Pcb Bancorp · NASDAQ:PCB
Pcb Bancorp — Q2 2024 Earnings Presentation
19 slides from Pcb Bancorp's earnings presentation, Jul 25, 2024
Slide 1: PCB Bancorp Earnings Results 2Q24
PCB BANCORP Earnings Results 2Q24 July 25, 2024
Slide 2: Forward-Looking Statement & Non-GAAP
Forward-Looking Statement & Non-GAAP Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our bel
Slide 3: Corporate Profile
Corporate Profile Market Information 7/23/24 PCB Footprint Market Cap $262.7 million Stock Price Per Share $18.43 52-Week Range $14.50 - $19.04 Dividend Yield 3.91% Dividend Payout Ratio (3Q23 – 2Q24) 43.37% Outstanding Shares 14,254,024 Stock Information 2Q24 or 6/30/24 Diluted Earnings Per Share (
Slide 4: Historical Performance
Historical Performance Cash Dividend/Diluted EPS & BV/TCE Per Share Net Income/PTPP Income ($mm) $24.46 $24.80 $22.94 60.000 $4.00 $25.00 $17.24 50.000 $15.19 $3.50 $14.44 $20.00 $3.00 40.000 $2.50 $18.21 $19.62 $19.95 $15.00 30.000 $52.4 $53.0 $2.00 $10.00 $38.6 $40.1 $43.1 $16.6 $2.62 $36.2 $1.50
Slide 5: 2Q24 Highlights
2Q24 Highlights • Net income available to common shareholders of $6.1 million, or $0.43 per diluted share • Provision for credit losses of $259 thousand Operating Results • Return on Average Assets (“ROAA”) of 0.89%, Return on Average TCE (“ROATCE”) (1) of 8.83%, net interest margin of 3.16%, and ef
Slide 6: Selected Financial
Selected Financial As of or For the Three Months Ended Compared to 3/31/24 Compared to 6/30/23 ($ in Thousands, Except Per Share Data) 6/30/24 3/31/24 6/30/23 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 44,945 $ 43,555 $ 36,838 $ 1,390 3.2% $ 8,107 22.0% Interest
Slide 7: Loan Overview
Loan Overview 2Q24 Highlights HFI Loan Trend ($mm) HFI Loan Composition June 30, 2024 Consumer • HFI loans Increased $51.1 million, or YoY +15.4% 16% 2.1%, to $2.45 billion $2,449 Commercial Property $2,398 • CRE loans increased $17.1 million $2,323 2,500 35% (1.1%) & C&I loans increased $45.4 $2,16
Slide 8: Loan Production & Rate/Yield Analysis
Loan Production & Rate/Yield Analysis New Production(1) by Rate Type ($mm) HFI Loans Interest Rate Mix HFI Loans Interest Rate Mix Trend June 30, 2024 8.78% Variable (WA Rate: 8.45%) 100% 8.18% 8.40% 8.04% 7.95% 7.90% 90% 44% 400 7.17% 80% 38% 38% 38% 38% 39% 40% 41% 44% 8% 70% 5.92% HFI Loans 60% 3
Slide 9: Loan Concentration
Loan Concentration Commercial Real Estate Loans by Property Type (6/30/24) Commercial Real Estate Loans Carrying % to WA WA Maturing Geographic Concentration (6/30/24) ($ in thousands) Value Total Count LTV(1) Rate <= 1 Year 2-3 Years 3-5 Years > 5 Years Retail (More Than 50%) $ 354,249 21.7% 307 47
Slide 10: Loan Concentration
Loan Concentration Commercial & Industrial Loans by Industry Type (6/30/24) Commercial & Industrial Loans Carrying % to WA WA Month to ($ in thousands) Value Total Rate Maturity Geographic Concentration (6/30/24) Finance & Insurance $ 154,230 36.9% 7.57% 4 General Manufacturing & Wholesale Trade 84,
Slide 11: Credit Quality & Peer Comparison
Credit Quality & Peer(1) Comparison Non-Performing Assets (“NPAs”) ($mm) NPAs to Total Assets NPAs / (Total Loans + OREO)(2) June 30, 2024 8 0% Peer Information: March 31, 2024 0.87% 1% 7 0% 1% 6 1% 0% 0.57% 0.56% 5 1% 0.51% 0% 0.47% 1% $7.4 $7.4 $7.5 4 0.32% 0.30% $6.5 1% 0% 3 0.26% 0.31% 0.28% 0.2
Slide 12: Deposits
Deposits Deposit Trend ($mm) Deposit Composition Core Deposits(1) ($mm) June 30, 2024 Retail Time Deposits 81% 76% 3,000 90% YoY +10.0% 43% 69% 69% 67% $1,700 80% $1,500 63% 62% 63% 70% $2,403 $2,407 60% $2,352 $1,300 Whoelsae 2,500 $2.41B 50% $2,188 $2,192 Deposits $2,142 $1,600 $1,100 $1,545 40% $
Slide 13: Profitability
Profitability 2Q24 Highlights Net Income & PTPP(1) Income ($mm) Diluted EPS & Adjusted Diluted EPS(1) $0.89 $0.91 • Net interest income increased $736 $0.80 thousand and noninterest expense $0.75 $0.74 $13.5 $13.5 $0.69 decreased $1.2 million, but $0.62 15 $11.7 noninterest income decreased $460 $10
Slide 14: Noninterest Income & Expense
Noninterest Income & Expense Noninterest Income Trend ($mm) SBA 7(A) Loans ($mm) 45% 43% 120 4 37% 50% 12% 32% 29% 32% 31% 7.5% 8.2% 7.8% 28% 40% 100 7.5% 7.2% 6.3% 6.3% 6.0% 3 30% $1.4 7% 80 3 $1.3 $0.8 $1.1 20% $0.7 $0.8 $0.8 2 $0.8 5.6% 5.6% 5.2% 10% 60 4.4% 4.8% 4.6% 2% 2 0% 3.9% 3.9% 40 -10% $1
Slide 15: Net Interest Margin
Net Interest Margin Yield & Cost(1) Quarter-over-Quarter Impact to Net Interest Margin(1) 6.77% 3.30% 6.58% 6.66% 6.43% 7% 6.30% 6.11% 5.70% +0.02% 3.20% +0.00% 6% 5.26% 5.33% 5.33% 5.33% 5.17% 4.99% +0.05% -0.01% 4.85% 4.86% 3.10% 5% 4.52% 4.52% 4.25% 4.15% 4.17% 3.97% 3.79% 3.76% 3.81% 3.00% 3.57%
Slide 16: Capital
Capital Bank-Level Regulatory Capital Ratios Book Value/TCE(1) Per Share June 30, 2024 $24.46 $24.54 $24.80 18% $26 $23.56 $23.77 $23.87 $22.40 $22.94 $24 $22 16% $20 $19.62 $19.69 $19.95 $18 $18.72 $18.94 $19.05 14% $16 $17.75 $18.21 $14 12% $12 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-
Slide 17: Non-GAAP Measures
Non-GAAP Measures To supplement the financial information presented in accordance with GAAP, we use certain non-GAAP financial measures. Management believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance. These measures are also useful in understandi
Slide 18: Non-GAAP Measures
Non-GAAP Measures The following table reconciles core deposits to its most comparable GAAP measure: ($ in thousands) Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Total Deposits (d) $ 1,978,098 $ 2,045,983 $ 2,141,689 $ 2,188,231 $ 2,192,1291 $ 2,351,612 $ 2,402,840 $ 2,406,254 Less: Time
Slide 19: Non-GAAP Measures
Non-GAAP Measures The following table reconciles PTPP income, and adjusted ROAA, ROAE and diluted EPS for PTPP to their most comparable GAAP measures: ($ in thousands) 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Net Income (a) $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,281 Add: Provisi