PCB Bancorp Reports Earnings for Q4 2025 and Full Year 2025

News > Business News

Audio By Carbonatix

4:05 PM on Thursday, January 29

The Associated Press

LOS ANGELES--(BUSINESS WIRE)--Jan 29, 2026--

PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income available to common shareholders of $9.1 million, or $0.64 per diluted common share, for the fourth quarter of 2025, compared with $11.3 million, or $0.78 per diluted common share, for the previous quarter and $6.7 million, or $0.46 per diluted common share, for the year-ago quarter. For 2025, net income available to common shareholders was $37.2 million, or $2.58 per diluted common share, compared with $25.0 million, or $1.74 per diluted common share, for the previous year.

Q4 2025 and Full Year Highlights

Net income available to common shareholders totaled $9.1 million, or $0.64 per diluted common share, for the current quarter and $37.2 million, or $2.58 per diluted common share, for the current year;

Provision (reversal) for credit losses was $1.0 million for the current quarter compared with $(381) thousand for the previous quarter and $2.0 million for the year-ago quarter. For the current year, provision for credit losses was $4.0 million compared with $3.4 million for the previous year;

Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment ratio was 1.18% at December 31, 2025 compared with 1.20% at September 30, 2025, and 1.16% at December 31, 2024;

Net interest income was $26.6 million for the current quarter compared with $27.0 million for the previous quarter and $23.2 million for the year-ago quarter. Net interest margin was 3.28% for the current quarter compared with 3.28% for the previous quarter and 3.18% for the year-ago quarter. For the current year, net interest income and net interest margin were $103.9 million and 3.29%, respectively, compared with $88.6 million and 3.17%, respectively, for the previous year;

Gain on sale of loans was $648 thousand for the current quarter compared with $1.6 million for the previous quarter and $1.2 million for the year-ago quarter. For the current year, gain on sale of loans was $4.6 million compared with $3.8 million for the previous year;

Total assets were $3.28 billion at December 31, 2025, a decrease of $81.7 million, or 2.4%, from $3.36 billion at September 30, 2025, but an increase of $217.8 million, or 7.1%, from $3.06 billion at December 31, 2024;

Loans held-for-investment were $2.82 billion at December 31, 2025, an increase of $67.9 million, or 2.5%, from $2.75 billion at September 30, 2025, and an increase of $191.0 million, or 7.3%, from $2.63 billion at December 31, 2024; and

Total deposits were $2.80 billion at December 31, 2025, a decrease of $118.1 million, or 4.1%, from $2.91 billion at September 30, 2025, but an increase of $179.6 million, or 6.9%, from $2.62 billion at December 31, 2024.

Henry Kim, President and CEO, commented, “We are pleased to report fourth quarter net income of $9.1 million or $0.64 per diluted share and for the full year 2025, net income of $37.2 million or $2.58 per diluted share.

Our total loan growth for the quarter was $70 million or 10% on an annualized basis as we continue to experience strong loan demand. Deposit decreased $118 million for the quarter due to a reduction of $100 million in brokered deposits and $18 million in retail deposits. Retail deposit balance decreased primarily because we intentionally did not compete with marketplace deposit rates that remain elevated despite recent FOMC rate cuts.

However, despite the elevated deposit rates in our marketplace and recent interest rate cuts that decreased the yield on our variable loan portfolio, we effectively maintained our net interest margin at 3.28% during the fourth quarter. Additionally, expenses were well-controlled, and the credit quality remained solid.”

Mr. Kim continued, “Heading into 2026, even with the backdrop of ongoing geopolitical tensions and domestic conflicts, our loan pipeline remains strong.”

Financial Highlights (Unaudited)

($ in thousands, except per share data)		ThreeMonthsEnded		Year Ended
	12/31/2025		9/30/2025		% Change		12/31/2024		% Change		12/31/2025	12/31/2024		% Change
Net income		$	9,235			$	11,412			(19.1	)%	$	7,030			31.4	%		$	37,453		$	25,810		45.1	%
Net income available to common shareholders		$	9,148			$	11,326			(19.2	)%	$	6,684			36.9	%		$	37,153		$	24,976		48.8	%
Diluted earnings per common share (“EPS”)		$	0.64			$	0.78			(17.9	)%	$	0.46			39.1	%		$	2.58		$	1.74		48.3	%

Net interest income		$	26,627			$	26,978			(1.3	)%	$	23,164			14.9	%		$	103,878		$	88,617		17.2	%
Provision (reversal) for credit losses			1,024				(381	)		NA		2,002			(48.9	)%			4,028			3,401		18.4	%
Noninterest income			2,545				3,414			(25.5	)%		3,043			(16.4	)%			11,836			11,093		6.7	%
Noninterest expense			15,026				14,869			1.1	%		13,894			8.1	%			59,198			60,023		(1.4	)%

Return on average assets (“ROAA”) (1)			1.11	%			1.35	%				0.94	%					1.15	%		0.90	%
Return on average shareholders’ equity (“ROAE”) (1)			9.45	%			11.92	%				7.69	%					9.93	%		7.26	%
Return on average tangible common equity (“ROATCE”) (1),(2)			11.40	%			14.46	%				9.02	%					12.07	%		8.72	%
Net interest margin (1)			3.28	%			3.28	%				3.18	%					3.29	%		3.17	%
Efficiency ratio (3)			51.51	%			48.92	%				53.02	%					51.16	%		60.20	%

($ in thousands, except per share data)	12/31/2025		9/30/2025	% Change		12/31/2024	% Change
Total assets	$	3,281,771		$	3,363,506		(2.4	)%		$	3,063,971	7.1	%
Net loans held-for-investment		2,787,019			2,719,554		2.5	%			2,598,759	7.2	%
Total deposits		2,795,412			2,913,502		(4.1	)%			2,615,791	6.9	%
Book value per common share (4)	$	27.41		$	26.93				$	25.30
TCE per common share (2)	$	22.55		$	22.09				$	20.49
Tier 1 leverage ratio (consolidated)		11.89	%		11.57	%				12.45	%
Total shareholders’ equity to total assets		11.88	%		11.43	%				11.87	%
TCE to total assets (2), (5)		9.78	%		9.38	%				9.62	%

(1)		Ratios for the three months ended periods are presented on an annualized basis.
(2)		Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.
(3)		Calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
(4)		Calculated by dividing total shareholders’ equity by the number of outstanding common shares.
(5)		The Company had no intangible asset component for the presented periods.

Result of Operations (Unaudited)

Net Interest Income and Net Interest Margin

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

	ThreeMonthsEnded		Year Ended
($ in thousands)	12/31/2025		9/30/2025	% Change		12/31/2024	% Change		12/31/2025		12/31/2024	% Change
Interest income/expense on
Loans	$	45,648		$	46,193		(1.2	)%		$	42,309		7.9	%		$	180,345		$	164,301	9.8	%
Investment securities		1,516			1,474		2.8	%			1,388		9.2	%			5,860			5,328	10.0	%
Other interest-earning assets		2,701			3,804		(29.0	)%			2,622		3.0	%			11,331			11,188	1.3	%
Total interest-earning assets		49,865			51,471		(3.1	)%			46,319		7.7	%			197,536			180,817	9.2	%
Interest-bearing deposits		23,197			23,995		(3.3	)%			22,927		1.2	%			92,261			90,487	2.0	%
Borrowings		41			498		(91.8	)%			228		(82.0	)%			1,397			1,713	(18.4	)%
Total interest-bearing liabilities		23,238			24,493		(5.1	)%			23,155		0.4	%			93,658			92,200	1.6	%
Net interest income	$	26,627		$	26,978		(1.3	)%		$	23,164		14.9	%		$	103,878		$	88,617	17.2	%
Average balance of
Loans	$	2,810,897		$	2,784,148		1.0	%		$	2,538,310		10.7	%		$	2,757,090		$	2,445,080	12.8	%
Investment securities		156,819			152,084		3.1	%			147,943		6.0	%			151,653			144,455	5.0	%
Other interest-earning assets		250,215			327,637		(23.6	)%			207,234		20.7	%			247,358			203,279	21.7	%
Total interest-earning assets	$	3,217,931		$	3,263,869		(1.4	)%		$	2,893,487		11.2	%		$	3,156,101		$	2,792,814	13.0	%
Interest-bearing deposits	$	2,311,423		$	2,326,170		(0.6	)%		$	1,986,901		16.3	%		$	2,241,953		$	1,892,944	18.4	%
Borrowings		4,011			43,109		(90.7	)%			17,946		(77.6	)%			30,619			31,033	(1.3	)%
Total interest-bearing liabilities	$	2,315,434		$	2,369,279		(2.3	)%		$	2,004,847		15.5	%		$	2,272,572		$	1,923,977	18.1	%
Total funding (1)	$	2,853,402		$	2,910,522		(2.0	)%		$	2,548,818		12.0	%		$	2,804,998		$	2,463,240	13.9	%
Annualized average yield/cost of
Loans		6.44	%		6.58	%				6.63	%				6.54	%		6.72	%
Investment securities		3.84	%		3.85	%				3.73	%				3.86	%		3.69	%
Other interest-earning assets		4.28	%		4.61	%				5.03	%				4.58	%		5.50	%
Total interest-earning assets		6.15	%		6.26	%				6.37	%				6.26	%		6.47	%
Interest-bearing deposits		3.98	%		4.09	%				4.59	%				4.12	%		4.78	%
Borrowings		4.06	%		4.58	%				5.05	%				4.56	%		5.52	%
Total interest-bearing liabilities		3.98	%		4.10	%				4.59	%				4.12	%		4.79	%
Net interest margin		3.28	%		3.28	%				3.18	%				3.29	%		3.17	%
Cost of total funding (1)		3.23	%		3.34	%				3.61	%				3.34	%		3.74	%
Supplementary information
Net accretion of discount on loans	$	746		$	563		32.5	%		$	645		15.7	%		$	2,791		$	2,782	0.3	%
Net amortization of deferred loan fees	$	255		$	433		(41.1	)%		$	295		(13.6	)%		$	1,368		$	1,214	12.7	%

(1)

Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

Loans. The decreases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to decreases in market rates and net amortization of deferred loan fees, partially offset by an increase in net accretion of discount on loans. The decrease in average yield for the current year compared with the previous year was primarily due to a decrease in market rates, partially offset by an increase in net amortization of deferred loan fees.

The following table presents a composition of total loans by interest rate type accompanied by the weighted-average contractual rates as of the dates indicated:

	12/31/2025		9/30/2025		12/31/2024
	% to Total Loans		Weighted-Average Contractual Rate		% to Total Loans	Weighted-Average Contractual Rate		% to Total Loans		Weighted-Average Contractual Rate
Fixed rate loans	17.5	%		5.60	%	18.2	%		5.60	%	17.4	%	5.23	%
Hybrid rate loans	39.7	%		5.57	%	39.5	%		5.51	%	37.3	%	5.27	%
Variable rate loans	42.8	%		6.93	%	42.3	%		7.38	%	45.3	%	7.63	%

Investment Securities. The increases for the current quarter and year compared with the same periods of 2024 were primarily due to higher yields on newly purchased investment securities.

Other Interest-Earning Assets. The decreases for the current quarter and year were primarily due to a decrease in average interest rate on cash held at the Federal Reserve Bank, partially offset by an increase in dividends received on Federal Home Loan Bank (“FHLB”) stock.

Interest-Bearing Deposits. The decreases in average cost for the current quarter and year were primarily due to a decrease in market rates.

Provision (reversal) for credit losses

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

	ThreeMonthsEnded		Year Ended
($ in thousands)	12/31/2025		9/30/2025		% Change		12/31/2024		% Change		12/31/2025		12/31/2024		% Change
Provision (reversal) for credit losses on loans	$	791		$	(428	)		NA		$	2,044			(61.3	)%	$	3,675	$	3,488		5.4	%
Provision (reversal) for credit losses on off-balance sheet credit exposure		233			47			395.7	%			(42	)		NA		353		(87	)	NA
Total provision (reversal) for credit losses	$	1,024		$	(381	)		NA		$	2,002			(48.9	)%	$	4,028	$	3,401		18.4	%

The provision for credit losses on loans for the current quarter was primarily due to an increase in loans held-for-investment.

Noninterest Income

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

	ThreeMonthsEnded		Year Ended
($ in thousands)	12/31/2025		9/30/2025		% Change	12/31/2024		% Change		12/31/2025	12/31/2024		% Change
Gain on sale of loans	$	648		$	1,617	(59.9	)%		$	1,161	(44.2	)%		$	4,617	$	3,752	23.1	%
Service charges and fees on deposits		416			377	10.3	%			404	3.0	%			1,540		1,545	(0.3	)%
Loan servicing income		741			719	3.1	%			861	(13.9	)%			2,945		3,365	(12.5	)%
Bank-owned life insurance (“BOLI”) income		271			259	4.6	%			246	10.2	%			1,030		949	8.5	%
Other income		469			442	6.1	%			371	26.4	%			1,704		1,482	15.0	%
Total noninterest income	$	2,545		$	3,414	(25.5	)%		$	3,043	(16.4	)%		$	11,836	$	11,093	6.7	%

Gain on Sale of Loans. The following table presents information on gain on sale of loans for the periods indicated:

	ThreeMonthsEnded		Year Ended
($ in thousands)	12/31/2025		9/30/2025		% Change	12/31/2024		% Change		12/31/2025	12/31/2024		% Change
Gain on sale of SBA loans
Sold loan balance	$	13,201		$	29,017	(54.5	)%		$	24,518	(46.2	)%		$	85,770	$	71,057	20.7	%
Premium received		769			1,852	(58.5	)%			1,910	(59.7	)%			5,579		5,747	(2.9	)%
Gain recognized		648			1,617	(59.9	)%			1,161	(44.2	)%			4,617		3,752	23.1	%
Gain on sale of residential mortgage loans
Sold loan balance	$	—		$	—	—	%		$	—	—	%		$	—	$	676	(100.0	)%
Gain recognized		—			—	—	%			—	—	%			—		—	—	%

Loan Servicing Income. The Company services SBA loans and certain residential property loans sold to the secondary market. The following table presents information on loan servicing income for the periods indicated:

	ThreeMonthsEnded		Year Ended
($ in thousands)	12/31/2025		9/30/2025	% Change		12/31/2024	% Change		12/31/2025		12/31/2024		% Change
Loan servicing income
Servicing income received	$	1,254		$	1,247		0.6	%		$	1,255			(0.1	)%	$	5,025		$	5,130		(2.0	)%
Servicing assets amortization		(513	)		(528	)	(2.8	)%			(394	)		30.2	%		(2,080	)		(1,765	)	17.8	%
Loan servicing income	$	741		$	719		3.1	%		$	861			(13.9	)%	$	2,945		$	3,365		(12.5	)%
Underlying loans at end of period	$	502,408		$	518,309		(3.1	)%		$	523,797			(4.1	)%	$	502,408		$	523,797		(4.1	)%

Noninterest Expense

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

	ThreeMonthsEnded		Year Ended
($ in thousands)	12/31/2025		9/30/2025		% Change	12/31/2024		% Change		12/31/2025	12/31/2024		% Change
Salaries and employee benefits	$	9,339		$	9,293	0.5	%		$	8,417	11.0	%		$	36,551	$	35,661	2.5	%
Occupancy and equipment		2,202			2,372	(7.2	)%			2,198	0.2	%			9,242		9,117	1.4	%
Professional fees		834			541	54.2	%			752	10.9	%			2,808		3,408	(17.6	)%
Marketing and business promotion		607			669	(9.3	)%			582	4.3	%			2,116		1,886	12.2	%
Data processing		351			333	5.4	%			205	71.2	%			1,334		1,499	(11.0	)%
Director fees and expenses		224			223	0.4	%			227	(1.3	)%			898		906	(0.9	)%
Regulatory assessments		389			373	4.3	%			322	20.8	%			1,464		1,256	16.6	%
Other expense		1,080			1,065	1.4	%			1,191	(9.3	)%			4,785		6,290	(23.9	)%
Total noninterest expense	$	15,026		$	14,869	1.1	%		$	13,894	8.1	%		$	59,198	$	60,023	(1.4	)%

Salaries and Employee Benefits. The increase for the current quarter compared with the year-ago quarter was primarily due to increases in salaries, bonus accrual, group insurance and stock compensation expenses. The increase for the current year compared with the previous year was primarily due to increases in bonus accrual, group insurance and stock compensation expenses, partially offset by 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 264, 270 and 262 as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively.

Professional Fees. The increase for the current quarter compared with the previous quarter was primarily due to increases in professional fees related internal audit and loan review. The decrease for the current year compared with the previous year was primarily due to other professional fees related to a core system conversion that was completed in April 2024 for the previous year, partially offset by professional fees related to evaluating the accounting for a preferred stock purchase option for the current year.

Marketing and Business Promotion. The increase for the current quarter and year compared with the same periods of 2024 were primarily due to an increase in advertising.

Data Processing. The increase for the current quarter compared with the year-ago quarter was primarily due to one-time new relationship credit recognized during the year-ago quarter from the core system conversion completed in April 2024. The decrease for the current year compared with the previous year was primarily due to a decrease in overall service charges after the core system conversion, partially offset by the one-time new relationship credit recognized during the previous year.

Other Expense. The decrease for the current year compared with the previous year was primarily due to a 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 during the previous year, partially offset by the impairment on operating lease assets of $238 thousand and contingent accrual for legal settlements of $217 thousand for the current year.

Balance Sheet (Unaudited)

Total assets were $3.28 billion at December 31, 2025, a decrease of $81.7 million, or 2.4%, from $3.36 billion at September 30, 2025, but an increase of $217.8 million, or 7.1%, from $3.06 billion at December 31, 2024. The decrease for the current quarter was primarily due to a decrease in cash and cash equivalents, partially offset by an increases in loans held-for-investment. The increase for the current year was primarily due to increases in loans held-for-investment and cash and cash equivalents.

Loans

The following table presents a composition of total loans (includes both loans held-for-sale and loans held-for-investment) as of the dates indicated:

($ in thousands)	12/31/2025	9/30/2025	% Change	12/31/2024	% Change
Commercial real estate:
Commercial property	$ 1,071,396	$ 1,039,965	3.0 %	$ 940,931	13.9 %
Business property	638,063	639,596	(0.2) %	595,547	7.1 %
Multifamily	175,579	172,098	2.0 %	194,220	(9.6) %
Construction	18,561	25,911	(28.4) %	21,854	(15.1) %
Total commercial real estate	1,903,599	1,877,570	1.4 %	1,752,552	8.6 %
Commercial and industrial	508,662	465,424	9.3 %	472,763	7.6 %
Consumer:
Residential mortgage	401,337	401,653	(0.1) %	392,456	2.3 %
Other consumer	6,802	7,867	(13.5) %	11,616	(41.4) %
Total consumer	408,139	409,520	(0.3) %	404,072	1.0 %
Loans held-for-investment	2,820,400	2,752,514	2.5 %	2,629,387	7.3 %
Loans held-for-sale	12,077	9,634	25.4 %	6,292	91.9 %
Total loans	$ 2,832,477	$ 2,762,148	2.5 %	$ 2,635,679	7.5 %

SBA loans included in:
Loans held-for-investment	$ 146,549	$ 151,766	(3.4) %	$ 146,940	(0.3) %
Loans held-for-sale	$ 12,077	$ 9,634	25.4 %	$ 6,292	91.9 %

ACL on loans	$ 33,381	$ 32,960	1.3 %	$ 30,628	9.0 %
ACL on loans to loans held-for-investment	1.18 %	1.20 %		1.16 %

The increase in loans held-for-investment for the current quarter was primarily due to new funding of term loans of $209.3 million and net increase of lines of credit of $3.1 million, partially offset by pay-downs and pay-offs of term loans of $144.1 million and charge-offs of $381 thousand. The increase for the current year was primarily due to new funding of term loans of $652.4 million, partially offset by pay-downs and pay-offs of term loans of $443.9 million, net decrease of lines of credit of $16.2 million, and charge-offs of $1.3 million.

The increase in loans held-for-sale for the current quarter was primarily due to new funding of $16.0 million, partially offset by sales of $13.2 million and pay-downs of $395 thousand. The increase for the current year period was primarily due to new funding of $92.2 million, partially offset by sales of $85.8 million and pay-downs of $643 thousand.

The following table presents a composition of off-balance sheet credit exposure as of the dates indicated:

($ in thousands)	12/31/2025		9/30/2025		% Change	12/31/2024		% Change
Commercial property	$	11,344		$	13,772	(17.6	)%		$	8,888	27.6	%
Business property		7,569			10,740	(29.5	)%			11,058	(31.6	)%
Construction		5,229			7,688	(32.0	)%			14,423	(63.7	)%
Commercial and industrial		342,593			373,560	(8.3	)%			364,731	(6.1	)%
Other consumer		1,347			1,357	(0.7	)%			1,475	(8.7	)%
Total commitments to extend credit		368,082			407,117	(9.6	)%			400,575	(8.1	)%
Letters of credit		7,330			7,074	3.6	%			6,795	7.9	%
Total off-balance sheet credit exposure	$	375,412		$	414,191	(9.4	)%		$	407,370	(7.8	)%

Credit Quality

The following table presents a summary of non-performing loans and assets, and classified assets as of the dates indicated:

($ in thousands)	12/31/2025		9/30/2025	% Change		12/31/2024	% Change
Nonaccrual loans
Commercial real estate:
Commercial property	$	1,403		$	1,448		(3.1	)%	$	1,851		(24.2	)%
Business property		938			962		(2.5	)%		2,336		(59.8	)%
Total commercial real estate		2,341			2,410		(2.9	)%		4,187		(44.1	)%
Commercial and industrial		161			378		(57.4	)%		79		103.8	%
Consumer:
Residential mortgage		5,403			5,370		0.6	%		403		1,240.7	%
Other consumer		5			—		NA		24		(79.2	)%
Total consumer		5,408			5,370		0.7	%		427		1,166.5	%
Total nonaccrual loans held-for-investment		7,910			8,158		(3.0	)%		4,693		68.5	%
Loans past due 90 days or more and still accruing		—			—		—	%		—		—	%
Non-performing loans (“NPLs”)		7,910			8,158		(3.0	)%		4,693		68.5	%
NPLs held-for-sale		—			—		—	%		—		—	%
Total NPLs		7,910			8,158		(3.0	)%		4,693		68.5	%
Other real estate owned (“OREO”)		—			—		—	%		—		—	%
Non-performing assets (“NPAs”)	$	7,910		$	8,158		(3.0	)%	$	4,693		68.5	%
Loans past due and still accruing
Past due 30 to 59 days	$	943		$	1,548		(39.1	)%	$	4,599		(79.5	)%
Past due 60 to 89 days		12			—		NA		303		(96.0	)%
Past due 90 days or more		—			—		—	%		—		—	%
Total loans past due and still accruing	$	955		$	1,548		(38.3	)%		4,902		(80.5	)%
Special mention loans	$	6,435		$	6,477		(0.6	)%	$	5,034		27.8	%
Classified assets
Classified loans held-for-investment	$	9,159		$	10,172		(10.0	)%	$	6,930		32.2	%
Classified loans held-for-sale		—			—		—	%		—		—	%
OREO		—			—		—	%		—		—	%
Classified assets	$	9,159		$	10,172		(10.0	)%	$	6,930		32.2	%
NPLs to loans held-for-investment		0.28	%		0.30	%			0.18	%
NPAs to total assets		0.24	%		0.24	%			0.15	%
Classified assets to total assets		0.28	%		0.30	%			0.23	%

Allowance for Credit Losses

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

	ThreeMonthsEnded		Year Ended
($ in thousands)	12/31/2025		9/30/2025	% Change		12/31/2024	% Change		12/31/2025		12/31/2024		% Change
ACL on loans
Balance at beginning of period	$	32,960		$	33,554		(1.8	)%		$	28,930			13.9	%	$	30,628		$	27,533			11.2	%
Charge-offs		(381	)		(454	)	(16.1	)%			(395	)		(3.5	)%		(1,308	)		(691	)		89.3	%
Recoveries		11			288		(96.2	)%			49			(77.6	)%		386			298			29.5	%
Provision (reversal) for credit losses on loans		791			(428	)	NA			2,044			(61.3	)%		3,675			3,488			5.4	%
Balance at end of period	$	33,381		$	32,960		1.3	%		$	30,628			9.0	%	$	33,381		$	30,628			9.0	%
ACL on off-balance sheet credit exposure
Balance at beginning of period	$	1,310		$	1,263		3.7	%		$	1,232			6.3	%	$	1,190		$	1,277			(6.8	)%
Provision (reversal) for credit losses on off-balance sheet credit exposure		233			47		395.7	%			(42	)		NA		353			(87	)		NA
Balance at end of period	$	1,543		$	1,310		17.8	%		$	1,190			29.7	%	$	1,543		$	1,190			29.7	%

Investment Securities

Total investment securities were $160.0 million at December 31, 2025, an increase of $9.7 million, or 6.5%, from $150.3 million at September 30, 2025 and an increase of $13.7 million, or 9.3%, from $146.3 million at December 31, 2024.

The increase for the current quarter was primarily due to purchases of $16.8 million and a fair value increase of $759 thousand, partially offset by principal pay-downs of $7.8 million and net premium amortization of $38 thousand. The increase for the current year was primarily due to purchases of $31.7 million and a fair value increase of $6.3 million, partially offset by principal pay-downs of $24.2 million and net premium amortization of $146 thousand.

Deposits

The following table presents the Company’s deposit mix as of the dates indicated:

	12/31/2025		9/30/2025		12/31/2024
($ in thousands)	Amount		% to Total		Amount	% to Total		Amount		% to Total
Noninterest-bearing demand deposits	$	555,645		19.9	%	$	551,312		18.9	%	$	547,853	20.9	%
Interest-bearing deposits
Savings		6,077		0.2	%		5,287		0.2	%		5,765	0.2	%
NOW		13,928		0.5	%		13,411		0.5	%		13,761	0.5	%
Retail money market accounts		656,069		23.4	%		650,675		22.2	%		447,360	17.1	%
Brokered money market accounts		1		0.1	%		1		0.1	%		1	0.1	%
Retail time deposits of
$250,000 or less		574,519		20.6	%		580,300		19.9	%		493,644	18.9	%
More than $250,000		648,633		23.1	%		671,516		23.1	%		605,124	23.1	%
State and brokered time deposits		340,540		12.2	%		441,000		15.1	%		502,283	19.2	%
Total interest-bearing deposits		2,239,767		80.1	%		2,362,190		81.1	%		2,067,938	79.1	%
Total deposits	$	2,795,412		100.0	%	$	2,913,502		100.0	%	$	2,615,791	100.0	%

Estimated total deposits not covered by deposit insurance	$	1,270,159		45.4	%	$	1,275,127		43.8	%	$	1,036,451	39.6	%

Total retail deposits were $2.45 billion at December 31, 2025, a decrease of $17.6 million, or 0.7%, from $2.47 billion at September 30, 2025, but an increase of $341.4 million, or 16.2%, from $2.11 billion at December 31, 2024.

The decrease in retail time deposits for the current quarter was primarily due to matured and closed accounts of $433.7 million, partially offset by new accounts of $65.8 million, renewals of the matured accounts of $328.0 million and balance increases of $11.3 million. The increase for the current year was primarily due to new accounts of $460.6 million, renewals of the matured accounts of $1.17 billion and balance increases of $43.1 million, partially offset by matured and closed accounts of $1.55 billion.

Liquidity

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

($ in thousands)	12/31/2025		12/31/2024	% Change
Cash and cash equivalents	$	207,142		$	198,792		4.2	%
Cash and cash equivalents to total assets		6.3	%		6.5	%

Available borrowing capacity
FHLB advances	$	840,607		$	722,439		16.4	%
Federal Reserve Discount Window		841,563			586,525		43.5	%
Overnight federal funds lines		65,000			50,000		30.0	%
Total	$	1,747,170		$	1,358,964		28.6	%
Total available borrowing capacity to total assets		53.2	%		44.4	%

Shareholders’ Equity

Shareholders’ equity was $390.0 million at December 31, 2025, an increase of $5.5 million, or 1.4%, from $384.5 million at September 30, 2025, and an increase of $26.2 million, or 7.2%, from $363.8 million at December 31, 2024. The increase for the current quarter was primarily due to net income, a decrease in accumulated other comprehensive loss of $553 thousand and proceeds from stock option exercises of $611 thousand, partially offset by repurchases of common stock of $2.1 million, cash dividends declared on common stock of $2.9 million and preferred stock dividends of $87 thousand. The increase for the current year was primarily due to net income, a decrease in accumulated other comprehensive loss of $4.5 million and proceeds from stock option exercises of $2.3 million, partially offset by repurchases of common stock of $7.1 million, cash dividends declared on common stock of $11.5 million and preferred stock dividends of $300 thousand.

Stock Repurchases

During the current year, the Company repurchased and retired 358,251 shares of common stock at a weighted-average price of $19.82, totaling $7.1 million. During the previous year, the Company repurchased and retired 14,947 shares of common stock at a weighted-average price of $14.88, totaling $222 thousand. As of December 31, 2025, the Company is authorized to purchase 219,526 additional shares under its current stock repurchase program, which expires on July 31, 2026.

Series C Preferred Stock

The Company began paying quarterly dividends on the Series C Preferred Stock in the second quarter of 2024. Preferred stock dividends were $87 thousand and $300 thousand for the current quarter and year, respectively. For the year-ago quarter and previous year, preferred stock dividends were $346 thousand and $834 thousand, respectively.

Capital Ratios

The following table presents capital ratios for the Company and the Bank as of the dates indicated:

	12/31/2025	9/30/2025	12/31/2024	Well Capitalized Minimum Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)	11.46 %	11.52 %	11.44 %	6.50 %
Total capital (to risk-weighted assets)	15.13 %	15.24 %	15.24 %	10.00 %
Tier 1 capital (to risk-weighted assets)	13.89 %	14.00 %	14.04 %	8.00 %
Tier 1 capital (to average assets)	11.89 %	11.57 %	12.45 %	5.00 %
PCB Bank
Common tier 1 capital (to risk-weighted assets)	13.49 %	13.61 %	13.72 %	6.5 %
Total capital (to risk-weighted assets)	14.72 %	14.85 %	14.92 %	10.0 %
Tier 1 capital (to risk-weighted assets)	13.49 %	13.61 %	13.72 %	8.0 %
Tier 1 capital (to average assets)	11.55 %	11.25 %	12.16 %	5.0 %

About PCB Bancorp

PCB Bancorp is the bank holding company for PCB Bank, a California state chartered bank, offering a full suite of commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control, including but not limited to the health of the national and local economies including the impact on the Company and its customers resulting from any adverse developments in real estate markets, inflation levels and interest rates; the impact of governmental monetary policy; any material weaknesses in the Company’s internal control over financial reporting that we have identified or may identify; the impacts of sanctions, tariffs and other trade policies of the United States and its global trading partners and tensions related to the same; the Company’s ability to maintain and grow its deposit base; loan demand and continued portfolio performance; the impact of adverse developments at other banks, including bank failures; changes to valuations of the Company’s assets and liabilities including the allowance for credit losses, earning assets, and intangible assets; the ability of the Company to manage liquidity; changes in the availability of liquidity sources including borrowing lines and the ability to pledge or sell certain assets; the Company's ability to attract and retain skilled employees; customers' service expectations; cyber-security risks; the Company's ability to successfully deploy new technology; acquisitions and branch and loan production office expansions; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company’s enterprise risk management framework; litigation costs and outcomes; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, wildfires and other disasters, other public health crises, acts of war or terrorism, and other external events on our business. These and other important factors are detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and other filings the Company makes with the SEC, which are available without charge at the SEC’s website (http://www.sec.gov) and on the investor relations section of the Company’s website at www.mypcbbank.com. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

PCB Bancorp and Subsidiary Consolidated Balance Sheets (Unaudited) ($ in thousands, except share and per share data)
	12/31/2025		9/30/2025	% Change		12/31/2024	% Change
Assets
Cash and due from banks	$	25,319		$	24,366		3.9	%		$	27,100			(6.6	)%
Interest-bearing deposits in other financial institutions		181,823			345,132		(47.3	)%			171,692			5.9	%
Total cash and cash equivalents		207,142			369,498		(43.9	)%			198,792			4.2	%
Securities available-for-sale, at fair value		160,009			150,279		6.5	%			146,349			9.3	%
Loans held-for-sale		12,077			9,634		25.4	%			6,292			91.9	%
Loans held-for-investment		2,820,400			2,752,514		2.5	%			2,629,387			7.3	%
Allowance for credit losses on loans		(33,381	)		(32,960	)	1.3	%			(30,628	)		9.0	%
Net loans held-for-investment		2,787,019			2,719,554		2.5	%			2,598,759			7.2	%
Premises and equipment, net		8,194			8,604		(4.8	)%			8,280			(1.0	)%
Federal Home Loan Bank and other bank stock		14,978			14,978		—	%			14,042			6.7	%
Bank-owned life insurance		32,796			32,525		0.8	%			31,766			3.2	%
Deferred tax assets, net		9,210			7,164		28.6	%			7,249			27.1	%
Servicing assets		5,627			5,883		(4.4	)%			5,837			(3.6	)%
Operating lease assets		17,158			17,136		0.1	%			17,254			(0.6	)%
Accrued interest receivable		10,669			10,829		(1.5	)%			10,466			1.9	%
Other assets		16,892			17,422		(3.0	)%			18,885			(10.6	)%
Total assets	$	3,281,771		$	3,363,506		(2.4	)%		$	3,063,971			7.1	%
Liabilities
Deposits
Noninterest-bearing demand	$	555,645		$	551,312		0.8	%		$	547,853			1.4	%
Savings, NOW and money market accounts		676,075			669,374		1.0	%			466,887			44.8	%
Time deposits of $250,000 or less		855,059			961,299		(11.1	)%			935,927			(8.6	)%
Time deposits of more than $250,000		708,633			731,517		(3.1	)%			665,124			6.5	%
Total deposits		2,795,412			2,913,502		(4.1	)%			2,615,791			6.9	%
Other short-term borrowings		—			—		—	%			15,000			(100.0	)%
Federal Home Loan Bank advances		34,000			—		NA			—			NA
Operating lease liabilities		18,996			18,961		0.2	%			18,671			1.7	%
Accrued interest payable and other liabilities		43,337			46,542		(6.9	)%			50,695			(14.5	)%
Total liabilities		2,891,745			2,979,005		(2.9	)%			2,700,157			7.1	%
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock		69,141			69,141		—	%			69,141			—	%
Common stock		139,256			140,580		(0.9	)%			143,195			(2.8	)%
Retained earnings		186,485			180,189		3.5	%			160,797			16.0	%
Accumulated other comprehensive loss, net		(4,856	)		(5,409	)	(10.2	)%			(9,319	)		(47.9	)%
Total shareholders’ equity		390,026			384,501		1.4	%			363,814			7.2	%
Total liabilities and shareholders’ equity	$	3,281,771		$	3,363,506		(2.4	)%		$	3,063,971			7.1	%

Outstanding common shares		14,230,428			14,277,164					14,380,651
Book value per common share (1)	$	27.41		$	26.93				$	25.30
TCE per common share (2)	$	22.55		$	22.09				$	20.49
Total loan to total deposit ratio		101.33	%		94.81	%				100.76	%
Noninterest-bearing deposits to total deposits		19.88	%		18.92	%				20.94	%

(1)		The ratios are calculated by dividing total shareholders’ equity by the number of outstanding common shares. The Company had no intangible equity components for the presented periods.
(2)		Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.

PCB Bancorp and Subsidiary Consolidated Statements of Income (Unaudited) ($ in thousands, except share and per share data)
	ThreeMonthsEnded		Year Ended
	12/31/2025		9/30/2025	% Change		12/31/2024	% Change		12/31/2025		12/31/2024	% Change
Interest and dividend income
Loans, including fees	$	45,648		$	46,193		(1.2	)%		$	42,309		7.9	%		$	180,345			$	164,301		9.8	%
Investment securities		1,516			1,474		2.8	%			1,388		9.2	%			5,860				5,328		10.0	%
Other interest-earning assets		2,701			3,804		(29.0	)%			2,622		3.0	%			11,331				11,188		1.3	%
Total interest income		49,865			51,471		(3.1	)%			46,319		7.7	%			197,536				180,817		9.2	%
Interest expense
Deposits		23,197			23,995		(3.3	)%			22,927		1.2	%			92,261				90,487		2.0	%
Other borrowings		41			498		(91.8	)%			228		(82.0	)%			1,397				1,713		(18.4	)%
Total interest expense		23,238			24,493		(5.1	)%			23,155		0.4	%			93,658				92,200		1.6	%
Net interest income		26,627			26,978		(1.3	)%			23,164		14.9	%			103,878				88,617		17.2	%
Provision (reversal) for credit losses		1,024			(381	)	NA			2,002		(48.9	)%			4,028				3,401		18.4	%
Net interest income after provision (reversal) for credit losses		25,603			27,359		(6.4	)%			21,162		21.0	%			99,850				85,216		17.2	%
Noninterest income
Gain on sale of loans		648			1,617		(59.9	)%			1,161		(44.2	)%			4,617				3,752		23.1	%
Service charges and fees on deposits		416			377		10.3	%			404		3.0	%			1,540				1,545		(0.3	)%
Loan servicing income		741			719		3.1	%			861		(13.9	)%			2,945				3,365		(12.5	)%
BOLI income		271			259		4.6	%			246		10.2	%			1,030				949		8.5	%
Other income		469			442		6.1	%			371		26.4	%			1,704				1,482		15.0	%
Total noninterest income		2,545			3,414		(25.5	)%			3,043		(16.4	)%			11,836				11,093		6.7	%
Noninterest expense
Salaries and employee benefits		9,339			9,293		0.5	%			8,417		11.0	%			36,551				35,661		2.5	%
Occupancy and equipment		2,202			2,372		(7.2	)%			2,198		0.2	%			9,242				9,117		1.4	%
Professional fees		834			541		54.2	%			752		10.9	%			2,808				3,408		(17.6	)%
Marketing and business promotion		607			669		(9.3	)%			582		4.3	%			2,116				1,886		12.2	%
Data processing		351			333		5.4	%			205		71.2	%			1,334				1,499		(11.0	)%
Director fees and expenses		224			223		0.4	%			227		(1.3	)%			898				906		(0.9	)%
Regulatory assessments		389			373		4.3	%			322		20.8	%			1,464				1,256		16.6	%
Other expense		1,080			1,065		1.4	%			1,191		(9.3	)%			4,785				6,290		(23.9	)%
Total noninterest expense		15,026			14,869		1.1	%			13,894		8.1	%			59,198				60,023		(1.4	)%
Income before income taxes		13,122			15,904		(17.5	)%			10,311		27.3	%			52,488				36,286		44.7	%
Income tax expense		3,887			4,492		(13.5	)%			3,281		18.5	%			15,035				10,476		43.5	%
Net income		9,235			11,412		(19.1	)%			7,030		31.4	%			37,453				25,810		45.1	%
Preferred stock dividends		87			86		1.2	%			346		(74.9	)%			300				834		(64.0	)%
Net income available to common shareholders	$	9,148		$	11,326		(19.2	)%		$	6,684		36.9	%		$	37,153			$	24,976		48.8	%
Earnings per common share
Basic	$	0.64		$	0.79				$	0.47				$	2.59			$	1.75
Diluted	$	0.64		$	0.78				$	0.46				$	2.58			$	1.74
Average common shares
Basic		14,133,086			14,201,054					14,254,584					14,204,468				14,242,057
Diluted		14,235,867			14,325,956					14,406,756					14,279,130				14,342,361

Dividend paid per common share	$	0.20		$	0.20				$	0.18				$	0.80			$	0.72
ROAA (1)		1.11	%		1.35	%				0.94	%				1.15	%			0.90	%
ROAE (1)		9.45	%		11.92	%				7.69	%				9.93	%			7.26	%
ROATCE (1), (2)		11.40	%		14.46	%				9.02	%				12.07	%			8.72	%
Efficiency ratio (3)		51.51	%		48.92	%				53.02	%				51.16	%			60.20	%

(1)		Ratios are presented on an annualized basis.
(2)		Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.
(3)		The ratios are calculated by dividing noninterest expense by the sum of net interest income and noninterest income.

PCB Bancorp and Subsidiary Average Balance, Average Yield, and Average Rate (Unaudited) ($ in thousands)
	Three Months Ended
	12/31/2025		9/30/2025		12/31/2024
	Average Balance		Interest Income/ Expense		Avg. Yield/Rate (6)		Average Balance		Interest Income/ Expense		Avg. Yield/Rate (6)		Average Balance	Interest Income/ Expense		Avg. Yield/Rate (6)
Assets
Interest-earning assets
Total loans (1)	$	2,810,897			$	45,648		6.44	%		$	2,784,148		$	46,193		6.58	%		$	2,538,310	$	42,309	6.63	%
Mortgage-backed securities		126,147				1,227		3.86	%			120,226			1,167		3.85	%			113,231		1,030	3.62	%
Collateralized mortgage obligation		19,064				184		3.83	%			19,957			197		3.92	%			21,819		228	4.16	%
SBA loan pool securities		4,338				36		3.29	%			4,686			41		3.47	%			6,253		62	3.94	%
Municipal bonds (2)		2,480				22		3.52	%			2,411			22		3.62	%			2,440		21	3.42	%
Corporate bonds		4,790				47		3.89	%			4,804			47		3.88	%			4,200		47	4.45	%
Other interest-earning assets		250,215				2,701		4.28	%			327,637			3,804		4.61	%			207,234		2,622	5.03	%
Total interest-earning assets		3,217,931				49,865		6.15	%			3,263,869			51,471		6.26	%			2,893,487		46,319	6.37	%
Noninterest-earning assets
Cash and due from banks		24,539								23,539							23,639
ACL on loans		(32,873	)							(33,548	)						(28,833	)
Other assets		98,231								100,728							92,348
Total noninterest-earning assets		89,897								90,719							87,154
Total assets	$	3,307,828							$	3,354,588						$	2,980,641
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	683,325				6,073		3.53	%		$	612,527			5,698		3.69	%		$	479,238		4,479	3.72	%
Savings		5,329				3		0.22	%			5,519			3		0.22	%			5,952		4	0.27	%
Time deposits		1,622,769				17,121		4.19	%			1,708,124			18,294		4.25	%			1,501,711		18,444	4.89	%
Total interest-bearing deposits		2,311,423				23,197		3.98	%			2,326,170			23,995		4.09	%			1,986,901		22,927	4.59	%
Other borrowings		4,011				41		4.06	%			43,109			498		4.58	%			17,946		228	5.05	%
Total interest-bearing liabilities		2,315,434				23,238		3.98	%			2,369,279			24,493		4.10	%			2,004,847		23,155	4.59	%
Noninterest-bearing liabilities
Noninterest-bearing demand		537,968								541,243							543,971
Other liabilities		66,886								64,232							67,995
Total noninterest-bearing liabilities		604,854								605,475							611,966
Total liabilities		2,920,288								2,974,754							2,616,813
Total shareholders’ equity		387,540								379,834							363,828
Total liabilities and shareholders’ equity	$	3,307,828							$	3,354,588						$	2,980,641
Net interest income			$	26,627						$	26,978					$	23,164
Net interest spread (3)					2.17	%						2.16	%					1.78	%
Net interest margin (4)					3.28	%						3.28	%					3.18	%
Total deposits	$	2,849,391			$	23,197		3.23	%		$	2,867,413		$	23,995		3.32	%		$	2,530,872	$	22,927	3.60	%
Total funding (5)	$	2,853,402			$	23,238		3.23	%		$	2,910,522		$	24,493		3.34	%		$	2,548,818	$	23,155	3.61	%

( 1)		Total loans include both loans held-for-sale and loans held-for-investment.
(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 annualized net interest income by average interest-earning assets.
(5)		Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.
(6)		Annualized.

PCB Bancorp and Subsidiary Average Balance, Average Yield, and Average Rate (Unaudited) ($ in thousands)
	Year Ended
	12/31/2025		12/31/2024
	Average Balance		Interest Income/ Expense		Avg. Yield/Rate		Average Balance		Interest Income/ Expense		Avg. Yield/Rate
Assets
Interest-earning assets
Total loans (1)	$	2,757,090			$	180,345		6.54	%		$	2,445,080		$	164,301	6.72	%
Mortgage-backed securities		119,335				4,614		3.87	%			107,768			3,780	3.51	%
Collateralized mortgage obligation		20,160				794		3.94	%			22,806			975	4.28	%
SBA loan pool securities		5,074				177		3.49	%			6,756			283	4.19	%
Municipal bonds (2)		2,424				87		3.59	%			2,917			102	3.50	%
Corporate bonds		4,660				188		4.03	%			4,208			188	4.47	%
Other interest-earning assets		247,358				11,331		4.58	%			203,279			11,188	5.50	%
Total interest-earning assets		3,156,101				197,536		6.26	%			2,792,814			180,817	6.47	%
Noninterest-earning assets
Cash and due from banks		23,999								23,044
ACL on loans		(32,267	)							(28,397	)
Other assets		99,631								90,425
Total noninterest-earning assets		91,363								85,072
Total assets	$	3,247,464							$	2,877,886
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts	$	578,796				20,840		3.60	%		$	475,754			19,149	4.02	%
Savings		5,448				13		0.24	%			6,312			16	0.25	%
Time deposits		1,657,709				71,408		4.31	%			1,410,878			71,322	5.06	%
Total interest-bearing deposits		2,241,953				92,261		4.12	%			1,892,944			90,487	4.78	%
Other borrowings		30,619				1,397		4.56	%			31,033			1,713	5.52	%
Total interest-bearing liabilities		2,272,572				93,658		4.12	%			1,923,977			92,200	4.79	%
Noninterest-bearing liabilities
Noninterest-bearing demand		532,426								539,263
Other liabilities		65,476								59,026
Total noninterest-bearing liabilities		597,902								598,289
Total liabilities		2,870,474								2,522,266
Total shareholders’ equity		376,990								355,620
Total liabilities and shareholders’ equity	$	3,247,464							$	2,877,886
Net interest income			$	103,878						$	88,617
Net interest spread (3)					2.14	%						1.68	%
Net interest margin (4)					3.29	%						3.17	%
Total deposits	$	2,774,379			$	92,261		3.33	%		$	2,432,207		$	90,487	3.72	%
Total funding (5)	$	2,804,998			$	93,658		3.34	%		$	2,463,240		$	92,200	3.74	%

(1)		Total loans include both loans held-for-sale and loans held-for-investment.
(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 annualized net interest income by average interest-earning assets.
(5)		Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

PCB Bancorp and Subsidiary
Non-GAAP Financial Measures
($ in thousands)

Return on average tangible common equity, tangible common equity per common share and tangible common equity to total assets ratios

The Company's TCE is calculated by subtracting preferred stock from shareholders’ equity. The Company had no intangible assets for the presented periods. ROATCE, TCE per common share, and TCE to total assets constitute supplemental financial information determined by methods other than in accordance with Generally Accepted Accounting Principles, or GAAP. These non-GAAP financial measures are used by management in its analysis of the Company's performance. These non-GAAP financial measures should not be viewed as substitutes for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. The following tables provide reconciliations of the non-GAAP financial measures with financial measures defined by GAAP.

($ in thousands)			ThreeMonthsEnded	Year Ended
		12/31/2025		9/30/2025		12/31/2024		12/31/2025		12/31/2024
Average total shareholders' equity	(a)		$	387,540			$	379,834			$	363,828		$	376,990		$	355,620
Less: average preferred stock	(b)			69,141				69,141				69,141			69,141			69,141
Average TCE	(c)=(a)-(b)			318,399				310,693				294,687			307,849			286,479
Net income	(d)		$	9,235			$	11,412			$	7,030		$	37,453		$	25,810
ROAE (1)	(d)/(a)			9.45	%			11.92	%			7.69	%		9.93	%		7.26	%
Net income available to common shareholders	(e)			9,148				11,326				6,684			37,153			24,976
ROATCE (1)	(e)/(c)			11.40	%			14.46	%			9.02	%		12.07	%		8.72	%

(1) Annualized.

($ in thousands, except per share data)		12/31/2025		9/30/2025	12/31/2024
Total shareholders' equity	(a)	$	390,026		$	384,501		$	363,814
Less: preferred stock	(b)		69,141			69,141			69,141
TCE	(c)=(a)-(b)		320,885			315,360			294,673
Outstanding common shares	(d)		14,230,428			14,277,164			14,380,651
Book value per common share	(a)/(d)	$	27.41		$	26.93		$	25.30
TCE per common share	(c)/(d)		22.55			22.09			20.49
Total assets	(e)	$	3,281,771		$	3,363,506		$	3,063,971
Total shareholders' equity to total assets	(a)/(e)		11.88	%		11.43	%		11.87	%
TCE to total assets	(c)/(e)		9.78	%		9.38	%		9.62	%