Pcb Bancorp · NASDAQ:PCB
Pcb Bancorp — Q1 2024 Earnings Presentation
19 slides from Pcb Bancorp's earnings presentation, Apr 25, 2024
Slide 1: PCB Bancorp Earnings Results 1Q24
PCB BANCORP Earnings Results 1Q24 April 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 4/23/24 PCB Footprint Market Cap $223.2 million Stock Price Per Share $15.65 52-Week Range $12.86 - $19.04 Dividend Yield 4.60% Dividend Payout Ratio (1Q23 – 4Q23) 41.14% Outstanding Shares 14,263,791 Stock Information 1Q24 or 3/31/24 Diluted Earnings Per Share (
Slide 4: Historical Performance
Historical Performance Cash Dividend/Diluted EPS & BV/TCE Per Share Net Income/PTPP Income ($mm) $24.46 $24.54 $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 $19.69 $15.00 30.000 $52.4 $53.0 $2.00 $10.00 $38.6 $40.1 $43.1 $36.2 $1.50 $2.62 $35.0
Slide 5: 1Q24 Highlights
1Q24 Highlights • Net income of $4.7 million, or $0.33 per diluted share • Provision for credit losses of $1.1 million Operating Results • Return on Average Assets (“ROAA”) of 0.67%, Return on Average TCE (“ROATCE”) (1) of 6.63%, net interest margin of 3.10%, and efficiency ratio of 68.3% • Loans he
Slide 6: Selected Financial
Selected Financial As of or For the Three Months Ended Compared to 12/31/23 Compared to 3/31/23 ($ in Thousands, Except Per Share Data) 3/31/24 12/31/23 3/31/23 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 43,555 $ 40,951 $ 34,536 $ 2,604 6.4% $ 9,019 26.1% Interes
Slide 7: Loan Overview
Loan Overview 1Q24 Highlights HFI Loan Trend ($mm) HFI Loan Composition March 31, 2024 Consumer • HFI loans Increased $74.5 million, or YoY +14.6% 17% 3.2%, to $2.40 billion $2,398 $2,323 Commercial Property • CRE loans increased $42.8 million 2,500 36% (2.7%), C&I loans increased $29.9 $2,168 Comme
Slide 8: Loan Production & Rate/Yield Analysis
Loan Production & Rate/Yield Analysis New Production(1) by Rate Type ($mm) HFI Loans Interest Rate Mix HFI Loans Interest Rate Mix Trend March 31, 2024 8.18% 8.40% Variable (WA Rate: 8.46%) 100% 8.04% 7.95% 7.90% 90% 7.17% 41% 400 8% 80% 39% 38% 38% 38% 38% 39% 40% 41% 5.92% 70% 5.23% HFI Loans 60%
Slide 9: Loan Concentration
Loan Concentration Commercial Real Estate Loans by Property Type (3/31/24) Commercial Real Estate Loans Carrying % to WA WA Maturing Geographic Concentration (3/31/24) ($ in thousands) Value Total Count LTV(1) Rate <= 1 Year 2-3 Years 3-5 Years > 5 Years Retail (More than 50%) $ 365,545 22.6% 311 48
Slide 10: Loan Concentration
Loan Concentration Commercial & Industrial Loans by Industry Type (3/31/24) Commercial & Industrial Loans Carrying % to WA WA Month to ($ in thousands) Value Total Rate Maturity Geographic Concentration (3/31/24) Finance & Insurance $ 89,893 24.1% 7.62% 6 Real Estate Related 64,356 17.3% 8.36% 16 Ge
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) March 31, 2024 8 0% Peer Information: December 31, 2023 1% 0.59% 7 0.56% 0% 1% 6 0.45% 0% 5 1% 0.43% 0% 0% $7.4 $7.4 0.29% 4 0.32% 0.30% $6.5 0.25% 0% 0.21% 3 0% 0.23% $4.5 0%
Slide 12: Deposits
Deposits 3,000 Deposit Trend ($mm) Deposit Composition Core Deposits(1) ($mm) March 31, 2024 Retail Time Deposits 86% 43% 81% YoY +12.2% $1,900 76% 90% 69% 69% 67% 63% 62% 80% $1,700 $2,403 $2,352 70% 2,500 $1,500 Whoelsae 60% $2,188 $2,192 $2,142 $2.40B $1,300 50% $2,046 $360 Deposits $1,998 $1,978
Slide 13: Profitability
Profitability 1Q24 Highlights Net Income & PTPP(1) Income ($mm) Diluted EPS & Adjusted Diluted EPS(1) $0.89 $0.91 • Noninterest expense increased $1.9 $0.84 million, but net interest income $0.80 $0.75 $0.74 $13.5 $13.5 $0.69 decreased $925 thousand. $12.8 15 $11.7 $10.7 $10.7 $0.53 13 11 $10.0 9 $7
Slide 14: Noninterest Income & Expense
Noninterest Income & Expense Noninterest Income Trend ($mm) SBA 7(A) Loans ($mm) 120 4 80% 12% 56% 7.5% 8.2% 100 6.8% 7.5% 7.2% 45% 6.3% 6.3% 4 43% 60% 6.0% 37% 32% 29% 32% 3 28% 7% 80 $2.0 40% $1.4 $1.3 3 $0.8 $0.7 $0.8 5.3% 5.2% 5.6% 60 2 $0.8 $1.8 20% 4.4% 4.8% 4.6% 2% 3.9% 3.9% 2 40 0% $1.8 $1.7
Slide 15: Net Interest Margin
Net Interest Margin Yield & Cost(1) Quarter-over-Quarter Impact to Net Interest Margin(1) 6.58% 6.66% 6.43% 7% 3.70% 6.30% 6.11% +0.03% 5.70% 3.50% +0.12% 6% 5.26% 5.33% 5.33% 5.17% 4.99% -0.47% 4.72% 4.85% 3.30% 5% 4.52% 4.52% 4.25% +0.02% 4.15% 4.17% 4.01% 3.97% 3.10% 3.79% 3.76% 3.57% 3.40% 4% 3.
Slide 16: Capital
Capital Bank Regulatory Capital Ratios Book Value/TCE(1) Per Share March 31, 2024 $24.46 $24.54 18% $26 $23.56 $23.77 $23.87 $22.40 $22.94 $24 $22.36 $22 16% $20 $19.62 $19.69 $18 $18.72 $18.94 $19.05 14% $16 $17.73 $17.75 $18.21 $14 12% $12 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 10
Slide 17: Non-GAAP Measures
Non-GAAP Measures To supplement the financial information presented in accordance with GAAP, we use certain non-GAAP financial measures. Management believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance. These measures are also useful in understandi
Slide 18: Non-GAAP Measures
Non-GAAP Measures The following table reconciles core deposits to its most comparable GAAP measure: ($ in thousands) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Total Deposits (d) $ 1,997,607 $ 1,978,098 $ 2,045,983 $ 2,141,689 $ 2,188,231 $ 2,192,1291 $ 2,351,612 $ 2,402,840 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) 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Net Income (a) $ 9,092 $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 Add: Provisi