June 30, 2025 and December 31, 2024.

Management believes that the projections used are reasonable and aligns with the Company’s expectation of the economic environment over the next 4 quarters.

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The following tables present net charge-offs (recoveries) as a percentage to the average loans held-for-investment balances in each of the loan segments for the periods indicated:

						Three Months Ended June 30,
						2025																		2024
($ in thousands)						Average Balance						Net Charge-Offs (Recoveries)						Percentage						Average Balance						Net Charge-Offs (Recoveries)						Percentage
Commercial real estate:
Commercial property						$	896,130					$	—					—		%				$	840,158					$	—					—		%
Business property						748,641						(1)						(0.01)		%				600,435						—						—		%
Multifamily						190,955						—						—		%				129,307						—						—		%
Construction						25,115						—						—		%				30,528						—						—		%
Total commercial real estate						1,860,841						(1)						(0.01)		%				1,600,428						—						—		%
Commercial and industrial						487,621						37						0.03		%				401,268						(70)						(0.07)		%
Consumer:
Residential mortgage						406,559						—						—		%				386,490						—						—		%
Other consumer						9,932						73						2.94		%				19,000						(16)						(0.34)		%
Total consumer						416,491						73						0.07		%				405,490						(16)						(0.02)		%
Total						$	2,764,953					$	109					0.02		%				$	2,407,186					$	(86)					(0.01)		%
						Six Months Ended June 30,
						2025																		2024
($ in thousands)						Average Balance						Net Charge-Offs (Recoveries)						Percentage						Average Balance						Net Charge-Offs (Recoveries)						Percentage
Commercial real estate:
Commercial property						$	920,091					$	—					—		%				$	850,151					$	—					—		%
Business property						681,206						(2)						(0.01)		%				586,784						(2)						(0.01)		%
Multifamily						194,520						—						—		%				131,820						—						—		%
Construction						23,852						—						—		%				28,659						—						—		%
Total commercial real estate						1,819,669						(2)						(0.01)		%				1,597,414						(2)						(0.01)		%
Commercial and industrial						467,743						317						0.14		%				378,117						76						0.04		%
Consumer:
Residential mortgage						403,687						—						—		%				387,885						—						—		%
Other consumer						10,434						71						1.36		%				20,026						(37)						(0.37)		%
Total consumer						414,121						71						0.03		%				407,911						(37)						(0.02)		%
Total						$	2,701,533					$	386					0.03		%				$	2,383,442					$	37					0.01		%

62

Nonperforming Loans and Nonperforming Assets

The following table presents a summary of total non-performing assets as of the dates indicated:

($ in thousands)						June 30, 2025						December 31, 2024						Amount Change						Percentage Change
Nonaccrual loans held-for-investment
Commercial real estate:
Commercial property						$	1,497					$	1,851					$	(354)					(19.1)		%
Business property						1,654						2,336						(682)						(29.2)		%
Total commercial real estate						3,151						4,187						(1,036)						(24.7)		%
Commercial and industrial						255						79						176						222.8		%
Consumer:
Residential mortgage						5,526						403						5,123						1,271.2		%
Other consumer						—						24						(24)						(100.0)		%
Total consumer						5,526						427						5,099						1,194.1		%
Total nonaccrual loans						8,932						4,693						4,239						90.3		%
Loans past due 90 days or more still on accrual						—						—						—						—		%
Nonperforming loans						8,932						4,693						4,239						90.3		%
Nonperforming loans held-for-sale						—						—						—						—		%
Total nonperforming loans						8,932						4,693						4,239						90.3		%
Other real estate owned						—						—						—						—		%
Nonperforming assets						$	8,932					$	4,693					$	4,239					90.3		%
Nonaccrual loans to loans held-for-investment						0.32		%				0.18		%
Nonperforming assets to total assets						0.27		%				0.15		%
ACL on loans to nonaccrual loans						375.66		%				652.63		%

The increase in nonaccrual loans held-for-investment was primarily due to loans placed on nonaccrual status of $5.8 million, partially offset by paydowns and payoffs of $1.5 million and charge-offs of $1 thousand during the six months ended June 30, 2025.

Loans are generally placed on nonaccrual status when they become 90 days past due, unless management believes the loan is well secured and in the process of collection. In all cases, loans are placed on nonaccrual if collection of principal or interest is considered doubtful. Past due loans may or may not be adequately collateralized, but collection efforts are continuously pursued. Loans may be restructured by management when a borrower experiences changes to their financial condition, causing an inability to meet the original repayment terms, and where management believes the borrower will eventually overcome those circumstances and repay the loan in full. Additional income of approximately $189 thousand and $333 thousand would have been recorded during the three and six months ended June 30, 2025, respectively, had these loans been paid in accordance with their original terms throughout the periods indicated.

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Deposits

The Bank gathers deposits primarily through its branch locations. The Bank offers a variety of deposit products including demand deposits accounts, NOW and money market accounts, savings accounts and time deposits. The following table presents a summary of the Company’s deposits as of the dates indicated:

($ in thousands)						June 30, 2025						December 31, 2024						Amount Change						Percentage Change
Noninterest-bearing demand deposits						$	575,905					$	547,853					$	28,052					5.1		%
Interest-bearing deposits:
Savings						5,695						5,765						(70)						(1.2)		%
NOW						12,765						13,761						(996)						(7.2)		%
Retail money market accounts						533,032						447,360						85,672						19.2		%
Brokered money market accounts						1						1						—						—		%
Retail time deposits of:
$250,000 or less						555,357						493,644						61,713						12.5		%
More than $250,000						649,160						605,124						44,036						7.3		%
Brokered time deposits						431,000						442,283						(11,283)						(2.6)		%
Time deposits from California State Treasurer						60,000						60,000						—						—		%
Total interest-bearing deposits						2,247,010						2,067,938						179,072						8.7		%
Total deposits						$	2,822,915					$	2,615,791					$	207,124					7.9		%
Estimated total deposits not covered by deposit insurance						$	1,164,592					$	1,036,451					128,141						12.4		%
Estimated time deposits not covered by deposit insurance						$	495,704					$	459,835					35,869						7.8		%

The increase in retail time deposits was primarily due to new accounts of $279.8 million and renewals of the matured accounts of $604.5 million, partially offset by matured and closed accounts of $802.8 million.

As of June 30, 2025 and December 31, 2024, total deposits were comprised of 20.4% and 20.9%, respectively, of noninterest-bearing demand accounts, 19.5% and 17.9%, respectively, of savings, NOW and money market accounts, and 60.1% and 61.2%, respectively, of time deposits.

Deposits from certain officers, directors and their related interests with which they are associated held by the Company were $10.3 million and $6.0 million, respectively, at June 30, 2025 and December 31, 2024.

The following table presents the maturity of time deposits as of the dates indicated:

($ in thousands)						Three Months or Less						Three to Six Months						Six Months to One Year						Over One Year						Total
June 30, 2025
Time deposits of $250,000 or less						$	165,088					$	389,877					$	429,566					$	1,826					$	986,357
Time deposits of more than $250,000						210,502						214,154						281,459						3,045						709,160
Total						$	375,590					$	604,031					$	711,025					$	4,871					$	1,695,517
Not covered by deposit insurance						$	161,213					$	137,765					$	194,546					$	2,180					$	495,704
December 31, 2024
Time deposits of $250,000 or less						$	310,662					$	286,304					$	336,629					$	2,332					$	935,927
Time deposits of more than $250,000						295,977						138,664						228,533						1,950						665,124
Total						$	606,639					$	424,968					$	565,162					$	4,282					$	1,601,051
Not covered by deposit insurance						$	217,542					$	96,493					$	144,232					$	1,568					$	459,835

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Shareholders’ Equity and Regulatory Capital

Capital Resources

Shareholders’ equity is influenced primarily by earnings, dividends paid on common stock and preferred stock, sales and redemptions of common stock and preferred stock, and changes in accumulated other comprehensive income caused primarily by fluctuations in unrealized gains or losses, net of taxes, on securities available-for-sale.

Shareholders’ equity was $376.5 million at June 30, 2025, an increase of $12.7 million, or 3.5%, from $363.8 million at December 31, 2024. The increase was primarily due to net income of $16.8 million, a decrease in accumulated other comprehensive loss of $2.8 million and proceeds from stock option exercises of $1.2 million, partially offset by dividends declared on common stock of $5.7 million, repurchases of common stock of $2.7 million and preferred stock dividends of $127 thousand.

Regulatory Capital Requirements

The following table presents a summary of the minimum capital adequacy requirements applicable to the Company and the Bank and the minimum capital requirements for the Bank to be considered “well-capitalized” from a regulatory perspective as of the dates indicated:

						PCB Bancorp						PCB Bank						Minimum Regulatory Requirements						Well Capitalized Requirements
June 30, 2025
Common tier 1 capital (to risk-weighted assets)						11.14		%				13.23		%				4.5		%				6.5		%
Total capital (to risk-weighted assets)						14.84		%				14.47		%				8.0		%				10.0		%
Tier 1 capital (to risk-weighted assets)						13.60		%				13.23		%				6.0		%				8.0		%
Tier 1 capital (to average assets)						11.81		%				11.50		%				4.0		%				5.0		%
December 31, 2024
Common tier 1 capital (to risk-weighted assets)						11.44		%				13.72		%				4.5		%				6.5		%
Total capital (to risk-weighted assets)						15.24		%				14.92		%				8.0		%				10.0		%
Tier 1 capital (to risk-weighted assets)						14.04		%				13.72		%				6.0		%				8.0		%
Tier 1 capital (to average assets)						12.45		%				12.16		%				4.0		%				5.0		%

To avoid restrictions on dividends, share repurchases and discretionary compensation payments to executives, the federal banking agencies require a banking organization to maintain a capital conservation buffer of 2.50% in common tier 1 capital, in addition to the minimum capital ratios adequacy requirements. The capital conservation buffer increases the minimum common equity Tier 1 capital ratio to 7%, the minimum Tier 1 capital (to risk-weighted assets) ratio to 8.5% and the minimum total capital ratio (to risk-weighted assets) to 10.5% for banking organizations seeking to avoid the limitations on dividends, share repurchases and discretionary compensation payments to executives. The Company’s and the Bank’s capital conservation buffers were 6.64% and 6.47%, respectively, as of June 30, 2025, and 6.94% and 6.92%, respectively, as of December 31, 2024.

Emergency Capital Investment Program

On May 24, 2022, the Company issued 69,141 shares of Series C Preferred Stock with a liquidation preference of $1,000 per share (“Series C Preferred Stock”) for the capital investment of $69.1 million from the U.S. Treasury under the ECIP. The ECIP investment qualifies as tier 1 capital for purposes of the bank regulatory capital requirements.

The Series C Preferred Stock accrued no dividend for the first 24 months following the investment date. Thereafter, the dividend rate will be adjusted based on the qualified lending growth criteria listed in the terms of the ECIP investment with the annual dividend rate up to 2%. After the tenth anniversary of the investment date, the dividend rate will be fixed based on the average annual amount of lending in years 2 through 10. Dividends are payable quarterly in arrears on March 15, June 15, September 15, and December 15.

Established by the Consolidated Appropriations Act, 2021, the ECIP was created to encourage low- and moderate-income community financial institutions and minority depository institutions to provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, especially low-income and underserved communities, including persistent poverty counties, that may be disproportionately impacted by the economic effect of the COVID-19 pandemic by providing direct and indirect capital investments in low- and moderate-income community financial institutions.

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The Series C Preferred Stock may be redeemed at the option of the Company on or after the fifth anniversary of issuance (or earlier in the event of loss of regulatory capital treatment), subject to the approval of the appropriate federal banking regulator and in accordance with the federal banking agencies’ regulatory capital regulations.

On January 16, 2025, the Company entered into the Option Agreement with the U.S. Treasury, which grants the Company the conditional option to repurchase the Series C Preferred Stock during the first 15 years following the Company’s issuance of the Series C Preferred Stock. The purchase price for the Preferred Stock under the Option Agreement is based on a formula equal to the present value of the Preferred Stock, calculated as set forth in the Option Agreement, together with any accrued and unpaid dividends thereon and could represent a discount from the Series C Preferred Stock’s liquidation amount.

The purchase option may not be exercised during the first 10 years following the Company’s sale of the Series C Preferred Stock (“the ECIP Period”) unless and until the Company meets at least one of the Threshold Conditions: (1) an average of at least 60% of the Company’s loan originations qualify as “Deep Impact Lending” over any 16 consecutive quarters, (2) an average of at least 85% of the Company’s “total originations qualify as “Qualified Lending” over any 24 quarters or (3) the Series C Preferred Stock has a dividend rate of no more than 0.5% at each of six consecutive “Reset Dates,” in each case as defined in Option Agreement and the terms of the Series C Preferred. In addition to satisfying a Threshold Condition, the Option Agreement requires that the Company meet certain other eligibility conditions in order to exercise the purchase option in the future, including compliance with the terms of the original ECIP purchase agreement and the terms of the Series C Preferred Stock, maintaining qualification as either a certified community development financial institution or a minority depository institution and satisfying other legal and regulatory criteria.

The earliest possible date by which a Threshold Condition may be met is June 30, 2026. However, the Company does not currently meet any of the Threshold Conditions necessary to exercise the purchase option, and there can be no assurance whether and when the Threshold Conditions will be met.

The following table presents the estimated purchase price based on the formula set forth in the Option Agreement as if the Company meet all Threshold Conditions as of June 30, 2025:

						Dividend Rate at the Reset Date Immediately Preceding the Purchase Date
($ in thousands)						0.50%						1.25%						2.00%
Purchase price						$	4,593					$	11,484					$	18,374
Discount						64,548						57,657						50,767

The Company began paying quarterly dividends on the Series C Preferred Stock beginning in the three months ended June 30, 2024. Dividends on the Series C Preferred Stock totaled $87 thousand and $142 thousand for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, Dividends on the Series C Preferred Stock totaled $127 thousand and $142 thousand, respectively.

Stock Repurchases

During the year ended December 31, 2024, the Company repurchased and retired 14,947 shares of common stock at a weighted-average price of $14.88 per share under a stock repurchase program approved by the Board of Directors on August 2, 2023. On July 25, 2024, the Company announced that the term of the stock repurchase program would be extended to August 1, 2025.

During the six months ended June 30, 2025, the Company repurchased and retired 149,304 shares of common stock at a weighted-average price of $18.24 per share. As of June 30, 2025, the Company was authorized to purchase 428,473 additional shares under the stock repurchase program.

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Liquidity

Liquidity refers to the measure of ability to meet the cash flow requirements of depositors and borrowers, while at the same time meeting operating cash flow and capital and strategic cash flow needs, all at a reasonable cost. The Company continuously monitors its liquidity position to ensure that assets and liabilities are managed in a manner that will meet all short-term and long-term cash requirements, while maintaining an appropriate balance between assets and liabilities to meet the return on investment objectives of the Company’s shareholders.

The Company’s liquidity position is supported by management of liquid assets and liabilities and access to alternative sources of funds. Liquid assets include cash, interest-bearing deposits in financial institutions, federal funds sold, and unpledged securities available-for-sale. Liquid liabilities may include core deposits, federal funds purchased, securities sold under repurchase agreements and other borrowings. Other sources of liquidity include the sale of loans, the ability to acquire additional national market non-core deposits, additional collateralized borrowings such as FHLB advances and Federal Reserve Discount Window, and the issuance of debt securities and preferred or common securities.

The Company’s short-term and long-term liquidity requirements are primarily to fund on-going operations, including payment of interest on deposits and debt, extensions of credit to borrowers, capital expenditures and shareholder dividends. These liquidity requirements are met primarily through cash flow from operations, redeployment of prepaying and maturing balances in loan and investment securities portfolios, increases in debt financing and other borrowings, and increases in customer deposits.

Integral to the Company’s liquidity management is the administration of borrowings. To the extent the Company is unable to obtain sufficient liquidity through core deposits, the Company seeks to meet its liquidity needs through wholesale funding or other borrowings on either a short or long-term basis.

The following table presents a summary of the Company’s liquidity position as of the dates indicated:

($ in thousands)						June 30, 2025						December 31, 2024						Amount Change						Percentage Change
Cash and cash equivalents						$	263,567					$	198,792					$	64,775					32.6		%
Cash and cash equivalents to total assets						8.0		%				6.5		%
Available borrowing capacity:
FHLB advances						$	750,671					$	722,439					28,232						3.9		%
Federal Reserve Discount Window						774,881						586,525						188,356						32.1		%
Overnight federal funds lines						65,000						50,000						15,000						30.0		%
Total						$	1,590,552					$	1,358,964					$	231,588					17.0		%
Total available borrowing capacity to total assets						48.1		%				44.4		%

The Company also maintains relationships in the capital markets with brokers and dealers to issue time deposits and money market accounts.

PCB Bancorp, on a stand-alone holding company basis, must provide for its own liquidity and its main source of funding is dividends from the Bank. There are statutory, regulatory and debt covenant limitations that affect the ability of the Bank to pay dividends to the holding company. Management believes that these limitations will not impact the Company’s ability to meet its ongoing short- and long-term cash obligations.

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Off-Balance Credit Exposures and Contractual Obligations

Off-Balance Sheet Credit Exposures

The Company has limited off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on financial condition, results of operations, liquidity, capital expenditures or capital resources.

In the ordinary course of business, the Company enters into financial commitments to meet the financing needs of its customers. These financial commitments include commitments to extend credit, unused lines of credit, commercial and similar letters of credit and standby letters of credit. Those instruments involve to varying degrees, elements of credit and interest rate risk not recognized in the Company’s financial statements.

The Company’s exposure to loan loss in the event of nonperformance on these financial commitments is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for loans reflected in the consolidated financial statements.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. The Company evaluates each client’s credit worthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary is based on management’s credit evaluation of the customer. The following table presents outstanding financial commitments whose contractual amount represents credit risk as of the dates indicated:

						June 30, 2025												December 31, 2024
($ in thousands)						Fixed Rate						Variable Rate						Fixed Rate						Variable Rate
Unused lines of credit						$	14,196					$	348,490					$	12,923					$	370,313
Unfunded loan commitments						—						12,255						—						17,339
Standby letters of credit						5,659						1,685						5,279						1,516
Commercial letters of credit						—						74						—						—
Total						$	19,855					$	362,504					$	18,202					$	389,168

Contractual Obligations

The following table presents supplemental information regarding total contractual obligations as of the dates indicated:

($ in thousands)						Within One Year						One to Three Years						Three to Five Years						Over Five Years						Total
June 30, 2025
Time deposits						$	1,690,646					$	4,699					$	172					$	—					$	1,695,517
FHLB advances						45,000						—						—						—						45,000
Operating leases						3,618						6,159						5,535						8,874						24,186
Total						$	1,739,264					$	10,858					$	5,707					$	8,874					$	1,764,703
December 31, 2024
Time deposits						$	1,596,769					$	4,099					$	183					$	—					$	1,601,051
Other short-term borrowings						15,000						—						—						—						15,000
Operating leases						3,397						5,716						4,910						9,111						23,134
Total						$	1,615,166					$	9,815					$	5,093					$	9,111					$	1,639,185

Management believes that the Company will be able to meet its contractual obligations as they come due through the maintenance of adequate cash levels. Management expects to maintain adequate cash levels through profitability, loan and securities repayment and maturity activity and continued deposit gathering activities. The Company has in place various borrowing mechanisms for both short-term and long-term liquidity needs.

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Item 3 - Quantitative and Qualitative Disclosures About Market Risk

Market risk represents the risk of loss due to changes in market values of assets and liabilities. Market risk occurs in the normal course of business through exposures to market interest rates, equity prices, and credit spreads.

Overview

Interest rate risk is the risk to earnings and value arising from changes in market interest rates. Interest rate risk arises from timing differences in the repricings and maturities of interest-earning assets and interest-bearing liabilities (repricing risk), changes in the expected maturities of assets and liabilities arising from embedded options, such as borrowers’ ability to prepay residential mortgage loans at any time and depositors’ ability to redeem certificates of deposit before maturity (option risk), changes in the shape of the yield curve where interest rates increase or decrease in a nonparallel fashion (yield curve risk), and changes in spread relationships between different yield curves, such as U.S. Treasuries and Secured Overnight Financing Rate (“SOFR”) (basis risk).

The Company’s Board Asset Liability Committee (“ALCO”) establishes broad policy limits with respect to interest rate risk. Board ALCO establishes specific operating guidelines within the parameters of the Board of Directors’ policies. In general, the Company seeks to minimize the impact of changing interest rates on net interest income and the economic values of assets and liabilities. Board ALCO meets quarterly to monitor the level of interest rate risk sensitivity to ensure compliance with the Board of Directors’ approved risk limits. The Company also has a Management ALCO, which is comprised of the senior management team and the Chief Executive Officer, to proactively monitor interest rate risk.

Interest rate risk management is an active process that encompasses monitoring loan and deposit flows complemented by investment and funding activities. Effective management of interest rate risk begins with understanding the dynamic characteristics of assets and liabilities and determining the appropriate interest rate risk posture given business forecasts, management objectives, market expectations, and policy constraints.

An asset sensitive position refers to a balance sheet position in which an increase in short-term interest rates is expected to generate higher net interest income, as rates earned on interest-earning assets would reprice upward more quickly than rates paid on interest-bearing liabilities, thus expanding net interest margin. Conversely, a liability sensitive position refers to a balance sheet position in which an increase in short-term interest rates is expected to generate lower net interest income, as rates paid on interest-bearing liabilities would reprice upward more quickly than rates earned on interest-earning assets, thus compressing net interest margin.

Measurement

Interest rate risk exposure is measured and monitored through various risk management tools, which include a simulation model that performs interest rate sensitivity analyses under multiple interest rate scenarios. Interest rate risk measurement is calculated and reported to the Board ALCO at least quarterly. The information reported includes period-end results and identifies any policy limits exceeded, along with an assessment of the policy limit breach and the action plan and timeline for resolution, mitigation, or assumption of the risk.

The Company uses two approaches to model interest rate risk: Net Interest Income at Risk (“NII at Risk”), and Economic Value of Equity (“EVE”). Under NII at Risk, net interest income is modeled utilizing various assumptions for assets, liabilities, and derivatives. The Company uses a static balance sheet to perform these analyses. EVE measures the period end market value of assets minus the market value of liabilities and the change in this value as rates change. EVE simulation reflects the effect of interest rate shifts on the value of the Company. In contrast to NII simulation, EVE simulation identifies risks arising from repricing or maturity gaps over the life of the balance sheet. The EVE approach provides a comparatively broader scope than the NII at Risk approach since it captures all anticipated cash flows.

Simulation results are highly dependent on input assumptions. To the extent the actual behavior is different from the assumption used in the models, there could be material changes in results. The assumptions applied in the model are documented, supported, and periodically back-tested to assess the reasonableness and effectiveness. The Company makes appropriate changes to the model as needed and these changes are reviewed by Board and Management ALCOs. The Company also continuously validates the model, methodology and results. Scenario results do not reflect strategies that the management could employ to limit the impact of changing interest rate expectations.

The model incorporates deposit repricing assumptions impacting both consumer and wholesale deposits, deposit behavior assumption related to its non-maturity deposits, and prepayment assumptions related to its loan portfolio. The model modifications incorporated observed pricing and customer behavior in both rising and falling interest rate environments. As part of the Company’s continuous evaluation and periodic enhancements to its NII and EVE calculations, the model is updated annually and was last evaluated during the three months ended September 30, 2024.

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The following table presents the projected changes in NII at Risk and EVE that would occur upon an immediate change in interest rates based on independent analysis as of the dates indicated, but without giving effect to any steps that management might take to counteract changes:

						June 30, 2025												December 31, 2024
Simulated Rate Changes						Net Interest Income Sensitivity						Economic Value of Equity Sensitivity						Net Interest Income Sensitivity						Economic Value of Equity Sensitivity
+200						7.9		%				(3.6)		%				9.5		%				(4.1)		%
+100						4.0		%				(1.3)		%				4.7		%				(1.9)		%
-100						(5.9)		%				(1.3)		%				(6.2)		%				(1.1)		%
-200						(12.3)		%				(5.4)		%				(12.8)		%				(4.5)		%

On June 18, 2025, the FOMC maintained the upper range of the Fed Funds Target Rate at 4.50%. The FOMC acknowledged that the unemployment rate remains low, labor conditions remain solid, while inflation remains somewhat elevated. They added that while uncertainty about the economic outlook has diminished, they remain elevated. The Committee added that in considering the extent and timing of additional adjustment to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and balance of risks. They are attentive to the risk to both sides of its dual mandate and remain strongly committed to supporting maximum employment and returning inflation to its 2% objective.

As of June 30, 2025, the Company’s net interest income sensitivity results exhibit an asset sensitive profile. Net interest income is expected to increase when interest rates rise, as the Company has a large proportion of variable rate loans in its loan portfolio, primarily linked to Prime Rate indices, that are sensitive to changes in short-term interest rates. The Company’s deposit portfolio is also sensitive to changes in short-term interest rates, even though a large portion of its deposit mix is composed of non-maturity deposits that are not directly tied to short-term interest rate indices. The modeled results are highly sensitive to reinvestment yield and deposit beta assumptions. Actual results in net interest income during a period of rising interest rates may vary from the Company’s net interest income sensitivity analysis, as the actual result reflects earnings asset growth and deposit mix changes based on customer preferences relative to the interest rate environment.

The Company’s EVE sensitivity reflects a slight liability sensitive profile. The model result is highly sensitive to deposit behaviors as well as loan prepayment assumptions. Due to the uncertainty of the current economic forecast, and timing and direction of future interest rate movements, actual results may vary from the Company’s EVE sensitivity analysis.

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Item 4 - Controls and Procedures

Evaluation of Disclosure Controls and Procedures

An evaluation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as of June 30, 2025 was carried out under the supervision and with the participation of the Company’s Chief Executive Officer, Chief Financial Officer and other members of the Company’s senior management. Based on the evaluation, management concluded that the Company’s disclosure controls and procedures were ineffective as of June 30, 2025 because of a material weakness related to the Company’s internal control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements would not be prevented or detected on a timely basis. Management identified the following material weakness in the Company’s internal control over financial reporting:

•The Company has not designed and maintained all applicable internal controls to ensure that unusual or infrequent derivative contracts are evaluated for proper accounting treatment and disclosure.

Management initially identified this material weakness during the preparation of the Company’s financial statements for the three months ended March 31, 2025, as reported in Item 4 to the Company’s Quarterly Report on Form 10-Q/A for such period.

Remediation Plans

Since identifying this material weakness, management has been developing and implementing a remediation plan to address the material weakness, which may include, among other things, having its disclosure committee discuss and review all new unusual or infrequent derivative or financial contracts each quarter and engaging a third party to assist in the evaluation of accounting matters with respect to such transactions that could have a potential impact on the Company’s financial statements.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) under the Exchange Act) during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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Part II - Other Information

Item 1 - Legal Proceedings

In the normal course of business, the Company is involved in various legal claims. Management has reviewed all legal claims against the Company with counsel and have taken into consideration the views of such counsel as to the potential outcome of the claims in determining the accrued loss contingency. The Company had accrued loss contingencies for legal claims of $190 thousand at June 30, 2025. It is reasonably possible the Company may incur losses in addition to the amounts currently accrued. However, at this time, the Company is unable to estimate the range of additional losses that are reasonably possible because of a number of factors, including the fact that certain of these litigation matters are still in their early stages and involve claims for which, at this point, the Company believes have little to no merit. Management has considered these and other possible loss contingencies and does not expect the amounts to be material to the consolidated financial statements.

Item 1A - Risk Factors

Management is not aware of any material changes to the risk factors that appeared under “Part I, Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, other than those additional risks described below. You should carefully consider such risks and the other information in this Quarterly Report on Form 10-Q, any of which could materially and adversely affect the Company’s business, financial condition, results of operations and stock price. The risks described in this Quarterly Report on Form 10-Q and in the Annual Report on Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not presently known to management or that management presently believes not to be material may also result in material and adverse effects on the Company’s business, financial condition, and results of operations.

The Company has identified a material weakness in its internal control over financial reporting.

As disclosed in “Part I - Item 4. Controls and Procedures,” of this Quarterly Report on Form 10-Q, management has identified a material weakness in the Company’s internal control over financial reporting. As a result, management concluded that the Company’s internal control over financial reporting and disclosure controls and procedures were not effective as of June 30, 2025. The Company is working to remediate the material weakness. However, there can be no assurance that these remediation efforts will be successful. In addition, these remediation efforts may place a burden on management and may result in additional expenses.

The Company cannot assure that additional significant deficiencies or material weaknesses in its internal control over financial reporting will not be identified in the future. Any failure to maintain or implement required new or improved controls, or any difficulties the Company experiences in their implementation, could result in additional material weaknesses, cause the Company to fail to meet its periodic SEC reporting obligations or result in material misstatements to its financial statements in future periods, any of which could cause investors or customers to lose confidence in the Company’s reported financial information, a decline in the trading price of the Company’s common stock or a delisting of the Company’s common stock from the Nasdaq Stock Market.

The Company may not qualify to repurchase its Series C Preferred Stock on favorable terms.

On May 24, 2022, the Company sold shares of its Series C Preferred Stock to the U.S. Treasury for the purchase price of $69.1 million under the Emergency Capital Investment Program, or “ECIP.” Under the ECIP program, the Treasury invested in depository institutions that are Community Development Financial Institutions or minority depository institutions (“MDIs”) to encourage lending to small businesses, minority-owned businesses and consumers in low-income and underserved communities.

Under terms of an ECIP Securities Purchase Option Agreement by between the Company and Treasury, if the Company meets certain conditions, the Company or the Company’s qualifying designee may repurchase the Series C Preferred Stock, potentially at a substantial discount (the “Repurchase Option”). To be eligible to exercise the Repurchase Option, the Company must, among other things, meet certain thresholds for “deep impact lending” or “qualified lending” (as defined in the ECIP’s guidelines), comply with the ECIP agreements and rules, continue to qualify as an MDI, and be “well-capitalized” under federal Prompt Corrective Action guidelines. The earliest possible date by which the Company could exercise the repurchase options (assuming it meets all required conditions) is June 30, 2026. There can be no assurance that the Company will ever satisfy the lending and other requirements necessary to exercise the Repurchase Option.

For additional information, see Note 9 to the Company’s Consolidated Financial Statements (Unaudited) included in this Quarterly Report on Form 10-Q.

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Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds

There were no unregistered sales of equity securities during the three months ended June 30, 2025.

The following table presents share repurchase activities during the periods indicated:

($ in thousands, except per share data)						Total Number of Shares Purchased						Average Price Paid Per Share						Total Number of Shares Purchased as Part of Publicly Announced Program						Number of Shares That May Yet Be Purchased Under the Program
From April 1, 2025 to April 30, 2025						98,228						$	17.94					98,228						428,873
From May 1, 2025 to May 31, 2025						—						$	—					—						428,873
From June 1, 2025 to June 30, 2025						400						$	18.98					400						428,473
Total						98,628						$	17.95					98,628

During the year ended December 31, 2024, the Company repurchased and retired 14,947 shares of common stock at a weighted-average price of $14.88 per share.

During the six months ended June 30, 2025, the Company repurchased and retired 149,304 shares of common stock at a weighted-average price of $18.24 per share.

Item 3 - Defaults Upon Senior Securities

None.

Item 4 - Mine Safety Disclosures

Not applicable.

Item 5 - Other Information

During the three months ended June 30, 2025, no officer or director of the Company adopted or terminated any contract, instruction, or written plan for the purchase or sale of securities of the Company’s common stock that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) or any non-Rule 10b5-1 trading arrangement as defined in 17 CFR § 229.408(c).

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Item 6 - Exhibits

Exhibit Number

Description

Form

File No.

Exhibit

Filing Date

3.1

Articles of Incorporation of PCB Bancorp, as amended

10-Q

001-38621

3.1

August 8, 2019

3.2

Bylaws of PCB Bancorp

8-K

001-38621

3.1

May 23, 2024

3.3

Certificate of Determination for Senior Non-Cumulative Perpetual Preferred Stock, Series C

8-K

001-38621

3.1

May 24, 2022

4.1

Specimen common stock certificate of PCB Bancorp

10-Q

001-38621

4.1

August 8, 2019

4.2

Description of Capital Stock

10-Q

001-38621

4.2

August 4, 2022

4.3

Form of Certificate for Senior Non-Cumulative Perpetual Preferred Stock, Series C

8-K

001-38621

4.1

May 24, 2022

10.1

Employment Agreement, dated January 1, 2018, between Pacific City Financial Corporation and Henry Kim

S-1

333-226208

10.1

July 17, 2018

10.1A

First Amendment to Employment Agreement, dated August 26, 2021, among PCB Bancorp, Pacific City Bank and Henry Kim

10-Q

001-38621

10.1A

November 8, 2021

10.1B

Second Amendment to Employee Agreement, dated December 28, 2021, among PCB Bancorp, Pacific City Bank and Henry Kim

10-K

001-38621

10.1B

March 4, 2022

10.1C

Third Amendment to Employee Agreement, dated December 28, 2023, among PCB Bancorp, PCB Bank and Henry Kim

10-Q

001-38621

10.1C

June 9, 2025

10.2

2023 Equity Based Compensation Plan

S-8

333-272874

4.1

June 23, 2023

10.3

Form of Stock Option Award Agreement under 2023 Equity Based Compensation Plan

8-K

001-38621

10.1

July 27, 2023

10.4

Form of Restricted Stock Award Agreement under 2023 Equity Based Compensation Plan

8-K

001-38621

10.2

July 27, 2023

10.5

2013 Equity Based Compensation Plan, as amended

S-1

333-226208

10.2

July 17, 2018

10.6

Form of Stock Option Award Agreement under 2013 Equity Based Compensation Plan

S-1

333-226208

10.3

July 17, 2018

10.7

Form of Restricted Stock Award Agreement under 2013 Equity Based Compensation Plan

S-1

333-226208

10.4

July 17, 2018

10.8

Letter Agreement, dated May 24, 2022, between PCB Bancorp and the U.S. Department of Treasury, with respect to the issuance of Senior Non-Cumulative Perpetual Preferred Stock, Series C

8-K

001-38621

10.1

May 24, 2022

10.9

ECIP Securities Purchase Option Agreement between PCB Bancorp and the U.S. Department of the Treasury dated January 16, 2025

10-K

001-38621

10.1

March 13, 2025

19

Insider Trading Policy

10-K

001-38621

10.1

March 13, 2025

31.1

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

31.2

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

32.1

Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

32.2

Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

97

PCB Bancorp Compensation Clawback Policy dated March 11, 2024

10-K

001-38621

97

March 12, 2024

101.INS

The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH

Inline XBRL Taxonomy Extension Schema Document*

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document*

104

Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101)*

* Filed herewith

** Furnished herewith

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

									PCB Bancorp
Date:			August 8, 2025						/s/ Henry Kim
									Henry Kim
									President and Chief Executive Officer (Principal Executive Officer)
Date:			August 8, 2025						/s/ Timothy Chang
									Timothy Chang
									Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

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FAQ

What were PCB Bancorp's net income and EPS for Q2 2025 (PCB)?

PCB reported net income of $9.07 million for the quarter and basic EPS of $0.63 (diluted EPS $0.62).

How large were PCB Bancorp's loans and deposits at June 30, 2025?

As of June 30, 2025, loans held-for-investment were $2.795 billion and total deposits were $2.823 billion.

Did PCB Bancorp's net interest income improve in Q2 2025?

Yes. Net interest income increased to $25.99 million in Q2 2025 from $21.74 million in Q2 2024.

What happened to credit provisions and the allowance for loan losses?

Provision for credit losses rose to $1.787 million for the quarter and the allowance for credit losses increased to $33.554 million at June 30, 2025.

Are there any significant funding or capital items to note for PCB?

The company had $69.141 million of Series C preferred stock (ECIP) outstanding and recorded a short-term $45.0 million FHLB advance that was repaid at maturity.