{"success":true,"data":{"pressRelease":{"id":"7444","rtpr_id":"nBw74bKhda","ticker":"PCB","exchange":"NASDAQ","all_tickers":["PCB"],"title":"PCB Bancorp Reports Earnings for Q1 2026","author":"Business Wire","published_at":"2026-04-23T20:05:00.561Z","article_body":"PCB Bancorp Reports Earnings for Q1 2026\n\nPCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank\n(the “Bank”), today reported net income available to common shareholders\nof $10.6 million, or $0.74 per diluted common share, for the first quarter of\n2026, compared with $9.1 million, or $0.64 per diluted common share, for the\nprevious quarter and $7.7 million, or $0.53 per diluted common share, for the\nyear-ago quarter.\n\nQ1 2026 Highlights\n\n\n * Net income available to common shareholders totaled $10.6 million, or $0.74\nper diluted common share, for the current quarter;\n\n * Provision for credit losses was $467 thousand for the current quarter compared\nwith $1.0 million for the previous quarter and $1.6 million for the year-ago\nquarter;\n\n * Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment\nratio was 1.18% at March 31, 2026 compared with 1.18% at December 31, 2025,\nand 1.17% at March 31, 2025;\n\n * Net interest income was $26.8 million for the current quarter compared with\n$26.6 million for the previous quarter and $24.3 million for the year-ago\nquarter. Net interest margin was 3.36% for the current quarter compared with\n3.28% for the previous quarter and 3.28% for the year-ago quarter;\n\n * Gain on sale of loans was $1.4 million for the current quarter compared with\n$648 thousand for the previous quarter and $887 thousand for the year-ago\nquarter;\n\n * Total assets were $3.40 billion at March 31, 2026, an increase of $114.4\nmillion, or 3.5%, from $3.28 billion at December 31, 2025 and an increase of\n$212.4 million, or 6.7%, from $3.18 billion at March 31, 2025;\n\n * Loans held-for-investment were $2.87 billion at March 31, 2026, an increase of\n$53.2 million, or 1.9%, from $2.82 billion at December 31, 2025 and an\nincrease of $145.9 million, or 5.4%, from $2.73 billion at March 31, 2025; and\n\n * Total deposits were $2.89 billion at March 31, 2026, an increase of $92.6\nmillion, or 3.3%, from $2.80 billion at December 31, 2025 and an increase of\n$173.6 million, or 6.4%, from $2.71 billion at March 31, 2025.\n\nHenry Kim, President and CEO, commented, “We delivered another solid results\nfor the first quarter driven by strong loan and deposit growth, expanding net\ninterest margin, solid credit quality, successful expense management, and\ncontinued quality earnings growth. Our deposit balance increased $93 million\nfor the quarter, or 13.2% annualized, loan balance increased $45 million, or\n6.3% annualized, net interest margin increased eight basis to 3.36% compared\nwith link quarter, nonperforming assets to total assets ratio remained solid\nat 0.27%, posted an efficiency ratio of 49.1%, and our diluted earnings per\nshare increased 16% to $0.74 compared with $0.64 in the fourth quarter of\n2025.” Mr. Kim further stated,\n\n“As we move forward, we remain committed to disciplined growth, preserving\nthe strength of our credit portfolio, and maintaining operational efficiency\nto deliver long-term sustainable value for our shareholders.”\n\nFinancial Highlights (Unaudited)\n ($ in thousands, except per share data)   Three Months Ended \n   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Net income   $ 10,653     $ 9,235     15.4 %   $ 7,735     37.7 % \n Net income available to common shareholders   $ 10,567     $ 9,148     15.5 %   $ 7,695     37.3 % \n Diluted earnings per common share (“EPS”)   $ 0.74     $ 0.64     15.6 %   $ 0.53     39.6 % \n                       \n Net interest income   $ 26,810     $ 26,627     0.7 %   $ 24,283     10.4 % \n Provision for credit losses     467       1,024     (54.4 )%     1,598     (70.8 )% \n Noninterest income     3,374       2,545     32.6 %     2,580     30.8 % \n Noninterest expense     14,814       15,026     (1.4 )%     14,474     2.3 % \n                       \n Return on average assets (“ROAA”) ((1))     1.30 %     1.11 %         1.01 %     \n Return on average shareholders’ equity (“ROAE”) ((1))     10.95 %     9.45 %         8.53 %     \n Return on average tangible common equity (“ROATCE”) ((1),(2))     13.17 %     11.40 %         10.45 %     \n Net interest margin ((1))     3.36 %     3.28 %         3.28 %     \n Efficiency ratio ((3))     49.08 %     51.51 %         53.88 %     \n                       \n\n ($ in thousands, except per share data)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Total assets   $ 3,396,193     $ 3,281,771     3.5 %   $ 3,183,758     6.7 % \n Net loans held-for-investment     2,839,608       2,787,019     1.9 %     2,695,668     5.3 % \n Total deposits     2,887,980       2,795,412     3.3 %     2,714,399     6.4 % \n Book value per common share ((4))   $ 27.88     $ 27.41         $ 25.78       \n TCE per common share( (2))   $ 23.02     $ 22.55         $ 20.97       \n Tier 1 leverage ratio (consolidated)     12.05 %     11.89 %         12.14 %     \n Total shareholders’ equity to total assets     11.68 %     11.88 %         11.65 %     \n TCE to total assets ((2), (5))     9.65 %     9.78 %         9.48 %     \n                       \n\n (1) Ratios for the three months ended periods are presented on an annualized \n basis. \n (2) Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this \n measure to its most comparable GAAP measure. \n (3) Calculated by dividing noninterest expense by the sum of net interest income \n and noninterest income. \n (4) Calculated by dividing total shareholders’ equity by the number of \n outstanding common shares. \n (5) The Company had no intangible asset component for the presented periods. \n\n\nResults of Operations (Unaudited)\n\nNet Interest Income and Net Interest Margin\n\nThe following table presents the components of net interest income for the\nperiods indicated:\n     Three Months Ended \n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Interest income/expense on                     \n Loans   $ 44,484     $ 45,648     (2.5 )%   $ 43,026     3.4 % \n Investment securities     1,574       1,516     3.8 %     1,408     11.8 % \n Other interest-earning assets     2,773       2,701     2.7 %     2,458     12.8 % \n Total interest-earning assets     48,831       49,865     (2.1 )%     46,892     4.1 % \n Interest-bearing deposits     21,478       23,197     (7.4 )%     22,564     (4.8 )% \n Borrowings     543       41     1,224.4 %     45     1,106.7 % \n Total interest-bearing liabilities     22,021       23,238     (5.2 )%     22,609     (2.6 )% \n Net interest income   $ 26,810     $ 26,627     0.7 %   $ 24,283     10.4 % \n Average balance of                     \n Loans   $ 2,840,688     $ 2,810,897     1.1 %   $ 2,649,037     7.2 % \n Investment securities     160,798       156,819     2.5 %     146,540     9.7 % \n Other interest-earning assets     236,161       250,215     (5.6 )%     209,375     12.8 % \n Total interest-earning assets   $ 3,237,647     $ 3,217,931     0.6 %   $ 3,004,952     7.7 % \n Interest-bearing deposits   $ 2,279,104     $ 2,311,423     (1.4 )%   $ 2,140,201     6.5 % \n Borrowings     56,000       4,011     1,296.2 %     3,933     1,323.8 % \n Total interest-bearing liabilities   $ 2,335,104     $ 2,315,434     0.8 %   $ 2,144,134     8.9 % \n Total funding ((1))   $ 2,869,802     $ 2,853,402     0.6 %   $ 2,660,764     7.9 % \n Annualized average yield/cost of                   \n Loans     6.35 %     6.44 %         6.59 %     \n Investment securities     3.97 %     3.84 %         3.90 %     \n Other interest-earning assets     4.76 %     4.28 %         4.76 %     \n Total interest-earning assets     6.12 %     6.15 %         6.33 %     \n Interest-bearing deposits     3.82 %     3.98 %         4.28 %     \n Borrowings     3.93 %     4.06 %         4.64 %     \n Total interest-bearing liabilities     3.82 %     3.98 %         4.28 %     \n Net interest margin     3.36 %     3.28 %         3.28 %     \n Cost of total funding ((1))     3.11 %     3.23 %         3.45 %     \n Supplementary information                     \n Net accretion of discount on loans   $ 517     $ 746     (30.7 )%   $ 872     (40.7 )% \n Net amortization of deferred loan fees   $ 353     $ 255     38.4 %   $ 266     32.7 % \n                       \n\n (1)  Total funding is the sum of interest-bearing liabilities and \n noninterest-bearing deposits. The cost of total funding is calculated as \n annualized total interest expense divided by average total funding. \n\n\nThe increases in net interest margin for the current quarter compared with the\nprevious and year ago quarters were primarily due to a decrease in cost of\nfund and increases in investment securities and other-interest earning assets\nyields, partially offset by a decrease in loan yield. During the current\nquarter, the Company received a special dividend on Federal Home Loan Bank\n(“FHLB”) stock of $424 thousand, which contributed additional 5 basis\npoint increase to the net interest margin.\n\nLoans. The decreases in average yield for the current quarter compared with\nthe previous and year-ago quarters were primarily due to decreases in market\nrates and net accretion of discount on loans, partially offset by an increase\nin net amortization of deferred loan fees.\n\nThe following table presents a composition of total loans by interest rate\ntype accompanied by the weighted-average contractual rates as of the dates\nindicated:\n     3/31/2026   12/31/2025   3/31/2025 \n     % to Total Loans   Weighted-Average Contractual Rate   % to Total Loans   Weighted-Average Contractual Rate   % to Total Loans   Weighted-Average Contractual Rate \n Fixed rate loans   17.7 %   5.73 %   17.5 %   5.60 %   17.8 %   5.35 % \n Hybrid rate loans   39.4 %   5.59 %   39.7 %   5.57 %   38.0 %   5.36 % \n Variable rate loans   42.9 %   6.80 %   42.8 %   6.93 %   44.2 %   7.52 % \n                           \n\n\nInvestment Securities. The increases in average yield for the current quarter\ncompared with the previous and year-ago quarters were primarily due to higher\nyields on newly purchased investment securities.\n\nOther Interest-Earning Assets. The increase in average yield for the current\nquarter compared with the previous quarter was primarily due to an increase in\ndividends received on FHLB stock, partially offset by a decrease in average\ninterest rate on cash held at the Federal Reserve Bank.\n\nInterest-Bearing Deposits. The decreases in average cost for the current\nquarter compared with the previous and year-ago quarters were primarily due to\ndecreases in market rates.\n\nProvision for credit losses\n\nThe following table presents a composition of provision for credit losses for\nthe periods indicated:\n     Three Months Ended \n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Provision for credit losses on loans   $ 618     $ 791   (21.9 )%   $ 1,591   (61.2 )% \n Provision (reversal) for credit losses on off-balance sheet credit exposure     (151 )     233   NA     7   NA \n Total provision for credit losses   $ 467     $ 1,024   (54.4 )%   $ 1,598   (70.8 )% \n                       \n\n\nThe provision for credit losses on loans for the current quarter was primarily\ndue to an increase in loans held-for-investment.\n\nNoninterest Income\n\nThe following table presents the components of noninterest income for the\nperiods indicated:\n     Three Months Ended \n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Gain on sale of loans   $ 1,409   $ 648   117.4 %   $ 887   58.9 % \n Service charges and fees on deposits     430     416   3.4 %     372   15.6 % \n Loan servicing income     801     741   8.1 %     725   10.5 % \n Bank-owned life insurance (“BOLI”) income     274     271   1.1 %     247   10.9 % \n Other income     460     469   (1.9 )%     349   31.8 % \n Total noninterest income   $ 3,374   $ 2,545   32.6 %   $ 2,580   30.8 % \n                       \n\n\nGain on Sale of Loans. The following table presents information on gain on\nsale of loans for the periods indicated:\n     Three Months Ended \n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Gain on sale of SBA loans                     \n Sold loan balance   $ 21,830   $ 13,201   65.4 %   $ 16,605   31.5 % \n Premium received     1,581     769   105.6 %     1,208   30.9 % \n Gain recognized     1,409     648   117.4 %     887   58.9 % \n                       \n\n\nLoan Servicing Income. The Company services SBA loans and certain residential\nproperty loans sold to the secondary market. The following table presents\ninformation on loan servicing income for the periods indicated:\n     Three Months Ended \n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Loan servicing income                     \n Servicing income received   $ 1,218     $ 1,254     (2.9 )%   $ 1,273     (4.3 )% \n Servicing assets amortization     (417 )     (513 )   (18.7 )%     (548 )   (23.9 )% \n Loan servicing income   $ 801     $ 741     8.1 %   $ 725     10.5 % \n Underlying loans at end of period   $ 506,645     $ 502,408     0.8 %   $ 510,927     (0.8 )% \n                       \n\n\nNoninterest Expense\n\nThe following table presents the components of noninterest expense for the\nperiods indicated:\n     Three Months Ended \n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Salaries and employee benefits   $ 9,720   $ 9,339   4.1 %   $ 9,075   7.1 % \n Occupancy and equipment     2,277     2,202   3.4 %     2,289   (0.5 )% \n Professional fees     534     834   (36.0 )%     628   (15.0 )% \n Marketing and business promotion     456     607   (24.9 )%     243   87.7 % \n Data processing     337     351   (4.0 )%     333   1.2 % \n Director fees and expenses     223     224   (0.4 )%     226   (1.3 )% \n Regulatory assessments     361     389   (7.2 )%     344   4.9 % \n Other expense     906     1,080   (16.1 )%     1,336   (32.2 )% \n Total noninterest expense   $ 14,814   $ 15,026   (1.4 )%   $ 14,474   2.3 % \n                       \n\n\nSalaries and Employee Benefits. The increase for the current quarter compared\nwith the previous quarter was primarily due to increases in accruals for bonus\nand vacation, and group insurance, and a decrease in direct loan origination\ncost, which offsets and defers the recognition of salaries and benefits\nexpense, partially offset by a decrease in salaries and other employee\nbenefits. The increase for the current quarter compared with the year-ago\nquarter was primarily due to increases in salaries and group insurance, and a\ndecrease in loan origination cost. The number of full-time equivalent\nemployees was 264, 264 and 257 as of March 31, 2026, December 31, 2025 and\nMarch 31, 2025, respectively.\n\nProfessional Fees. The decrease for the current quarter compared with the\nprevious quarter was due to higher internal audit fees for the previous\nquarter as a part of the year-end process.\n\nMarketing and Business Promotion. The decrease for the current quarter\ncompared with the previous quarter was primarily due to yearend promotions\nduring the previous quarter. The increase for the current quarter compared\nwith the year-ago quarter was primarily due to an increase in advertising.\n\nOther Expense. The decrease for the current quarter compared with the previous\nquarter was primarily due to decreases in expenses related to legal, armed\nguard and office supplies. The decrease for the current quarter compared with\nthe year-ago quarter was primarily due to an impairment on operating lease\nassets of $146 thousand for a sublease contract and recognition of contingent\nliabilities for legal settlements of $183 thousand during the year-ago\nquarter.\n\nBalance Sheet (Unaudited)\n\nTotal assets were $3.40 billion at March 31, 2026, an increase of $114.4\nmillion, or 3.5%, from $3.28 billion at December 31, 2025 and an increase of\n$212.4 million, or 6.7%, from $3.18 billion at March 31, 2025. The increase\nfor the current quarter was primarily due to increases in cash and cash\nequivalents and loans held-for-investment, partially offset by a decrease in\nloans held-for-sale.\n\nLoans\n\nThe following table presents a composition of total loans (includes both loans\nheld-for-sale and loans held-for-investment) as of the dates indicated:\n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Commercial real estate:                     \n Commercial property   $ 1,091,823     $ 1,071,396     1.9 %   $ 965,302     13.1 % \n Business property     644,307       638,063     1.0 %     618,771     4.1 % \n Multifamily     198,346       175,579     13.0 %     207,096     (4.2 )% \n Construction     18,972       18,561     2.2 %     23,978     (20.9 )% \n Total commercial real estate     1,953,448       1,903,599     2.6 %     1,815,147     7.6 % \n Commercial and industrial     520,894       508,662     2.4 %     494,697     5.3 % \n Consumer:                     \n Residential mortgage     392,680       401,337     (2.2 )%     406,774     (3.5 )% \n Other consumer     6,529       6,802     (4.0 )%     10,992     (40.6 )% \n Total consumer     399,209       408,139     (2.2 )%     417,766     (4.4 )% \n Loans held-for-investment     2,873,551       2,820,400     1.9 %     2,727,610     5.4 % \n Loans held-for-sale     3,604       12,077     (70.2 )%     12,101     (70.2 )% \n Total loans   $ 2,877,155     $ 2,832,477     1.6 %   $ 2,739,711     5.0 % \n                       \n SBA loans included in:                     \n Loans held-for-investment   $ 145,101     $ 146,549     (1.0 )%   $ 147,622     (1.7 )% \n Loans held-for-sale   $ 2,513     $ 12,077     (79.2 )%   $ 12,101     (79.2 )% \n                       \n ACL on loans   $ 33,943     $ 33,381     1.7 %   $ 31,942     6.3 % \n ACL on loans to loans held-for-investment     1.18 %     1.18 %         1.17 %     \n                       \n\n\nThe increase in loans held-for-investment for the current quarter was\nprimarily due to new funding of term loans of $112.9 million and net increase\nof lines of credit of $20.1 million, partially offset by pay-downs and\npay-offs of term loans of $78.6 million, a loan transferred to loans\nheld-for-sale of $1.1 million and charge-offs of $76 thousand.\n\nThe decrease in loans held-for-sale for the current quarter was primarily due\nto sales of $21.8 million and pay-downs of $149 thousand, partially offset by\nnew funding of $12.4 million and a loan transferred from loans\nheld-for-investment of $1.1 million.\n\nThe following table presents a composition of off-balance sheet credit\nexposure as of the dates indicated:\n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Commercial property   $ 9,816   $ 11,344   (13.5 )%   $ 7,810   25.7 % \n Business property     8,852     7,569   17.0 %     11,068   (20.0 )% \n Construction     4,825     5,229   (7.7 )%     12,312   (60.8 )% \n Commercial and industrial     331,343     342,593   (3.3 )%     351,802   (5.8 )% \n Other consumer     1,440     1,347   6.9 %     1,671   (13.8 )% \n Total commitments to extend credit     356,276     368,082   (3.2 )%     384,663   (7.4 )% \n Letters of credit     7,330     7,330   — %     6,795   7.9 % \n Total off-balance sheet credit exposure   $ 363,606   $ 375,412   (3.1 )%   $ 391,458   (7.1 )% \n                       \n\n\nCredit Quality\n\nThe following table presents a summary of non-performing loans and assets, and\nclassified assets as of the dates indicated:\n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Nonaccrual loans                     \n Commercial real estate:                     \n Commercial property   $ 1,356     $ 1,403     (3.3 )%   $ 1,538     (11.8 )% \n Business property     1,355       938     44.5 %     1,485     (8.8 )% \n Total commercial real estate     2,711       2,341     15.8 %     3,023     (10.3 )% \n Commercial and industrial     83       161     (48.4 )%     66     25.8 % \n Consumer:                     \n Residential mortgage     5,387       5,403     (0.3 )%     3,153     70.9 % \n Other consumer     4       5     (20.0 )%     6     (33.3 )% \n Total consumer     5,391       5,408     (0.3 )%     3,159     70.7 % \n Total nonaccrual loans held-for-investment     8,185       7,910     3.5 %     6,248     31.0 % \n Loans past due 90 days or more and still accruing     —       —     — %     —     — % \n Non-performing loans (“NPLs”)     8,185       7,910     3.5 %     6,248     31.0 % \n NPLs held-for-sale     1,091       —     NA     —     NA \n Total NPLs     9,276       7,910     17.3 %     6,248     48.5 % \n Other real estate owned (“OREO”)     —       —     — %     —     — % \n Non-performing assets (“NPAs”)   $ 9,276     $ 7,910     17.3 %   $ 6,248     48.5 % \n Loans past due and still accruing                     \n Past due 30 to 59 days   $ 1,352     $ 943     43.4 %   $ 5,236     (74.2 )% \n Past due 60 to 89 days     19       12     58.3 %     101     (81.2 )% \n Past due 90 days or more     —       —     — %     —     — % \n Total loans past due and still accruing   $ 1,371     $ 955     43.6 %   $ 5,337     (74.3 )% \n Special mention loans   $ 6,395     $ 6,435     (0.6 )%   $ 5,010     27.6 % \n Classified assets                   \n Classified loans held-for-investment   $ 9,450     $ 9,159     3.2 %   $ 8,280     14.1 % \n Classified loans held-for-sale     1,091       —     NA     —     NA \n OREO     —       —     — %     —     — % \n Classified assets   $ 10,541     $ 9,159     15.1 %   $ 8,280     27.3 % \n NPLs to loans held-for-investment     0.28 %     0.28 %         0.23 %     \n NPAs to total assets     0.27 %     0.24 %         0.20 %     \n Classified assets to total assets     0.31 %     0.28 %         0.26 %     \n                       \n\n\nAllowance for Credit Losses\n\nThe following table presents activity in ACL for the periods indicated:\n     Three Months Ended \n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n ACL on loans                     \n Balance at beginning of period   $ 33,381     $ 32,960     1.3 %   $ 30,628     9.0 % \n Charge-offs     (76 )     (381 )   (80.1 )%     (353 )   (78.5 )% \n Recoveries     20       11     81.8 %     76     (73.7 )% \n Provision for credit losses on loans     618       791     (21.9 )%     1,591     (61.2 )% \n Balance at end of period   $ 33,943     $ 33,381     1.7 %   $ 31,942     6.3 % \n ACL on off-balance sheet credit exposure                     \n Balance at beginning of period   $ 1,543     $ 1,310     17.8 %   $ 1,190     29.7 % \n Provision (reversal) for credit losses on off-balance sheet credit exposure     (151 )     233     NA     7     NA \n Balance at end of period   $ 1,392     $ 1,543     (9.8 )%   $ 1,197     16.3 % \n                       \n\n\nInvestment Securities\n\nTotal investment securities were $170.5 million at March 31, 2026, an increase\nof $10.5 million, or 6.5%, from $160.0 million at December 31, 2025 and an\nincrease of $22.3 million, or 15.0%, from $148.2 million at March 31, 2025.\nThe increase for the current quarter was primarily due to purchases of $18.7\nmillion, partially offset by principal pay-downs of $6.9 million, a fair value\ndecrease of $1.3 million and net premium amortization of $24 thousand.\n\nDeposits\n\nThe following table presents the Company’s deposit mix as of the dates\nindicated:\n     3/31/2026   12/31/2025   3/31/2025 \n ($ in thousands)   Amount   % to Total   Amount   % to Total   Amount   % to Total \n Noninterest-bearing demand deposits   $ 570,393   19.8 %   $ 555,645   19.9 %   $ 564,407   20.8 % \n Interest-bearing deposits                         \n Savings     5,005   0.2 %     6,077   0.2 %     5,185   0.2 % \n NOW     13,927   0.5 %     13,928   0.5 %     15,219   0.6 % \n Retail money market accounts     662,132   22.8 %     656,069   23.4 %     492,334   18.0 % \n Brokered money market accounts     1   0.1 %     1   0.1 %     1   0.1 % \n Retail time deposits of                         \n $250,000 or less     575,079   19.9 %     574,519   20.6 %     532,512   19.6 % \n More than $250,000     685,074   23.7 %     648,633   23.1 %     652,458   24.0 % \n State and brokered time deposits     376,369   13.0 %     340,540   12.2 %     452,283   16.7 % \n Total interest-bearing deposits     2,317,587   80.2 %     2,239,767   80.1 %     2,149,992   79.2 % \n Total deposits   $ 2,887,980   100.0 %   $ 2,795,412   100.0 %   $ 2,714,399   100.0 % \n                           \n Estimated total deposits not covered by deposit insurance   $ 1,363,735   47.2 %   $ 1,270,159   45.4 %   $ 1,125,068   41.4 % \n                           \n\n\nTotal retail deposits were $2.51 billion at March 31, 2026, an increase of\n$56.7 million, or 2.3%, from $2.45 billion at December 31, 2025, and an\nincrease of $249.5 million, or 11.0%, from $2.26 billion at March 31, 2025.\n\nThe increase in retail time deposits for the current quarter was primarily due\nto new accounts of $116.8 million, renewals of matured accounts of $388.8\nmillion and balance increases of $16.5 million, partially offset by matured\nand closed accounts of $485.0 million.\n\nLiquidity\n\nThe following table presents a summary of the Company’s liquidity position\nas of the dates indicated:\n ($ in thousands)   3/31/2026   12/31/2025   % Change \n Cash and cash equivalents   $ 267,405     $ 207,142     29.1 % \n Cash and cash equivalents to total assets     7.9 %     6.3 %     \n               \n Available borrowing capacity             \n FHLB advances   $ 770,183     $ 840,607     (8.4 )% \n Federal Reserve Discount Window     863,567       841,563     2.6 % \n Overnight federal funds lines     65,000       65,000     — % \n Total   $ 1,698,750     $ 1,747,170     (2.8 )% \n Total available borrowing capacity to total assets     50.0 %     53.2 %     \n               \n\n\nShareholders’ Equity\n\nShareholders’ equity was $396.7 million at March 31, 2026, an increase of\n$6.7 million, or 1.7%, from $390.0 million at December 31, 2025, and an\nincrease of $25.9 million, or 7.0%, from $370.9 million at March 31, 2025. The\nincrease for the current quarter was primarily due to net income and proceeds\nfrom stock option exercises of $112 thousand, partially offset by repurchases\nof common stock of $193 thousand, cash dividends declared on common stock of\n$3.1 million and preferred stock dividends of $86 thousand, and an increase in\naccumulated other comprehensive loss of $895 thousand.\n\nStock Repurchases\n\nDuring the current quarter, the Company repurchased and retired 9,005 shares\nof common stock at a weighted-average price of $21.45, totaling $193.0\nthousand. In 2025, the Company repurchased and retired 358,251 shares of\ncommon stock at a weighted-average price of $19.82, totaling $7.1 million. As\nof March 31, 2026, the Company is authorized to purchase 210,521 additional\nshares under its current stock repurchase program, which expires on July 31,\n2026.\n\nSeries C Preferred Stock\n\nThe Company paid dividends of $86 thousand and $86 thousand for the current\nand year-ago quarters, respectively.\n\nCapital Ratios\n\nThe following table presents capital ratios for the Company and the Bank as of\nthe dates indicated:\n     3/31/2026   12/31/2025   3/31/2025   Well Capitalized Minimum Requirements \n PCB Bancorp                 \n Common tier 1 capital (to risk-weighted assets)   11.48 %   11.46 %   11.25 %   6.50 % \n Total capital (to risk-weighted assets)   15.09 %   15.13 %   14.98 %   10.00 % \n Tier 1 capital (to risk-weighted assets)   13.87 %   13.89 %   13.77 %   8.00 % \n Tier 1 capital (to average assets)   12.05 %   11.89 %   12.14 %   5.00 % \n PCB Bank                 \n Common tier 1 capital (to risk-weighted assets)   13.46 %   13.49 %   13.42 %   6.50 % \n Total capital (to risk-weighted assets)   14.68 %   14.72 %   14.63 %   10.00 % \n Tier 1 capital (to risk-weighted assets)   13.46 %   13.49 %   13.42 %   8.00 % \n Tier 1 capital (to average assets)   11.70 %   11.55 %   11.82 %   5.00 % \n                   \n\n\nAbout PCB Bancorp\n\nPCB Bancorp is the bank holding company for PCB Bank, a California state\nchartered bank, offering a full suite of commercial banking services to small\nto medium-sized businesses, individuals and professionals, primarily in\nSouthern California, and predominantly in Korean-American and other minority\ncommunities.\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis press release contains forward-looking statements. These forward-looking\nstatements represent plans, estimates, objectives, goals, guidelines,\nexpectations, intentions, projections and statements of our beliefs concerning\nfuture events, business plans, objectives, expected operating results and the\nassumptions upon which those statements are based. Forward-looking statements\ninclude without limitation, any statement that may predict, forecast, indicate\nor imply future results, performance or achievements, and are typically\nidentified with words such as “may,” “could,” “should,”\n“will,” “would,” “believe,” “anticipate,” “estimate,”\n“expect,” “aim,” “intend,” “plan,” or words or phrases of\nsimilar meaning. We caution that forward-looking statements are based largely\non our expectations and are subject to a number of known and unknown risks and\nuncertainties that are subject to change based on factors which are, in many\ninstances, beyond our control, including but not limited to the health of the\nnational and local economies including the impact on the Company and its\ncustomers resulting from any adverse developments in real estate markets,\ninflation levels and interest rates; the impacts of the conflicts in the\nMiddle East on the national and global economies and markets; the impact of\ngovernmental monetary policy; any material weaknesses in the Company’s\ninternal control over financial reporting that we have identified or may\nidentify; the impacts of sanctions, tariffs and other trade policies of the\nUnited States and its global trading partners and tensions related to the\nsame; the Company’s ability to maintain and grow its deposit base; loan\ndemand and continued portfolio performance; the impact of adverse developments\nat other banks, including bank failures; changes to valuations of the\nCompany’s assets and liabilities including the allowance for credit losses,\nearning assets, and intangible assets; the ability of the Company to manage\nliquidity; changes in the availability of liquidity sources including\nborrowing lines and the ability to pledge or sell certain assets; the\nCompany's ability to attract and retain skilled employees; customers' service\nexpectations; cyber-security risks; the Company's ability to successfully\ndeploy new technology; acquisitions and branch and loan production office\nexpansions; operational risks including the ability to detect and prevent\nerrors and fraud; the effectiveness of the Company’s enterprise risk\nmanagement framework; litigation costs and outcomes; changes in laws, rules,\nregulations, or interpretations to which the Company is subject; the effects\nof severe weather events, pandemics, wildfires and other disasters, other\npublic health crises, acts of war or terrorism, and other external events on\nour business. These and other important factors are detailed in the\nCompany’s Annual Report on Form 10-K for the year ended December 31, 2025\nand other filings the Company makes with the SEC, which are available without\ncharge at the SEC’s website (http://www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54520676&newsitemid=20260423819606&lan=en-US&anchor=http%3A%2F%2Fwww.sec.gov&index=1&md5=9e978392d6b1c2b59273c37debc18d36)\n) and on the investor relations section of the Company’s website at\nwww.mypcbbank.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.mypcbbank.com&esheet=54520676&newsitemid=20260423819606&lan=en-US&anchor=www.mypcbbank.com&index=2&md5=2cb56b1f896acc4b7e956864f4070f99)\n. Actual results, performance or achievements could differ materially from\nthose contemplated, expressed, or implied by the forward-looking statements.\nAny forward-looking statements presented herein are made only as of the date\nof this press release, and the Company undertakes no obligation to update or\nrevise any forward-looking statements to reflect changes in assumptions, the\noccurrence of unanticipated events, or otherwise, except as required by law.\n PCB Bancorp and Subsidiary \n Consolidated Balance Sheets (Unaudited) \n ($ in thousands, except share and per share data) \n   \n     3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Assets                     \n Cash and due from banks   $ 24,787     $ 25,319     (2.1 )%   $ 28,852     (14.1 )% \n Interest-bearing deposits in other financial institutions     242,618       181,823     33.4 %     185,496     30.8 % \n Total cash and cash equivalents     267,405       207,142     29.1 %     214,348     24.8 % \n Securities available-for-sale, at fair value     170,477       160,009     6.5 %     148,190     15.0 % \n Loans held-for-sale     3,604       12,077     (70.2 )%     12,101     (70.2 )% \n Loans held-for-investment     2,873,551       2,820,400     1.9 %     2,727,610     5.4 % \n Allowance for credit losses on loans     (33,943 )     (33,381 )   1.7 %     (31,942 )   6.3 % \n Net loans held-for-investment     2,839,608       2,787,019     1.9 %     2,695,668     5.3 % \n Premises and equipment, net     7,695       8,194     (6.1 )%     8,420     (8.6 )% \n Federal Home Loan Bank and other bank stock     14,978       14,978     — %     14,042     6.7 % \n Bank-owned life insurance     33,070       32,796     0.8 %     32,013     3.3 % \n Deferred tax assets, net     9,697       9,210     5.3 %     6,736     44.0 % \n Servicing assets     5,691       5,627     1.1 %     5,631     1.1 % \n Operating lease assets     16,453       17,158     (4.1 )%     17,779     (7.5 )% \n Accrued interest receivable     10,952       10,669     2.7 %     10,967     (0.1 )% \n Other assets     16,563       16,892     (1.9 )%     17,863     (7.3 )% \n Total assets   $ 3,396,193     $ 3,281,771     3.5 %   $ 3,183,758     6.7 % \n Liabilities                     \n Deposits                     \n Noninterest-bearing demand   $ 570,393     $ 555,645     2.7 %   $ 564,407     1.1 % \n Savings, NOW and money market accounts     681,065       676,075     0.7 %     512,739     32.8 % \n Time deposits of $250,000 or less     831,448       855,059     (2.8 )%     924,795     (10.1 )% \n Time deposits of more than $250,000     805,074       708,633     13.6 %     712,458     13.0 % \n Total deposits     2,887,980       2,795,412     3.3 %     2,714,399     6.4 % \n Federal Home Loan Bank advances     50,000       34,000     47.1 %     30,000     66.7 % \n Operating lease liabilities     18,301       18,996     (3.7 )%     19,465     (6.0 )% \n Accrued interest payable and other liabilities     43,194       43,337     (0.3 )%     49,030     (11.9 )% \n Total liabilities     2,999,475       2,891,745     3.7 %     2,812,894     6.6 % \n Commitments and contingent liabilities                     \n Shareholders’ equity                     \n Preferred stock     69,141       69,141     — %     69,141     — % \n Common stock     139,405       139,256     0.1 %     143,156     (2.6 )% \n Retained earnings     193,923       186,485     4.0 %     165,611     17.1 % \n Accumulated other comprehensive loss, net     (5,751 )     (4,856 )   18.4 %     (7,044 )   (18.4 )% \n Total shareholders’ equity     396,718       390,026     1.7 %     370,864     7.0 % \n Total liabilities and shareholders’ equity   $ 3,396,193     $ 3,281,771     3.5 %   $ 3,183,758     6.7 % \n                       \n Outstanding common shares     14,231,423       14,230,428           14,387,176       \n Book value per common share ((1))   $ 27.88     $ 27.41         $ 25.78       \n TCE per common share( (2))   $ 23.02     $ 22.55         $ 20.97       \n Total loan to total deposit ratio     99.63 %     101.33 %         100.93 %     \n Noninterest-bearing deposits to total deposits     19.75 %     19.88 %         20.79 %     \n                       \n\n (1)  The ratios are calculated by dividing total shareholders’ equity by the \n number of outstanding common shares. The Company had no intangible equity \n components for the presented periods. \n (2)  Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this \n measure to its most comparable GAAP measure.  \n\n\n \n PCB Bancorp and Subsidiary \n Consolidated Statements of Income (Unaudited) \n ($ in thousands, except share and per share data) \n   \n     Three Months Ended \n     3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Interest and dividend income                     \n Loans, including fees   $ 44,484     $ 45,648     (2.5 )%   $ 43,026     3.4 % \n Investment securities     1,574       1,516     3.8 %     1,408     11.8 % \n Other interest-earning assets     2,773       2,701     2.7 %     2,458     12.8 % \n Total interest income     48,831       49,865     (2.1 )%     46,892     4.1 % \n Interest expense                     \n Deposits     21,478       23,197     (7.4 )%     22,564     (4.8 )% \n Other borrowings     543       41     1,224.4 %     45     1,106.7 % \n Total interest expense     22,021       23,238     (5.2 )%     22,609     (2.6 )% \n Net interest income     26,810       26,627     0.7 %     24,283     10.4 % \n Provision for credit losses     467       1,024     (54.4 )%     1,598     (70.8 )% \n Net interest income after provision for credit losses     26,343       25,603     2.9 %     22,685     16.1 % \n Noninterest income                     \n Gain on sale of loans     1,409       648     117.4 %     887     58.9 % \n Service charges and fees on deposits     430       416     3.4 %     372     15.6 % \n Loan servicing income     801       741     8.1 %     725     10.5 % \n BOLI income     274       271     1.1 %     247     10.9 % \n Other income     460       469     (1.9 )%     349     31.8 % \n Total noninterest income     3,374       2,545     32.6 %     2,580     30.8 % \n Noninterest expense                     \n Salaries and employee benefits     9,720       9,339     4.1 %     9,075     7.1 % \n Occupancy and equipment     2,277       2,202     3.4 %     2,289     (0.5 )% \n Professional fees     534       834     (36.0 )%     628     (15.0 )% \n Marketing and business promotion     456       607     (24.9 )%     243     87.7 % \n Data processing     337       351     (4.0 )%     333     1.2 % \n Director fees and expenses     223       224     (0.4 )%     226     (1.3 )% \n Regulatory assessments     361       389     (7.2 )%     344     4.9 % \n Other expense     906       1,080     (16.1 )%     1,336     (32.2 )% \n Total noninterest expense     14,814       15,026     (1.4 )%     14,474     2.3 % \n Income before income taxes     14,903       13,122     13.6 %     10,791     38.1 % \n Income tax expense     4,250       3,887     9.3 %     3,056     39.1 % \n Net income     10,653       9,235     15.4 %     7,735     37.7 % \n Preferred stock dividends     86       87     (1.1 )%     40     115.0 % \n Net income available to common shareholders   $ 10,567     $ 9,148     15.5 %   $ 7,695     37.3 % \n Earnings per common share                     \n Basic   $ 0.74     $ 0.64         $ 0.53       \n Diluted   $ 0.74     $ 0.64         $ 0.53       \n Average common shares                     \n Basic     14,142,092       14,133,086           14,272,267       \n Diluted     14,238,226       14,235,867           14,403,769       \n                       \n Dividend paid per common share   $ 0.22     $ 0.20         $ 0.20       \n ROAA ((1))     1.30 %     1.11 %         1.01 %     \n ROAE( (1))     10.95 %     9.45 %         8.53 %     \n ROATCE ((1), (2))     13.17 %     11.40 %         10.45 %     \n Efficiency ratio( (3))     49.08 %     51.51 %         53.88 %     \n                       \n\n (1)  Ratios are presented on an annualized basis. \n (2)  Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this \n measure to its most comparable GAAP measure. \n (3)  The ratios are calculated by dividing noninterest expense by the sum of net \n interest income and noninterest income.  \n\n\n \n PCB Bancorp and Subsidiary \n Average Balance, Average Yield, and Average Rate (Unaudited) \n ($ in thousands) \n   \n     Three Months Ended \n     3/31/2026   12/31/2025   3/31/2025 \n     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)) \n Assets                                     \n Interest-earning assets                                     \n Total loans ((1))   $ 2,840,688     $ 44,484   6.35 %   $ 2,810,897     $ 45,648   6.44 %   $ 2,649,037     $ 43,026   6.59 % \n Mortgage-backed securities     131,025       1,305   4.04 %     126,147       1,227   3.86 %     112,825       1,075   3.86 % \n Collateralized mortgage obligation     18,443       169   3.72 %     19,064       184   3.83 %     21,028       210   4.05 % \n SBA loan pool securities     4,060       31   3.10 %     4,338       36   3.29 %     5,927       54   3.69 % \n Municipal bonds ((2))     2,502       22   3.57 %     2,480       22   3.52 %     2,424       22   3.68 % \n Corporate bonds     4,768       47   4.00 %     4,790       47   3.89 %     4,336       47   4.40 % \n Other interest-earning assets     236,161       2,773   4.76 %     250,215       2,701   4.28 %     209,375       2,458   4.76 % \n Total interest-earning assets     3,237,647       48,831   6.12 %     3,217,931       49,865   6.15 %     3,004,952       46,892   6.33 % \n Noninterest-earning assets                                     \n Cash and due from banks     23,505               24,539               24,652           \n ACL on loans     (33,344 )             (32,873 )             (30,676 )         \n Other assets     98,520               98,231               98,588           \n Total noninterest-earning assets     88,681               89,897               92,564           \n Total assets   $ 3,326,328             $ 3,307,828             $ 3,097,516           \n Liabilities and Shareholders’ Equity                                     \n Interest-bearing liabilities                                     \n Deposits                                     \n NOW and money market accounts   $ 678,108       5,743   3.43 %   $ 683,325       6,073   3.53 %   $ 483,927       4,297   3.60 % \n Savings     5,360       3   0.23 %     5,329       3   0.22 %     5,612       3   0.22 % \n Time deposits     1,595,636       15,732   4.00 %     1,622,769       17,121   4.19 %     1,650,662       18,264   4.49 % \n Total interest-bearing deposits     2,279,104       21,478   3.82 %     2,311,423       23,197   3.98 %     2,140,201       22,564   4.28 % \n Other borrowings     56,000       543   3.93 %     4,011       41   4.06 %     3,933       45   4.64 % \n Total interest-bearing liabilities     2,335,104       22,021   3.82 %     2,315,434       23,238   3.98 %     2,144,134       22,609   4.28 % \n Noninterest-bearing liabilities                                     \n Noninterest-bearing demand     534,698               537,968               516,630           \n Other liabilities     61,952               66,886               69,042           \n Total noninterest-bearing liabilities     596,650               604,854               585,672           \n Total liabilities     2,931,754               2,920,288               2,729,806           \n Total shareholders’ equity     394,574               387,540               367,710           \n Total liabilities and shareholders’ equity   $ 3,326,328             $ 3,307,828             $ 3,097,516           \n Net interest income       $ 26,810           $ 26,627           $ 24,283     \n Net interest spread( (3))           2.30 %           2.17 %           2.05 % \n Net interest margin ((4))           3.36 %           3.28 %           3.28 % \n Total deposits   $ 2,813,802     $ 21,478   3.10 %   $ 2,849,391     $ 23,197   3.23 %   $ 2,656,831     $ 22,564   3.44 % \n Total funding ((5))   $ 2,869,802     $ 22,021   3.11 %   $ 2,853,402     $ 23,238   3.23 %   $ 2,660,764     $ 22,609   3.45 % \n                                       \n\n (1)  Total loans include both loans held-for-sale and loans held-for-investment. \n (2)  The yield on municipal bonds has not been computed on a tax-equivalent basis. \n (3)  Net interest spread is calculated by subtracting average rate on \n interest-bearing liabilities from average yield on interest-earning assets. \n (4)  Net interest margin is calculated by dividing annualized net interest income \n by average interest-earning assets. \n (5)  Total funding is the sum of interest-bearing liabilities and \n noninterest-bearing deposits. The cost of total funding is calculated as \n annualized total interest expense divided by average total funding. \n (6)  Annualized. \n\n\nPCB Bancorp and Subsidiary\n\nNon-GAAP Financial Measures\n\nReturn on average tangible common equity, tangible common equity per common\nshare and tangible common equity to total assets ratios\n\nThe Company's TCE is calculated by subtracting preferred stock from\nshareholders’ equity. The Company had no intangible assets for the presented\nperiods. ROATCE, TCE per common share, and TCE to total assets constitute\nsupplemental financial information determined by methods other than in\naccordance with Generally Accepted Accounting Principles, or GAAP. These\nnon-GAAP financial measures are used by management in its analysis of the\nCompany's performance. These non-GAAP financial measures should not be viewed\nas substitutes for results determined in accordance with GAAP, nor are they\nnecessarily comparable to non-GAAP financial measures that may be presented by\nother companies. The following tables provide reconciliations of the non-GAAP\nfinancial measures with financial measures defined by GAAP.\n ($ in thousands)     Three Months Ended \n     3/31/2026   12/31/2025   3/31/2025 \n Average total shareholders' equity (a)   $ 394,574     $ 387,540     $ 367,710   \n Less: average preferred stock (b)     69,141       69,141       69,141   \n Average TCE (c)=(a)-(b)     325,433       318,399       298,569   \n Net income (d)   $ 10,653     $ 9,235     $ 7,735   \n ROAE ((1)) (d)/(a)     10.95 %     9.45 %     8.53 % \n Net income available to common shareholders (e)     10,567       9,148       7,695   \n ROATCE ((1)) (e)/(c)     13.17 %     11.40 %     10.45 % \n                 \n\n (1)  Annualized. \n\n ($ in thousands, except per share data)     3/31/2026   12/31/2025   3/31/2025 \n Total shareholders' equity (a)   $ 396,718     $ 390,026     $ 370,864   \n Less: preferred stock (b)     69,141       69,141       69,141   \n TCE (c)=(a)-(b)     327,577       320,885       301,723   \n Outstanding common shares (d)     14,231,423       14,230,428       14,387,176   \n Book value per common share (a)/(d)   $ 27.88     $ 27.41     $ 25.78   \n TCE per common share (c)/(d)     23.02       22.55       20.97   \n Total assets (e)   $ 3,396,193     $ 3,281,771     $ 3,183,758   \n Total shareholders' equity to total assets (a)/(e)     11.68 %     11.88 %     11.65 % \n TCE to total assets (c)/(e)     9.65 %     9.78 %     9.48 % \n                 \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260423819606/en/\n(https://www.businesswire.com/news/home/20260423819606/en/)\n\nTimothy Chang\n\nExecutive Vice President & Chief Financial Officer\n\n213-210-2000\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw74bKhda","title":"PCB Bancorp Reports Earnings for Q1 2026","author":"Business Wire","ticker":"PCB","created":"2026-04-23T20:05:00.561Z","tickers":["PCB"],"exchange":"NASDAQ","article_body":"PCB Bancorp Reports Earnings for Q1 2026\n\nPCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank\n(the “Bank”), today reported net income available to common shareholders\nof $10.6 million, or $0.74 per diluted common share, for the first quarter of\n2026, compared with $9.1 million, or $0.64 per diluted common share, for the\nprevious quarter and $7.7 million, or $0.53 per diluted common share, for the\nyear-ago quarter.\n\nQ1 2026 Highlights\n\n\n * Net income available to common shareholders totaled $10.6 million, or $0.74\nper diluted common share, for the current quarter;\n\n * Provision for credit losses was $467 thousand for the current quarter compared\nwith $1.0 million for the previous quarter and $1.6 million for the year-ago\nquarter;\n\n * Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment\nratio was 1.18% at March 31, 2026 compared with 1.18% at December 31, 2025,\nand 1.17% at March 31, 2025;\n\n * Net interest income was $26.8 million for the current quarter compared with\n$26.6 million for the previous quarter and $24.3 million for the year-ago\nquarter. Net interest margin was 3.36% for the current quarter compared with\n3.28% for the previous quarter and 3.28% for the year-ago quarter;\n\n * Gain on sale of loans was $1.4 million for the current quarter compared with\n$648 thousand for the previous quarter and $887 thousand for the year-ago\nquarter;\n\n * Total assets were $3.40 billion at March 31, 2026, an increase of $114.4\nmillion, or 3.5%, from $3.28 billion at December 31, 2025 and an increase of\n$212.4 million, or 6.7%, from $3.18 billion at March 31, 2025;\n\n * Loans held-for-investment were $2.87 billion at March 31, 2026, an increase of\n$53.2 million, or 1.9%, from $2.82 billion at December 31, 2025 and an\nincrease of $145.9 million, or 5.4%, from $2.73 billion at March 31, 2025; and\n\n * Total deposits were $2.89 billion at March 31, 2026, an increase of $92.6\nmillion, or 3.3%, from $2.80 billion at December 31, 2025 and an increase of\n$173.6 million, or 6.4%, from $2.71 billion at March 31, 2025.\n\nHenry Kim, President and CEO, commented, “We delivered another solid results\nfor the first quarter driven by strong loan and deposit growth, expanding net\ninterest margin, solid credit quality, successful expense management, and\ncontinued quality earnings growth. Our deposit balance increased $93 million\nfor the quarter, or 13.2% annualized, loan balance increased $45 million, or\n6.3% annualized, net interest margin increased eight basis to 3.36% compared\nwith link quarter, nonperforming assets to total assets ratio remained solid\nat 0.27%, posted an efficiency ratio of 49.1%, and our diluted earnings per\nshare increased 16% to $0.74 compared with $0.64 in the fourth quarter of\n2025.” Mr. Kim further stated,\n\n“As we move forward, we remain committed to disciplined growth, preserving\nthe strength of our credit portfolio, and maintaining operational efficiency\nto deliver long-term sustainable value for our shareholders.”\n\nFinancial Highlights (Unaudited)\n ($ in thousands, except per share data)   Three Months Ended \n   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Net income   $ 10,653     $ 9,235     15.4 %   $ 7,735     37.7 % \n Net income available to common shareholders   $ 10,567     $ 9,148     15.5 %   $ 7,695     37.3 % \n Diluted earnings per common share (“EPS”)   $ 0.74     $ 0.64     15.6 %   $ 0.53     39.6 % \n                       \n Net interest income   $ 26,810     $ 26,627     0.7 %   $ 24,283     10.4 % \n Provision for credit losses     467       1,024     (54.4 )%     1,598     (70.8 )% \n Noninterest income     3,374       2,545     32.6 %     2,580     30.8 % \n Noninterest expense     14,814       15,026     (1.4 )%     14,474     2.3 % \n                       \n Return on average assets (“ROAA”) ((1))     1.30 %     1.11 %         1.01 %     \n Return on average shareholders’ equity (“ROAE”) ((1))     10.95 %     9.45 %         8.53 %     \n Return on average tangible common equity (“ROATCE”) ((1),(2))     13.17 %     11.40 %         10.45 %     \n Net interest margin ((1))     3.36 %     3.28 %         3.28 %     \n Efficiency ratio ((3))     49.08 %     51.51 %         53.88 %     \n                       \n\n ($ in thousands, except per share data)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Total assets   $ 3,396,193     $ 3,281,771     3.5 %   $ 3,183,758     6.7 % \n Net loans held-for-investment     2,839,608       2,787,019     1.9 %     2,695,668     5.3 % \n Total deposits     2,887,980       2,795,412     3.3 %     2,714,399     6.4 % \n Book value per common share ((4))   $ 27.88     $ 27.41         $ 25.78       \n TCE per common share( (2))   $ 23.02     $ 22.55         $ 20.97       \n Tier 1 leverage ratio (consolidated)     12.05 %     11.89 %         12.14 %     \n Total shareholders’ equity to total assets     11.68 %     11.88 %         11.65 %     \n TCE to total assets ((2), (5))     9.65 %     9.78 %         9.48 %     \n                       \n\n (1) Ratios for the three months ended periods are presented on an annualized \n basis. \n (2) Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this \n measure to its most comparable GAAP measure. \n (3) Calculated by dividing noninterest expense by the sum of net interest income \n and noninterest income. \n (4) Calculated by dividing total shareholders’ equity by the number of \n outstanding common shares. \n (5) The Company had no intangible asset component for the presented periods. \n\n\nResults of Operations (Unaudited)\n\nNet Interest Income and Net Interest Margin\n\nThe following table presents the components of net interest income for the\nperiods indicated:\n     Three Months Ended \n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Interest income/expense on                     \n Loans   $ 44,484     $ 45,648     (2.5 )%   $ 43,026     3.4 % \n Investment securities     1,574       1,516     3.8 %     1,408     11.8 % \n Other interest-earning assets     2,773       2,701     2.7 %     2,458     12.8 % \n Total interest-earning assets     48,831       49,865     (2.1 )%     46,892     4.1 % \n Interest-bearing deposits     21,478       23,197     (7.4 )%     22,564     (4.8 )% \n Borrowings     543       41     1,224.4 %     45     1,106.7 % \n Total interest-bearing liabilities     22,021       23,238     (5.2 )%     22,609     (2.6 )% \n Net interest income   $ 26,810     $ 26,627     0.7 %   $ 24,283     10.4 % \n Average balance of                     \n Loans   $ 2,840,688     $ 2,810,897     1.1 %   $ 2,649,037     7.2 % \n Investment securities     160,798       156,819     2.5 %     146,540     9.7 % \n Other interest-earning assets     236,161       250,215     (5.6 )%     209,375     12.8 % \n Total interest-earning assets   $ 3,237,647     $ 3,217,931     0.6 %   $ 3,004,952     7.7 % \n Interest-bearing deposits   $ 2,279,104     $ 2,311,423     (1.4 )%   $ 2,140,201     6.5 % \n Borrowings     56,000       4,011     1,296.2 %     3,933     1,323.8 % \n Total interest-bearing liabilities   $ 2,335,104     $ 2,315,434     0.8 %   $ 2,144,134     8.9 % \n Total funding ((1))   $ 2,869,802     $ 2,853,402     0.6 %   $ 2,660,764     7.9 % \n Annualized average yield/cost of                   \n Loans     6.35 %     6.44 %         6.59 %     \n Investment securities     3.97 %     3.84 %         3.90 %     \n Other interest-earning assets     4.76 %     4.28 %         4.76 %     \n Total interest-earning assets     6.12 %     6.15 %         6.33 %     \n Interest-bearing deposits     3.82 %     3.98 %         4.28 %     \n Borrowings     3.93 %     4.06 %         4.64 %     \n Total interest-bearing liabilities     3.82 %     3.98 %         4.28 %     \n Net interest margin     3.36 %     3.28 %         3.28 %     \n Cost of total funding ((1))     3.11 %     3.23 %         3.45 %     \n Supplementary information                     \n Net accretion of discount on loans   $ 517     $ 746     (30.7 )%   $ 872     (40.7 )% \n Net amortization of deferred loan fees   $ 353     $ 255     38.4 %   $ 266     32.7 % \n                       \n\n (1)  Total funding is the sum of interest-bearing liabilities and \n noninterest-bearing deposits. The cost of total funding is calculated as \n annualized total interest expense divided by average total funding. \n\n\nThe increases in net interest margin for the current quarter compared with the\nprevious and year ago quarters were primarily due to a decrease in cost of\nfund and increases in investment securities and other-interest earning assets\nyields, partially offset by a decrease in loan yield. During the current\nquarter, the Company received a special dividend on Federal Home Loan Bank\n(“FHLB”) stock of $424 thousand, which contributed additional 5 basis\npoint increase to the net interest margin.\n\nLoans. The decreases in average yield for the current quarter compared with\nthe previous and year-ago quarters were primarily due to decreases in market\nrates and net accretion of discount on loans, partially offset by an increase\nin net amortization of deferred loan fees.\n\nThe following table presents a composition of total loans by interest rate\ntype accompanied by the weighted-average contractual rates as of the dates\nindicated:\n     3/31/2026   12/31/2025   3/31/2025 \n     % to Total Loans   Weighted-Average Contractual Rate   % to Total Loans   Weighted-Average Contractual Rate   % to Total Loans   Weighted-Average Contractual Rate \n Fixed rate loans   17.7 %   5.73 %   17.5 %   5.60 %   17.8 %   5.35 % \n Hybrid rate loans   39.4 %   5.59 %   39.7 %   5.57 %   38.0 %   5.36 % \n Variable rate loans   42.9 %   6.80 %   42.8 %   6.93 %   44.2 %   7.52 % \n                           \n\n\nInvestment Securities. The increases in average yield for the current quarter\ncompared with the previous and year-ago quarters were primarily due to higher\nyields on newly purchased investment securities.\n\nOther Interest-Earning Assets. The increase in average yield for the current\nquarter compared with the previous quarter was primarily due to an increase in\ndividends received on FHLB stock, partially offset by a decrease in average\ninterest rate on cash held at the Federal Reserve Bank.\n\nInterest-Bearing Deposits. The decreases in average cost for the current\nquarter compared with the previous and year-ago quarters were primarily due to\ndecreases in market rates.\n\nProvision for credit losses\n\nThe following table presents a composition of provision for credit losses for\nthe periods indicated:\n     Three Months Ended \n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Provision for credit losses on loans   $ 618     $ 791   (21.9 )%   $ 1,591   (61.2 )% \n Provision (reversal) for credit losses on off-balance sheet credit exposure     (151 )     233   NA     7   NA \n Total provision for credit losses   $ 467     $ 1,024   (54.4 )%   $ 1,598   (70.8 )% \n                       \n\n\nThe provision for credit losses on loans for the current quarter was primarily\ndue to an increase in loans held-for-investment.\n\nNoninterest Income\n\nThe following table presents the components of noninterest income for the\nperiods indicated:\n     Three Months Ended \n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Gain on sale of loans   $ 1,409   $ 648   117.4 %   $ 887   58.9 % \n Service charges and fees on deposits     430     416   3.4 %     372   15.6 % \n Loan servicing income     801     741   8.1 %     725   10.5 % \n Bank-owned life insurance (“BOLI”) income     274     271   1.1 %     247   10.9 % \n Other income     460     469   (1.9 )%     349   31.8 % \n Total noninterest income   $ 3,374   $ 2,545   32.6 %   $ 2,580   30.8 % \n                       \n\n\nGain on Sale of Loans. The following table presents information on gain on\nsale of loans for the periods indicated:\n     Three Months Ended \n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Gain on sale of SBA loans                     \n Sold loan balance   $ 21,830   $ 13,201   65.4 %   $ 16,605   31.5 % \n Premium received     1,581     769   105.6 %     1,208   30.9 % \n Gain recognized     1,409     648   117.4 %     887   58.9 % \n                       \n\n\nLoan Servicing Income. The Company services SBA loans and certain residential\nproperty loans sold to the secondary market. The following table presents\ninformation on loan servicing income for the periods indicated:\n     Three Months Ended \n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Loan servicing income                     \n Servicing income received   $ 1,218     $ 1,254     (2.9 )%   $ 1,273     (4.3 )% \n Servicing assets amortization     (417 )     (513 )   (18.7 )%     (548 )   (23.9 )% \n Loan servicing income   $ 801     $ 741     8.1 %   $ 725     10.5 % \n Underlying loans at end of period   $ 506,645     $ 502,408     0.8 %   $ 510,927     (0.8 )% \n                       \n\n\nNoninterest Expense\n\nThe following table presents the components of noninterest expense for the\nperiods indicated:\n     Three Months Ended \n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Salaries and employee benefits   $ 9,720   $ 9,339   4.1 %   $ 9,075   7.1 % \n Occupancy and equipment     2,277     2,202   3.4 %     2,289   (0.5 )% \n Professional fees     534     834   (36.0 )%     628   (15.0 )% \n Marketing and business promotion     456     607   (24.9 )%     243   87.7 % \n Data processing     337     351   (4.0 )%     333   1.2 % \n Director fees and expenses     223     224   (0.4 )%     226   (1.3 )% \n Regulatory assessments     361     389   (7.2 )%     344   4.9 % \n Other expense     906     1,080   (16.1 )%     1,336   (32.2 )% \n Total noninterest expense   $ 14,814   $ 15,026   (1.4 )%   $ 14,474   2.3 % \n                       \n\n\nSalaries and Employee Benefits. The increase for the current quarter compared\nwith the previous quarter was primarily due to increases in accruals for bonus\nand vacation, and group insurance, and a decrease in direct loan origination\ncost, which offsets and defers the recognition of salaries and benefits\nexpense, partially offset by a decrease in salaries and other employee\nbenefits. The increase for the current quarter compared with the year-ago\nquarter was primarily due to increases in salaries and group insurance, and a\ndecrease in loan origination cost. The number of full-time equivalent\nemployees was 264, 264 and 257 as of March 31, 2026, December 31, 2025 and\nMarch 31, 2025, respectively.\n\nProfessional Fees. The decrease for the current quarter compared with the\nprevious quarter was due to higher internal audit fees for the previous\nquarter as a part of the year-end process.\n\nMarketing and Business Promotion. The decrease for the current quarter\ncompared with the previous quarter was primarily due to yearend promotions\nduring the previous quarter. The increase for the current quarter compared\nwith the year-ago quarter was primarily due to an increase in advertising.\n\nOther Expense. The decrease for the current quarter compared with the previous\nquarter was primarily due to decreases in expenses related to legal, armed\nguard and office supplies. The decrease for the current quarter compared with\nthe year-ago quarter was primarily due to an impairment on operating lease\nassets of $146 thousand for a sublease contract and recognition of contingent\nliabilities for legal settlements of $183 thousand during the year-ago\nquarter.\n\nBalance Sheet (Unaudited)\n\nTotal assets were $3.40 billion at March 31, 2026, an increase of $114.4\nmillion, or 3.5%, from $3.28 billion at December 31, 2025 and an increase of\n$212.4 million, or 6.7%, from $3.18 billion at March 31, 2025. The increase\nfor the current quarter was primarily due to increases in cash and cash\nequivalents and loans held-for-investment, partially offset by a decrease in\nloans held-for-sale.\n\nLoans\n\nThe following table presents a composition of total loans (includes both loans\nheld-for-sale and loans held-for-investment) as of the dates indicated:\n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Commercial real estate:                     \n Commercial property   $ 1,091,823     $ 1,071,396     1.9 %   $ 965,302     13.1 % \n Business property     644,307       638,063     1.0 %     618,771     4.1 % \n Multifamily     198,346       175,579     13.0 %     207,096     (4.2 )% \n Construction     18,972       18,561     2.2 %     23,978     (20.9 )% \n Total commercial real estate     1,953,448       1,903,599     2.6 %     1,815,147     7.6 % \n Commercial and industrial     520,894       508,662     2.4 %     494,697     5.3 % \n Consumer:                     \n Residential mortgage     392,680       401,337     (2.2 )%     406,774     (3.5 )% \n Other consumer     6,529       6,802     (4.0 )%     10,992     (40.6 )% \n Total consumer     399,209       408,139     (2.2 )%     417,766     (4.4 )% \n Loans held-for-investment     2,873,551       2,820,400     1.9 %     2,727,610     5.4 % \n Loans held-for-sale     3,604       12,077     (70.2 )%     12,101     (70.2 )% \n Total loans   $ 2,877,155     $ 2,832,477     1.6 %   $ 2,739,711     5.0 % \n                       \n SBA loans included in:                     \n Loans held-for-investment   $ 145,101     $ 146,549     (1.0 )%   $ 147,622     (1.7 )% \n Loans held-for-sale   $ 2,513     $ 12,077     (79.2 )%   $ 12,101     (79.2 )% \n                       \n ACL on loans   $ 33,943     $ 33,381     1.7 %   $ 31,942     6.3 % \n ACL on loans to loans held-for-investment     1.18 %     1.18 %         1.17 %     \n                       \n\n\nThe increase in loans held-for-investment for the current quarter was\nprimarily due to new funding of term loans of $112.9 million and net increase\nof lines of credit of $20.1 million, partially offset by pay-downs and\npay-offs of term loans of $78.6 million, a loan transferred to loans\nheld-for-sale of $1.1 million and charge-offs of $76 thousand.\n\nThe decrease in loans held-for-sale for the current quarter was primarily due\nto sales of $21.8 million and pay-downs of $149 thousand, partially offset by\nnew funding of $12.4 million and a loan transferred from loans\nheld-for-investment of $1.1 million.\n\nThe following table presents a composition of off-balance sheet credit\nexposure as of the dates indicated:\n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Commercial property   $ 9,816   $ 11,344   (13.5 )%   $ 7,810   25.7 % \n Business property     8,852     7,569   17.0 %     11,068   (20.0 )% \n Construction     4,825     5,229   (7.7 )%     12,312   (60.8 )% \n Commercial and industrial     331,343     342,593   (3.3 )%     351,802   (5.8 )% \n Other consumer     1,440     1,347   6.9 %     1,671   (13.8 )% \n Total commitments to extend credit     356,276     368,082   (3.2 )%     384,663   (7.4 )% \n Letters of credit     7,330     7,330   — %     6,795   7.9 % \n Total off-balance sheet credit exposure   $ 363,606   $ 375,412   (3.1 )%   $ 391,458   (7.1 )% \n                       \n\n\nCredit Quality\n\nThe following table presents a summary of non-performing loans and assets, and\nclassified assets as of the dates indicated:\n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Nonaccrual loans                     \n Commercial real estate:                     \n Commercial property   $ 1,356     $ 1,403     (3.3 )%   $ 1,538     (11.8 )% \n Business property     1,355       938     44.5 %     1,485     (8.8 )% \n Total commercial real estate     2,711       2,341     15.8 %     3,023     (10.3 )% \n Commercial and industrial     83       161     (48.4 )%     66     25.8 % \n Consumer:                     \n Residential mortgage     5,387       5,403     (0.3 )%     3,153     70.9 % \n Other consumer     4       5     (20.0 )%     6     (33.3 )% \n Total consumer     5,391       5,408     (0.3 )%     3,159     70.7 % \n Total nonaccrual loans held-for-investment     8,185       7,910     3.5 %     6,248     31.0 % \n Loans past due 90 days or more and still accruing     —       —     — %     —     — % \n Non-performing loans (“NPLs”)     8,185       7,910     3.5 %     6,248     31.0 % \n NPLs held-for-sale     1,091       —     NA     —     NA \n Total NPLs     9,276       7,910     17.3 %     6,248     48.5 % \n Other real estate owned (“OREO”)     —       —     — %     —     — % \n Non-performing assets (“NPAs”)   $ 9,276     $ 7,910     17.3 %   $ 6,248     48.5 % \n Loans past due and still accruing                     \n Past due 30 to 59 days   $ 1,352     $ 943     43.4 %   $ 5,236     (74.2 )% \n Past due 60 to 89 days     19       12     58.3 %     101     (81.2 )% \n Past due 90 days or more     —       —     — %     —     — % \n Total loans past due and still accruing   $ 1,371     $ 955     43.6 %   $ 5,337     (74.3 )% \n Special mention loans   $ 6,395     $ 6,435     (0.6 )%   $ 5,010     27.6 % \n Classified assets                   \n Classified loans held-for-investment   $ 9,450     $ 9,159     3.2 %   $ 8,280     14.1 % \n Classified loans held-for-sale     1,091       —     NA     —     NA \n OREO     —       —     — %     —     — % \n Classified assets   $ 10,541     $ 9,159     15.1 %   $ 8,280     27.3 % \n NPLs to loans held-for-investment     0.28 %     0.28 %         0.23 %     \n NPAs to total assets     0.27 %     0.24 %         0.20 %     \n Classified assets to total assets     0.31 %     0.28 %         0.26 %     \n                       \n\n\nAllowance for Credit Losses\n\nThe following table presents activity in ACL for the periods indicated:\n     Three Months Ended \n ($ in thousands)   3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n ACL on loans                     \n Balance at beginning of period   $ 33,381     $ 32,960     1.3 %   $ 30,628     9.0 % \n Charge-offs     (76 )     (381 )   (80.1 )%     (353 )   (78.5 )% \n Recoveries     20       11     81.8 %     76     (73.7 )% \n Provision for credit losses on loans     618       791     (21.9 )%     1,591     (61.2 )% \n Balance at end of period   $ 33,943     $ 33,381     1.7 %   $ 31,942     6.3 % \n ACL on off-balance sheet credit exposure                     \n Balance at beginning of period   $ 1,543     $ 1,310     17.8 %   $ 1,190     29.7 % \n Provision (reversal) for credit losses on off-balance sheet credit exposure     (151 )     233     NA     7     NA \n Balance at end of period   $ 1,392     $ 1,543     (9.8 )%   $ 1,197     16.3 % \n                       \n\n\nInvestment Securities\n\nTotal investment securities were $170.5 million at March 31, 2026, an increase\nof $10.5 million, or 6.5%, from $160.0 million at December 31, 2025 and an\nincrease of $22.3 million, or 15.0%, from $148.2 million at March 31, 2025.\nThe increase for the current quarter was primarily due to purchases of $18.7\nmillion, partially offset by principal pay-downs of $6.9 million, a fair value\ndecrease of $1.3 million and net premium amortization of $24 thousand.\n\nDeposits\n\nThe following table presents the Company’s deposit mix as of the dates\nindicated:\n     3/31/2026   12/31/2025   3/31/2025 \n ($ in thousands)   Amount   % to Total   Amount   % to Total   Amount   % to Total \n Noninterest-bearing demand deposits   $ 570,393   19.8 %   $ 555,645   19.9 %   $ 564,407   20.8 % \n Interest-bearing deposits                         \n Savings     5,005   0.2 %     6,077   0.2 %     5,185   0.2 % \n NOW     13,927   0.5 %     13,928   0.5 %     15,219   0.6 % \n Retail money market accounts     662,132   22.8 %     656,069   23.4 %     492,334   18.0 % \n Brokered money market accounts     1   0.1 %     1   0.1 %     1   0.1 % \n Retail time deposits of                         \n $250,000 or less     575,079   19.9 %     574,519   20.6 %     532,512   19.6 % \n More than $250,000     685,074   23.7 %     648,633   23.1 %     652,458   24.0 % \n State and brokered time deposits     376,369   13.0 %     340,540   12.2 %     452,283   16.7 % \n Total interest-bearing deposits     2,317,587   80.2 %     2,239,767   80.1 %     2,149,992   79.2 % \n Total deposits   $ 2,887,980   100.0 %   $ 2,795,412   100.0 %   $ 2,714,399   100.0 % \n                           \n Estimated total deposits not covered by deposit insurance   $ 1,363,735   47.2 %   $ 1,270,159   45.4 %   $ 1,125,068   41.4 % \n                           \n\n\nTotal retail deposits were $2.51 billion at March 31, 2026, an increase of\n$56.7 million, or 2.3%, from $2.45 billion at December 31, 2025, and an\nincrease of $249.5 million, or 11.0%, from $2.26 billion at March 31, 2025.\n\nThe increase in retail time deposits for the current quarter was primarily due\nto new accounts of $116.8 million, renewals of matured accounts of $388.8\nmillion and balance increases of $16.5 million, partially offset by matured\nand closed accounts of $485.0 million.\n\nLiquidity\n\nThe following table presents a summary of the Company’s liquidity position\nas of the dates indicated:\n ($ in thousands)   3/31/2026   12/31/2025   % Change \n Cash and cash equivalents   $ 267,405     $ 207,142     29.1 % \n Cash and cash equivalents to total assets     7.9 %     6.3 %     \n               \n Available borrowing capacity             \n FHLB advances   $ 770,183     $ 840,607     (8.4 )% \n Federal Reserve Discount Window     863,567       841,563     2.6 % \n Overnight federal funds lines     65,000       65,000     — % \n Total   $ 1,698,750     $ 1,747,170     (2.8 )% \n Total available borrowing capacity to total assets     50.0 %     53.2 %     \n               \n\n\nShareholders’ Equity\n\nShareholders’ equity was $396.7 million at March 31, 2026, an increase of\n$6.7 million, or 1.7%, from $390.0 million at December 31, 2025, and an\nincrease of $25.9 million, or 7.0%, from $370.9 million at March 31, 2025. The\nincrease for the current quarter was primarily due to net income and proceeds\nfrom stock option exercises of $112 thousand, partially offset by repurchases\nof common stock of $193 thousand, cash dividends declared on common stock of\n$3.1 million and preferred stock dividends of $86 thousand, and an increase in\naccumulated other comprehensive loss of $895 thousand.\n\nStock Repurchases\n\nDuring the current quarter, the Company repurchased and retired 9,005 shares\nof common stock at a weighted-average price of $21.45, totaling $193.0\nthousand. In 2025, the Company repurchased and retired 358,251 shares of\ncommon stock at a weighted-average price of $19.82, totaling $7.1 million. As\nof March 31, 2026, the Company is authorized to purchase 210,521 additional\nshares under its current stock repurchase program, which expires on July 31,\n2026.\n\nSeries C Preferred Stock\n\nThe Company paid dividends of $86 thousand and $86 thousand for the current\nand year-ago quarters, respectively.\n\nCapital Ratios\n\nThe following table presents capital ratios for the Company and the Bank as of\nthe dates indicated:\n     3/31/2026   12/31/2025   3/31/2025   Well Capitalized Minimum Requirements \n PCB Bancorp                 \n Common tier 1 capital (to risk-weighted assets)   11.48 %   11.46 %   11.25 %   6.50 % \n Total capital (to risk-weighted assets)   15.09 %   15.13 %   14.98 %   10.00 % \n Tier 1 capital (to risk-weighted assets)   13.87 %   13.89 %   13.77 %   8.00 % \n Tier 1 capital (to average assets)   12.05 %   11.89 %   12.14 %   5.00 % \n PCB Bank                 \n Common tier 1 capital (to risk-weighted assets)   13.46 %   13.49 %   13.42 %   6.50 % \n Total capital (to risk-weighted assets)   14.68 %   14.72 %   14.63 %   10.00 % \n Tier 1 capital (to risk-weighted assets)   13.46 %   13.49 %   13.42 %   8.00 % \n Tier 1 capital (to average assets)   11.70 %   11.55 %   11.82 %   5.00 % \n                   \n\n\nAbout PCB Bancorp\n\nPCB Bancorp is the bank holding company for PCB Bank, a California state\nchartered bank, offering a full suite of commercial banking services to small\nto medium-sized businesses, individuals and professionals, primarily in\nSouthern California, and predominantly in Korean-American and other minority\ncommunities.\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis press release contains forward-looking statements. These forward-looking\nstatements represent plans, estimates, objectives, goals, guidelines,\nexpectations, intentions, projections and statements of our beliefs concerning\nfuture events, business plans, objectives, expected operating results and the\nassumptions upon which those statements are based. Forward-looking statements\ninclude without limitation, any statement that may predict, forecast, indicate\nor imply future results, performance or achievements, and are typically\nidentified with words such as “may,” “could,” “should,”\n“will,” “would,” “believe,” “anticipate,” “estimate,”\n“expect,” “aim,” “intend,” “plan,” or words or phrases of\nsimilar meaning. We caution that forward-looking statements are based largely\non our expectations and are subject to a number of known and unknown risks and\nuncertainties that are subject to change based on factors which are, in many\ninstances, beyond our control, including but not limited to the health of the\nnational and local economies including the impact on the Company and its\ncustomers resulting from any adverse developments in real estate markets,\ninflation levels and interest rates; the impacts of the conflicts in the\nMiddle East on the national and global economies and markets; the impact of\ngovernmental monetary policy; any material weaknesses in the Company’s\ninternal control over financial reporting that we have identified or may\nidentify; the impacts of sanctions, tariffs and other trade policies of the\nUnited States and its global trading partners and tensions related to the\nsame; the Company’s ability to maintain and grow its deposit base; loan\ndemand and continued portfolio performance; the impact of adverse developments\nat other banks, including bank failures; changes to valuations of the\nCompany’s assets and liabilities including the allowance for credit losses,\nearning assets, and intangible assets; the ability of the Company to manage\nliquidity; changes in the availability of liquidity sources including\nborrowing lines and the ability to pledge or sell certain assets; the\nCompany's ability to attract and retain skilled employees; customers' service\nexpectations; cyber-security risks; the Company's ability to successfully\ndeploy new technology; acquisitions and branch and loan production office\nexpansions; operational risks including the ability to detect and prevent\nerrors and fraud; the effectiveness of the Company’s enterprise risk\nmanagement framework; litigation costs and outcomes; changes in laws, rules,\nregulations, or interpretations to which the Company is subject; the effects\nof severe weather events, pandemics, wildfires and other disasters, other\npublic health crises, acts of war or terrorism, and other external events on\nour business. These and other important factors are detailed in the\nCompany’s Annual Report on Form 10-K for the year ended December 31, 2025\nand other filings the Company makes with the SEC, which are available without\ncharge at the SEC’s website (http://www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54520676&newsitemid=20260423819606&lan=en-US&anchor=http%3A%2F%2Fwww.sec.gov&index=1&md5=9e978392d6b1c2b59273c37debc18d36)\n) and on the investor relations section of the Company’s website at\nwww.mypcbbank.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.mypcbbank.com&esheet=54520676&newsitemid=20260423819606&lan=en-US&anchor=www.mypcbbank.com&index=2&md5=2cb56b1f896acc4b7e956864f4070f99)\n. Actual results, performance or achievements could differ materially from\nthose contemplated, expressed, or implied by the forward-looking statements.\nAny forward-looking statements presented herein are made only as of the date\nof this press release, and the Company undertakes no obligation to update or\nrevise any forward-looking statements to reflect changes in assumptions, the\noccurrence of unanticipated events, or otherwise, except as required by law.\n PCB Bancorp and Subsidiary \n Consolidated Balance Sheets (Unaudited) \n ($ in thousands, except share and per share data) \n   \n     3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Assets                     \n Cash and due from banks   $ 24,787     $ 25,319     (2.1 )%   $ 28,852     (14.1 )% \n Interest-bearing deposits in other financial institutions     242,618       181,823     33.4 %     185,496     30.8 % \n Total cash and cash equivalents     267,405       207,142     29.1 %     214,348     24.8 % \n Securities available-for-sale, at fair value     170,477       160,009     6.5 %     148,190     15.0 % \n Loans held-for-sale     3,604       12,077     (70.2 )%     12,101     (70.2 )% \n Loans held-for-investment     2,873,551       2,820,400     1.9 %     2,727,610     5.4 % \n Allowance for credit losses on loans     (33,943 )     (33,381 )   1.7 %     (31,942 )   6.3 % \n Net loans held-for-investment     2,839,608       2,787,019     1.9 %     2,695,668     5.3 % \n Premises and equipment, net     7,695       8,194     (6.1 )%     8,420     (8.6 )% \n Federal Home Loan Bank and other bank stock     14,978       14,978     — %     14,042     6.7 % \n Bank-owned life insurance     33,070       32,796     0.8 %     32,013     3.3 % \n Deferred tax assets, net     9,697       9,210     5.3 %     6,736     44.0 % \n Servicing assets     5,691       5,627     1.1 %     5,631     1.1 % \n Operating lease assets     16,453       17,158     (4.1 )%     17,779     (7.5 )% \n Accrued interest receivable     10,952       10,669     2.7 %     10,967     (0.1 )% \n Other assets     16,563       16,892     (1.9 )%     17,863     (7.3 )% \n Total assets   $ 3,396,193     $ 3,281,771     3.5 %   $ 3,183,758     6.7 % \n Liabilities                     \n Deposits                     \n Noninterest-bearing demand   $ 570,393     $ 555,645     2.7 %   $ 564,407     1.1 % \n Savings, NOW and money market accounts     681,065       676,075     0.7 %     512,739     32.8 % \n Time deposits of $250,000 or less     831,448       855,059     (2.8 )%     924,795     (10.1 )% \n Time deposits of more than $250,000     805,074       708,633     13.6 %     712,458     13.0 % \n Total deposits     2,887,980       2,795,412     3.3 %     2,714,399     6.4 % \n Federal Home Loan Bank advances     50,000       34,000     47.1 %     30,000     66.7 % \n Operating lease liabilities     18,301       18,996     (3.7 )%     19,465     (6.0 )% \n Accrued interest payable and other liabilities     43,194       43,337     (0.3 )%     49,030     (11.9 )% \n Total liabilities     2,999,475       2,891,745     3.7 %     2,812,894     6.6 % \n Commitments and contingent liabilities                     \n Shareholders’ equity                     \n Preferred stock     69,141       69,141     — %     69,141     — % \n Common stock     139,405       139,256     0.1 %     143,156     (2.6 )% \n Retained earnings     193,923       186,485     4.0 %     165,611     17.1 % \n Accumulated other comprehensive loss, net     (5,751 )     (4,856 )   18.4 %     (7,044 )   (18.4 )% \n Total shareholders’ equity     396,718       390,026     1.7 %     370,864     7.0 % \n Total liabilities and shareholders’ equity   $ 3,396,193     $ 3,281,771     3.5 %   $ 3,183,758     6.7 % \n                       \n Outstanding common shares     14,231,423       14,230,428           14,387,176       \n Book value per common share ((1))   $ 27.88     $ 27.41         $ 25.78       \n TCE per common share( (2))   $ 23.02     $ 22.55         $ 20.97       \n Total loan to total deposit ratio     99.63 %     101.33 %         100.93 %     \n Noninterest-bearing deposits to total deposits     19.75 %     19.88 %         20.79 %     \n                       \n\n (1)  The ratios are calculated by dividing total shareholders’ equity by the \n number of outstanding common shares. The Company had no intangible equity \n components for the presented periods. \n (2)  Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this \n measure to its most comparable GAAP measure.  \n\n\n \n PCB Bancorp and Subsidiary \n Consolidated Statements of Income (Unaudited) \n ($ in thousands, except share and per share data) \n   \n     Three Months Ended \n     3/31/2026   12/31/2025   % Change   3/31/2025   % Change \n Interest and dividend income                     \n Loans, including fees   $ 44,484     $ 45,648     (2.5 )%   $ 43,026     3.4 % \n Investment securities     1,574       1,516     3.8 %     1,408     11.8 % \n Other interest-earning assets     2,773       2,701     2.7 %     2,458     12.8 % \n Total interest income     48,831       49,865     (2.1 )%     46,892     4.1 % \n Interest expense                     \n Deposits     21,478       23,197     (7.4 )%     22,564     (4.8 )% \n Other borrowings     543       41     1,224.4 %     45     1,106.7 % \n Total interest expense     22,021       23,238     (5.2 )%     22,609     (2.6 )% \n Net interest income     26,810       26,627     0.7 %     24,283     10.4 % \n Provision for credit losses     467       1,024     (54.4 )%     1,598     (70.8 )% \n Net interest income after provision for credit losses     26,343       25,603     2.9 %     22,685     16.1 % \n Noninterest income                     \n Gain on sale of loans     1,409       648     117.4 %     887     58.9 % \n Service charges and fees on deposits     430       416     3.4 %     372     15.6 % \n Loan servicing income     801       741     8.1 %     725     10.5 % \n BOLI income     274       271     1.1 %     247     10.9 % \n Other income     460       469     (1.9 )%     349     31.8 % \n Total noninterest income     3,374       2,545     32.6 %     2,580     30.8 % \n Noninterest expense                     \n Salaries and employee benefits     9,720       9,339     4.1 %     9,075     7.1 % \n Occupancy and equipment     2,277       2,202     3.4 %     2,289     (0.5 )% \n Professional fees     534       834     (36.0 )%     628     (15.0 )% \n Marketing and business promotion     456       607     (24.9 )%     243     87.7 % \n Data processing     337       351     (4.0 )%     333     1.2 % \n Director fees and expenses     223       224     (0.4 )%     226     (1.3 )% \n Regulatory assessments     361       389     (7.2 )%     344     4.9 % \n Other expense     906       1,080     (16.1 )%     1,336     (32.2 )% \n Total noninterest expense     14,814       15,026     (1.4 )%     14,474     2.3 % \n Income before income taxes     14,903       13,122     13.6 %     10,791     38.1 % \n Income tax expense     4,250       3,887     9.3 %     3,056     39.1 % \n Net income     10,653       9,235     15.4 %     7,735     37.7 % \n Preferred stock dividends     86       87     (1.1 )%     40     115.0 % \n Net income available to common shareholders   $ 10,567     $ 9,148     15.5 %   $ 7,695     37.3 % \n Earnings per common share                     \n Basic   $ 0.74     $ 0.64         $ 0.53       \n Diluted   $ 0.74     $ 0.64         $ 0.53       \n Average common shares                     \n Basic     14,142,092       14,133,086           14,272,267       \n Diluted     14,238,226       14,235,867           14,403,769       \n                       \n Dividend paid per common share   $ 0.22     $ 0.20         $ 0.20       \n ROAA ((1))     1.30 %     1.11 %         1.01 %     \n ROAE( (1))     10.95 %     9.45 %         8.53 %     \n ROATCE ((1), (2))     13.17 %     11.40 %         10.45 %     \n Efficiency ratio( (3))     49.08 %     51.51 %         53.88 %     \n                       \n\n (1)  Ratios are presented on an annualized basis. \n (2)  Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this \n measure to its most comparable GAAP measure. \n (3)  The ratios are calculated by dividing noninterest expense by the sum of net \n interest income and noninterest income.  \n\n\n \n PCB Bancorp and Subsidiary \n Average Balance, Average Yield, and Average Rate (Unaudited) \n ($ in thousands) \n   \n     Three Months Ended \n     3/31/2026   12/31/2025   3/31/2025 \n     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)) \n Assets                                     \n Interest-earning assets                                     \n Total loans ((1))   $ 2,840,688     $ 44,484   6.35 %   $ 2,810,897     $ 45,648   6.44 %   $ 2,649,037     $ 43,026   6.59 % \n Mortgage-backed securities     131,025       1,305   4.04 %     126,147       1,227   3.86 %     112,825       1,075   3.86 % \n Collateralized mortgage obligation     18,443       169   3.72 %     19,064       184   3.83 %     21,028       210   4.05 % \n SBA loan pool securities     4,060       31   3.10 %     4,338       36   3.29 %     5,927       54   3.69 % \n Municipal bonds ((2))     2,502       22   3.57 %     2,480       22   3.52 %     2,424       22   3.68 % \n Corporate bonds     4,768       47   4.00 %     4,790       47   3.89 %     4,336       47   4.40 % \n Other interest-earning assets     236,161       2,773   4.76 %     250,215       2,701   4.28 %     209,375       2,458   4.76 % \n Total interest-earning assets     3,237,647       48,831   6.12 %     3,217,931       49,865   6.15 %     3,004,952       46,892   6.33 % \n Noninterest-earning assets                                     \n Cash and due from banks     23,505               24,539               24,652           \n ACL on loans     (33,344 )             (32,873 )             (30,676 )         \n Other assets     98,520               98,231               98,588           \n Total noninterest-earning assets     88,681               89,897               92,564           \n Total assets   $ 3,326,328             $ 3,307,828             $ 3,097,516           \n Liabilities and Shareholders’ Equity                                     \n Interest-bearing liabilities                                     \n Deposits                                     \n NOW and money market accounts   $ 678,108       5,743   3.43 %   $ 683,325       6,073   3.53 %   $ 483,927       4,297   3.60 % \n Savings     5,360       3   0.23 %     5,329       3   0.22 %     5,612       3   0.22 % \n Time deposits     1,595,636       15,732   4.00 %     1,622,769       17,121   4.19 %     1,650,662       18,264   4.49 % \n Total interest-bearing deposits     2,279,104       21,478   3.82 %     2,311,423       23,197   3.98 %     2,140,201       22,564   4.28 % \n Other borrowings     56,000       543   3.93 %     4,011       41   4.06 %     3,933       45   4.64 % \n Total interest-bearing liabilities     2,335,104       22,021   3.82 %     2,315,434       23,238   3.98 %     2,144,134       22,609   4.28 % \n Noninterest-bearing liabilities                                     \n Noninterest-bearing demand     534,698               537,968               516,630           \n Other liabilities     61,952               66,886               69,042           \n Total noninterest-bearing liabilities     596,650               604,854               585,672           \n Total liabilities     2,931,754               2,920,288               2,729,806           \n Total shareholders’ equity     394,574               387,540               367,710           \n Total liabilities and shareholders’ equity   $ 3,326,328             $ 3,307,828             $ 3,097,516           \n Net interest income       $ 26,810           $ 26,627           $ 24,283     \n Net interest spread( (3))           2.30 %           2.17 %           2.05 % \n Net interest margin ((4))           3.36 %           3.28 %           3.28 % \n Total deposits   $ 2,813,802     $ 21,478   3.10 %   $ 2,849,391     $ 23,197   3.23 %   $ 2,656,831     $ 22,564   3.44 % \n Total funding ((5))   $ 2,869,802     $ 22,021   3.11 %   $ 2,853,402     $ 23,238   3.23 %   $ 2,660,764     $ 22,609   3.45 % \n                                       \n\n (1)  Total loans include both loans held-for-sale and loans held-for-investment. \n (2)  The yield on municipal bonds has not been computed on a tax-equivalent basis. \n (3)  Net interest spread is calculated by subtracting average rate on \n interest-bearing liabilities from average yield on interest-earning assets. \n (4)  Net interest margin is calculated by dividing annualized net interest income \n by average interest-earning assets. \n (5)  Total funding is the sum of interest-bearing liabilities and \n noninterest-bearing deposits. The cost of total funding is calculated as \n annualized total interest expense divided by average total funding. \n (6)  Annualized. \n\n\nPCB Bancorp and Subsidiary\n\nNon-GAAP Financial Measures\n\nReturn on average tangible common equity, tangible common equity per common\nshare and tangible common equity to total assets ratios\n\nThe Company's TCE is calculated by subtracting preferred stock from\nshareholders’ equity. The Company had no intangible assets for the presented\nperiods. ROATCE, TCE per common share, and TCE to total assets constitute\nsupplemental financial information determined by methods other than in\naccordance with Generally Accepted Accounting Principles, or GAAP. These\nnon-GAAP financial measures are used by management in its analysis of the\nCompany's performance. These non-GAAP financial measures should not be viewed\nas substitutes for results determined in accordance with GAAP, nor are they\nnecessarily comparable to non-GAAP financial measures that may be presented by\nother companies. The following tables provide reconciliations of the non-GAAP\nfinancial measures with financial measures defined by GAAP.\n ($ in thousands)     Three Months Ended \n     3/31/2026   12/31/2025   3/31/2025 \n Average total shareholders' equity (a)   $ 394,574     $ 387,540     $ 367,710   \n Less: average preferred stock (b)     69,141       69,141       69,141   \n Average TCE (c)=(a)-(b)     325,433       318,399       298,569   \n Net income (d)   $ 10,653     $ 9,235     $ 7,735   \n ROAE ((1)) (d)/(a)     10.95 %     9.45 %     8.53 % \n Net income available to common shareholders (e)     10,567       9,148       7,695   \n ROATCE ((1)) (e)/(c)     13.17 %     11.40 %     10.45 % \n                 \n\n (1)  Annualized. \n\n ($ in thousands, except per share data)     3/31/2026   12/31/2025   3/31/2025 \n Total shareholders' equity (a)   $ 396,718     $ 390,026     $ 370,864   \n Less: preferred stock (b)     69,141       69,141       69,141   \n TCE (c)=(a)-(b)     327,577       320,885       301,723   \n Outstanding common shares (d)     14,231,423       14,230,428       14,387,176   \n Book value per common share (a)/(d)   $ 27.88     $ 27.41     $ 25.78   \n TCE per common share (c)/(d)     23.02       22.55       20.97   \n Total assets (e)   $ 3,396,193     $ 3,281,771     $ 3,183,758   \n Total shareholders' equity to total assets (a)/(e)     11.68 %     11.88 %     11.65 % \n TCE to total assets (c)/(e)     9.65 %     9.78 %     9.48 % \n                 \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260423819606/en/\n(https://www.businesswire.com/news/home/20260423819606/en/)\n\nTimothy Chang\n\nExecutive Vice President & Chief Financial Officer\n\n213-210-2000\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-04-23T20:05:00.700427422Z","server_sent_at_ms":1776974700700},"received_at":"2026-04-23T20:05:00.762Z","source_url":"https://www.businesswire.com/news/home/20260423819606/en/"},"analysis":{"id":"5599","press_release_id":"7444","analysis_json":{"industry":{"label":"Banks","sector":"Financials"},"redFlags":["Loans past due 30-59 days increased 43.4%","Loans past due 60-89 days increased 58.3%","Estimated total deposits not covered by deposit insurance increased to 47.2%"],"eventType":"earnings","narrative":"PCB Bancorp reported Q1 2026 net income available to common shareholders of $10.6 million, or $0.74 per diluted share, representing a 15.5% increase from the previous quarter.\n\nThe company demonstrated operational strength with net interest margin expanding eight basis points to 3.36% and total assets growing 3.5% sequentially to $3.40 billion.\n\nDespite the solid earnings, credit quality metrics showed some deterioration with loans past due 30-89 days increasing significantly, though overall non-performing assets remained flat at 0.27%.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"PCB delivers strong Q1 earnings with margin expansion, though rising early delinquencies warrant a closer look."},"keyFigures":{"eps":0.74,"customDimensions":{"efficiency_ratio":"49.08%","net_interest_margin":"3.36%","nonperforming_assets_ratio":"0.27%"}},"quotedText":"We delivered another solid results for the first quarter driven by strong loan and deposit growth, expanding net interest margin, solid credit quality, successful expense management, and continued quality earnings growth.","namedEntities":{"people":[{"name":"Henry Kim","role":"President and CEO"},{"name":"Timothy Chang","role":"Executive Vice President & CFO"}],"products":[],"companies":[{"name":"PCB Bancorp","ticker":"PCB"},{"name":"PCB Bank"}],"dollarAmounts":[{"amount":"$10.6 million","context":"net income available to common 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total assets growing 3.5% sequentially to $3.40 billion.\n\nDespite the solid earnings, credit quality metrics showed some deterioration with loans past due 30-89 days increasing significantly, though overall non-performing assets remained flat at 0.27%.","key_figures":{"eps":0.74,"customDimensions":{"efficiency_ratio":"49.08%","net_interest_margin":"3.36%","nonperforming_assets_ratio":"0.27%"}},"named_entities":{"people":[{"name":"Henry Kim","role":"President and CEO"},{"name":"Timothy Chang","role":"Executive Vice President & CFO"}],"products":[],"companies":[{"name":"PCB Bancorp","ticker":"PCB"},{"name":"PCB Bank"}],"dollarAmounts":[{"amount":"$10.6 million","context":"net income available to common shareholders"},{"amount":"$0.74","context":"diluted earnings per share"},{"amount":"$26.8 million","context":"net interest income"},{"amount":"$3.40 billion","context":"total assets"},{"amount":"$2.89 billion","context":"total deposits"}]},"model_name":"glm-4.7","prompt_hash":"sha256:2f2748f0fcc8c4f2","schema_hash":"sha256:ad96b863d7123008","created_at":"2026-04-24T00:11:11.104Z","global_importance":3,"audience_relevance":3,"importance_components":{"method":"backfill-heuristic","signals":{"bodyLong":false,"headlineTier1":false,"tickerCovered":false,"hadSignificance":false},"version":1,"computedAt":"2026-04-27T11:52:55.139Z"}},"durationMs":92903,"modelName":"glm-4.7"}}