Pcb Bancorp · NASDAQ:PCB
Pcb Bancorp — Q3 2023 Earnings Presentation
19 slides from Pcb Bancorp's earnings presentation, Oct 25, 2023
Slide 1: PCB Bancorp Earnings Results 3Q23
PCB BANCORP Earnings Results 3Q23 October 25, 2023
Slide 2: Forward-Looking Statement & Non-GAAP
Forward-Looking Statement & Non-GAAP Forward-Looking Statement This presentation contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future even
Slide 3: Corporate Profile
Corporate Profile Market Information 10/23/23 PCB Footprint Market Cap $213.6 million Stock Price Per Share $14.97 52-Week Range $13.11 - $20.03 Dividend Yield 4.81% Dividend Payout Ratio (4Q22 – 3Q23) 28.57% Outstanding Shares 14,266,216 Stock Information 3Q23 or 9/30/23 Diluted Earnings Per Share
Slide 4: Historical Performance
Historical Performance Cash Dividend/Diluted EPS & BV/TCE Per Share Net Income/PTPP Income ($mm) $22.94 $23.87 60.000 $4.00 $25.00 $3.50 $17.24 50.000 $15.19 $20.00 $14.44 $3.00 $13.16 $2.50 $18.21 $19.05 $15.00 40.000 30.000 $2.00 $10.00 $52.4 $53.0 $40.1 $1.50 $2.62 $5.00 20.000 $36.0 $38.6 $36.2
Slide 5: 3Q23 Highlights
3Q23 Highlights • Net income of $7.0 million, or $0.49 per diluted share Operating Results • Provision for credit losses of $751 thousand • ROAA of 1.09% & ROATCE (1) of 10.17%, net interest margin of 3.57%, and efficiency ratio of 56.9% • Loans held-for-investment (“HFI loans”) increased $45.2 mill
Slide 6: Selected Financial
Selected Financial As of or For the Three Months Ended Compared to 6/30/23 Compared to 9/30/22 ($ in Thousands, Except Per Share Data) 9/30/23 6/30/23 9/30/22 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 38,852 $ 36,838 $ 26,835 $ 2,014 5.5% $ 12,017 44.8% Interest
Slide 7: Loan Overview
Loan Overview HFI Loan Trend ($mm) HFI Loan Composition 3Q23 Highlights September 30, 2023 Consumer • HFI loans Increased $45.2 million, or 18% 2.1%, to $2.17 billion 2,500 YoY +10.6% $2,168 Commercial Property • CRE loans increased $35.2MM $2,092 $2,122 $2,046 37% (2.4%), C&I loans increased $7.3MM
Slide 8: Loan Production & Rate/Yield Analysis
Loan Production & Rate/Yield Analysis New Production(1),(2) by Rate Type ($mm) HFI Loans Interest Rate Mix(2) HFI Loans Interest Rate Mix Trend(2) September 30, 2023 Variable (WA Rate: 8.52%) 100% 8.04% 8.18% 7.95% 90% 39% 400 7.17% 42% 39% 38% 38% 38% 38% 39% 44% 8% 80% 70% 5.92% 5.23% HFI Loans 60
Slide 9: Loan Concentration
Loan Concentration Commercial Real Estate Loans by Property Type (9/30/23) Commercial Real Estate Loans Carrying % to WA WA Maturing Geographic Concentration (9/30/23) ($ in thousands) Value Total Count LTV(1) Rate <= 1 Year 2-3 Years 3-5 Years > 5 Years Retail (More than 50%) $ 325,238 21.6% 296 48
Slide 10: Loan Concentration
Loan Concentration Commercial & Industrial Loans by Industry Type (9/30/23) Commercial & Industrial Loans Carrying % to WA WA Month to Geographic Concentration (9/30/23) ($ in thousands) Value Total Rate Maturity Finance and Insurance $ 89,905 32.2% 7.98% 5 General Manufacturing & Wholesale Trade 53
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) September 30, 2023 8 0% Peer Information: June 30, 2023 7 0% 1% 0.91% 1% 6 0% 1% 5 1% 0.61% 0.51% 0% 1% 0.42% 4 $7.4 $7.4 0.32% 0.30% 0.37% 1% 0% 3 0.28% 0% 0% $3.8 0.17% 0% $
Slide 12: Deposits
Deposits Deposit Trend ($mm) Deposit Composition Core Deposits(1) ($mm) September 30, 2023 Retail Time Deposits 84% 86% 39% 81% 81% YoY +10.8% $1,900 76% 90% $1,700 69% 69% 67% 80% $2,188 $2,192 70% $2,142 $1,500 60% $2,046 $1,998 Whoelsae $1,978 $2.19B $1,300 50% $220 $261 Retail Other $1,911 $217
Slide 13: Profitability
Profitability 3Q23 Highlights Net Income & PTPP(1) Income ($mm) Diluted EPS & Adjusted Diluted EPS(1) $0.91 $0.89 $0.91 • Noninterest expense increased $0.87 $0.84 $0.80 $580K and noninterest income $0.75 $0.74 $13.8 $13.2 $13.5 $13.5 decreased $155K, while net interest $12.8 15 13 $11.7 $10.7 $10.7
Slide 14: Noninterest Income & Expense
Noninterest Income & Expense Noninterest Income Trend ($mm) SBA 7(A) Loans ($mm) 71% 120 6 70% 80% 10.0% 10.6% 12% 56% 7.5% 7.5% 7.2% 100 45% 6.8% 6.3% 6.3% 5 43% 60% 32% 29% 28% 80 9.1% 9.5% 7% 4 40% $3.8 $3.4 5.3% 5.2% 60 3 20% 4.4% 4.8% 4.6% 2% $2.0 3.9% $1.4 $1.3 $0.8 2 $0.8 $0.7 0% 40 $52.3 $46
Slide 15: Net Interest Margin
Net Interest Margin Yield & Cost(1) 6.43% Quarter-over-Quarter Impact to Net Interest Margin(1) 6.30% 6.11% 4.00% 6% 5.70% 5.17% 5.26% 3.80% 4.99% 4.62% 4.72% 5% 4.59% 4.52% +0.04% 4.25% -0.12% -0.01% 4.15% 4.17% 3.60% +0.11% 4.01% 3.97% 3.87% 3.87% 3.79% 4% 3.57% 3.65% 3.40% 3.55% 3% 3.45% 3.55% 3.
Slide 16: Capital
Capital Bank Regulatory Capital Ratios Book Value/TCE(1) Per Share September 30, 2023 18% $26 $23.56 $23.77 $23.87 $22.40 $22.94 $24 $22.36 $22 16% $20 $17.24 $17.47 $18 14% $18.72 $18.94 $19.05 $16 $17.73 $17.75 $18.21 $14 12% $12 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 BV Per Share
Slide 17: Non-GAAP Measures
Non-GAAP Measures To supplement the financial information presented in accordance with GAAP, we use certain non-GAAP financial measures. Management believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance. These measures are also useful in understandi
Slide 18: Non-GAAP Measures
Non-GAAP Measures The following table reconciles core deposits to its most comparable GAAP measure: ($ in thousands) Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Total Deposits (d) $ 1,867,134 $ 1,910,379 $ 1,997,607 $ 1,978,098 $ 2,045,983 $ 2,141,689 $ 2,188,231 $ 2,192,1291 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) 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Net Income (a) $ 10,676 $ 10,240 $ 9,092 $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 Add: Provi