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PCB Bancorp Reports Earnings of $8.7 million for Q4 2022 and $35.0 million for 2022
LOS ANGELES--(BUSINESS WIRE)-- PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income of $8.7
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 $8.7 million, or $0.58 per diluted common share, for the fourth quarter of 2022, compared with $7.0 million, or $0.46 per diluted common share, for the previous quarter and $10.7 million, or $0.70 per diluted common share, for the year-ago quarter. For 2022, net income was $35.0 million, or $2.31 per diluted common share, compared with $40.1 million, or $2.62 per diluted common share, for the previous year.\n\nQ4 2022 and Full Year Highlights\n\n\nNet income totaled $8.7 million, or $0.58 per diluted common share, for the current quarter and $35.0 million, or $2.31 per diluted common share, for the current year;\n\n\nThe Company recorded a provision (reversal) for loan losses of $1.1 million for the current quarter compared with $3.8 million for the previous quarter and $(1.5) million for the year-ago quarter. For the current year, provision (reversal) for loan losses was $3.6 million compared with $(4.6) million for the previous year.\n\n\nAllowance for loan losses (“Allowance”) to loans held-for-investment(1) ratio was 1.22% at December 31, 2022 compared with 1.21% at September 30, 2022 and 1.29% at December 31, 2021. Adjusted Allowance to loans held-for-investment ratio(2) was 1.22% at December 31, 2022 compared with 1.21% at September 30, 2022 and 1.34% at December 31, 2021.\n\n\nNet interest income was $24.3 million for the current quarter compared with $24.0 million for the previous quarter and $20.1 million for the year-ago quarter. Net interest margin was 4.15% for the current quarter compared with 4.25% for the previous quarter and 3.87% for the year-ago quarter. For the current year, net interest income and net interest margin were $89.6 million and 4.08%, respectively, compared with $77.1 million and 3.83%, respectively, for the previous year.\n\n\nGain on sale of loans was $759 thousand for the current quarter compared with $1.4 million for the previous quarter and $3.4 million for the year-ago quarter. For the current year, gain on sale of loans was $8.0 million compared with $12.9 million for the previous year.\n\n\n\n\nTotal assets were $2.42 billion at December 31, 2022, an increase of $93.0 million, or 4.0%, from $2.33 billion at September 30, 2022 and an increase...