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PCB Bancorp Reports Earnings of $3.6 million for Q1 2020
LOS ANGELES--(BUSINESS WIRE)-- PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of Pacific City Bank (the “Bank”), today reported net income of
About this update from Pcb Bancorp
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nPCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of Pacific City Bank (the “Bank”), today reported net income of $3.6 million, or $0.23 per diluted common share for the first quarter of 2020, compared with $4.2 million, or $0.26 per diluted common share, for the previous quarter and $6.6 million, or $0.40 per diluted common share, for the year-ago quarter.\n\n\nQ1 2020 Financial Highlights\n\n\n\nNet income totaled $3.6 million or $0.23 per diluted common share;\n\n\nThe Company recorded a provision for loan losses of $2.9 million primarily due to an increase in the economic uncertainty due to the COVID-19 pandemic.\n\n\nAllowance for loan losses to total loans held-for-investment ratio was 1.15% at March 31, 2020 compared with 0.99% at December 31, 2019 and 0.98% at March 31, 2019.\n\n\n\n\nTotal assets were $1.80 billion at March 31, 2020, an increase of $53.6 million, or 3.1%, from $1.75 billion at December 31, 2019, and an increase of $82.2 million, or 4.8%, from $1.72 billion at March 31, 2019;\n\n\nLoans held-for-investment, net of deferred costs (fees), were $1.45 billion at March 31, 2020, an increase of $207 thousand from $1.45 billion at December 31, 2019, and an increase of $107.9 million, or 8.0%, from $1.34 billion at March 31, 2019;\n\n\nTotal deposits were $1.48 billion at March 31, 2020, a decrease of $1.9 million, or 0.1%, from $1.48 billion at December 31, 2019, but an increase of $29.7 million, or 2.1%, from $1.45 billion at March 31, 2019;\n\n\nThe Company completed the publicly announced $6.5 million share repurchase program in March 2020 (repurchased and retired 428,474 shares of common stock since its commencement in January 2020);\n\n\nThe Company declared and paid a cash dividend of $0.10 per common share for the first quarter of 2020 compared with $0.08 per common share for the fourth quarter of 2019 and $0.05 per common share for the first quarter of 2019; and\n\n\nAs of April 24, 2020, the Company has extended 930 PPP loans totaling $104 million and provided payment deferrals to 461 loans with an aggregated balance of $347 million.\n\n\n\n“Although our first quarter performance was impacted by the initial impact of the COVID-19 pandemic, I am very proud of the way our institution has responded to its challenges. We have decisively taken a number of steps ...