Pcb Bancorp · NASDAQ:PCB
Pcb Bancorp — Q4 2024 Earnings Presentation
19 slides from Pcb Bancorp's earnings presentation, Jan 30, 2025
Slide 1: Earnings Results 4Q24
Earnings Results 4Q24 January 30, 2025
Slide 2: Forward-Looking Statements & Non-GAAP
Forward-Looking Statements & 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 be
Slide 3: Corporate Profile
Corporate Profile Market Information 1/28/25 PCB Footprint Market Cap $273.2 million Stock Price Per Share $19.00 52-Week Range $14.50 - $22.20 Dividend Yield 3.79% Dividend Payout Ratio (1Q23 – 4Q24) 41.14% Outstanding Shares 14,380,651 Stock Information 4Q24 or 12/31/24 Diluted Earnings Per Share
Slide 4: Historical Performance
Historical Performance (1) At period end (2) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of these measures to their most comparable GAAP measures 4
Slide 5: 4Q24 Highlights
4Q24 Highlights • Net income available to common shareholders of $6.7 million, or $0.46 per diluted share • Provision for credit losses of $2.0 million Operating Results • Return on Average Assets (“ROAA”) of 0.94%, Return on Average TCE (“ROATCE”)(1) of 9.02%, net interest margin of 3.18%, and effi
Slide 6: Selected Financial
Selected Financial As of or For the Three Months Ended Compared to 9/30/24 Compared to 12/31/23 ($ in Thousands, Except Per Share Data) 12/31/24 9/30/24 12/31/23 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 46,319 $ 45,998 $ 40,951 $ 321 0.7% $ 5,368 13.1% Interest
Slide 7: Loan Overview
Loan Overview 4Q24 Highlights • HFI loans increased $163.2 million, or 6.6%, to $2.63 billion from 9/30/24 • CRE loans increased $91.6 million (5.5%), C&I loans increased $65.7 million (16.2%) and consumer loans increased $5.8 million (1.5%) (1) Per regulatory definition in the Commercial Real Estat
Slide 8: Loan Production & Rate/Yield Analysis
Loan Production & Rate/Yield Analysis Repricing Schedule (12/31/24) HFI Loans HFS Loans Total Loans ($ in thousands) Carrying Value WA Rate Carrying Value WA Rate Carrying Value WA Rate Less Than 3 Months $ 1,052,515 7.76% $ 6,292 9.16% $ 1,058,807 7.77% 3 to 12 Months 297,824 5.88% 0 297,824 5.88%
Slide 9: Loan Concentration
Loan Concentration Commercial Real Estate Loans by Property Type (12/31/24) Carrying % to WA WA Maturing ($ in thousands) Value Total Count LTV(1) Rate <= 1 Year 2-3 Years 3-5 Years > 5 Years Retail (More Than 50%) $ 383,184 22.0% 312 47.9% 6.08% $ 79,037 $ 79,082 $ 115,281 $ 109,784 Industrial 276,
Slide 10: Loan Concentration
Loan Concentration Commercial & Industrial Loans by Industry Type (12/31/24) Carrying % to WA WA Month to ($ in thousands) Value Total Rate Maturity Finance & Insurance $ 163,575 34.5% 7.00% 8 General Manufacturing & Wholesale Trade 104,138 22.0% 7.25% 19 Retail Trade 48,342 10.2% 7.93% 42 Food Serv
Slide 11: Credit Quality & Peer Comparison
Credit Quality & Peer(1) Comparison (1) Korean-American banks operating in Southern California (2) Source: UBPR (3) PCB Bank’s Peer Group per UBPR (4) Source: press releases concerning financial performance 11
Slide 12: Deposits
Deposits Time Deposit Maturity Schedule (12/31/24) Retail Wholesale Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 396,639 5.05% $ 210,000 4.59% $ 606,639 4.89% 3 to 6 Months 263,685 4.78% 161,283 4.43% 424,968 4.65% 6 to 9 Months 145,598 4.64% 0 145,598 4.6
Slide 13: Profitability
Profitability 4Q24 Highlights • Net interest income increased $445 thousand and noninterest income increased $423 thousand, and noninterest expense decreased $708 thousand compared to 3Q24 (1) PTPP (Pre-Tax Pre-Provision) income, and adjusted EPS, ROAA and ROAE for PTPP are not presented in accordan
Slide 14: Noninterest Income & Expense
Noninterest Income & Expense (1) Annualized (2) Calculated by dividing noninterest expense by the sum of net interest income and noninterest income. Peer average data from UBPR (3) Full-time equivalent
Slide 15: Net Interest Margin
Net Interest Margin 4Q24 Highlights • Net interest income increased $445 thousand to $23.2 million from $22.7 million for 3Q24 • Net interest margin decreased to 3.18% from 3.25% for 3Q24 mainly due to decreases in loan and earning-assets yield, partially offset by a decrease in cost of interest-bea
Slide 16: Capital
Capital (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure. 16
Slide 17: Non-GAAP Measures
Non-GAAP Measures To supplement the financial information presented in accordance with GAAP, we use certain non-GAAP financial measures. Management believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance. These measures are also useful in understandi
Slide 18: Non-GAAP Measures
Non-GAAP Measures The following table reconciles core deposits to its most comparable GAAP measure: ($ in thousands) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Total Deposits (d) $ 2,141,689 $ 2,188,231 $ 2,192,129 $ 2,351,612 $ 2,402,840 $ 2,406,254 $ 2,459,682 $ 2,615,791 Less: Time D
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) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Net Income (a) $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,281 $ 7,814 $ 7,030 Add: Provisi