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PCB Bancorp Reports Earnings of $6.3 Million for Q2 2024
LOS ANGELES--(BUSINESS WIRE)-- PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income of $6.3
About this update from Pcb Bancorp
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nPCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income of $6.3 million, or $0.43 per diluted common share, for the second quarter of 2024, compared with $4.7 million, or $0.33 per diluted common share, for the previous quarter and $7.5 million, or $0.52 per diluted common share, for the year-ago quarter.\n\n\nQ2 2024 Highlights\n\n\n\nNet income totaled $6.3 million, or $0.43 per diluted common share;\n\n\n\nRecorded a provision for credit losses of $259 thousand for the current quarter compared with $1.1 million for the previous quarter and $197 thousand for the year-ago quarter;\n\n\n\nAllowance for Credit Losses (“ACL”) on loans to loans held-for-investment ratio was 1.17% at June 30, 2024 compared with 1.18% at March 31, 2024, 1.19% at December 31, 2023 and 1.17% at June 30, 2023;\n\n\n\nNet interest income was $21.7 million for the current quarter compared with $21.0 million for the previous quarter and $21.7 million for the year-ago quarter. Net interest margin was 3.16% for the current quarter compared with 3.10% for the previous quarter and 3.55% for the year-ago quarter;\n\n\n\nGain on sale of loans was $763 thousand for the current quarter compared with $1.1 million for the previous quarter and $769 thousand for the year-ago quarter;\n\n\n\nTotal assets were $2.85 billion at June 30, 2024, a decrease of $1.3 million, or 0.1%, from $2.85 billion at March 31, 2024, but an increase of $63.5 million, or 2.3%, from $2.79 billion at December 31, 2023 and an increase of $296.6 million, or 11.6%, from $2.56 billion at June 30, 2023;\n\n\n\nLoans held-for-investment were $2.45 billion at June 30, 2024, an increase of $51.1 million, or 2.1%, from $2.40 billion at March 31, 2024, an increase of $125.6 million, or 5.4% from $2.32 billion at December 31, 2023, and an increase of $326.6 million, or 15.4%, from $2.12 billion at June 30, 2023;\n\n\n\nTotal deposits were $2.41 billion at June 30, 2024, an increase of $3.4 million, or 0.1%, from $2.40 billion at March 31, 2024, an increase of $54.6 million, or 2.3%, from $2.35 billion at December 31, 2023, and an increase of $218.0 million, or 10.0%, from $2.19 billion at June 30, 2023; and\n\n\n\nThe Company paid the initial quarterly preferred stock dividend at an annualized dividend rate of 2...