Pcb Bancorp · NASDAQ:PCB
Pcb Bancorp — Q2 2023 Earnings Presentation
19 slides from Pcb Bancorp's earnings presentation, Jul 27, 2023
Slide 1: Earnings Results Second Quarter 2023
Earnings Results Second Quarter 2023 July 27, 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 7/25/23 PCB Footprint Market Cap $235.8 million Stock Price Per Share $16.44 52-Week Range $13.11 - $20.19 Dividend Yield 4.38% Dividend Payout Ratio (3Q22 – Q223) 27.51% Outstanding Shares 14,343,590 Stock Information 2Q23 or 6/30/23 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
Slide 5: 2Q23 Highlights
2Q23 Highlights • Net income of $7.5 million, or $0.52 per diluted share Operating Results • Provision for credit losses of $197 thousand • ROAA of 1.19% & ROATCE (1) of 11.08%, net interest margin of 3.55%, and efficiency ratio of 55.9% • Loans held-for-investment (“HFI loans”) Increased $30.0 mill
Slide 6: Selected Financial
Selected Financial As of or For the Three Months Ended Compared to 3/31/23 Compared to 6/30/22 ($ in Thousands, Except Per Share Data) 6/30/23 3/31/23 6/30/22 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 36,838 $ 34,536 $ 22,446 $ 2,302 6.7% $ 14,392 64.1% Interest
Slide 7: Loan Overview
Loan Overview 2Q23 Highlights • HFI loans Increased $30.0 million, or 1.4%, to $2.12 billion • CRE loans increased $23.3MM (1.6%), C&I loans increased $4.6MM (1.7%) & residential mortgage loans increased $2.7MM (0.8%) (1) Per regulatory definition in the Commercial Real Estate (“CRE”) Concentration
Slide 8: Loan Production & Rate/Yield Analysis
Loan Production & Rate/Yield Analysis Repricing Schedule (6/30/23) HFI Loans HFS Loans Total Loans ($ in thousands) Carrying Value WA Rate Carrying Value WA Rate Carrying Value WA Rate Less Than 3 Months $ 711,657 8.73% $ 13,065 9.62% $ 724,722 8.75% 3 to 12 Months 118,469 5.13% 0 118,469 5.13% 1 to
Slide 9: Loan Concentration
Loan Concentration Commercial Real Estate Loans by Property Type (6/30/23) 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%) $ 316,290 21.4% 293 48.1% 5.85% $ 26,687 $ 92,026 $ 72,954 $ 124,623 Industrial 270,26
Slide 10: Loan Concentration
Loan Concentration Commercial & Industrial Loans by Industry Type (6/30/23) Carrying % to WA WA Month to ($ in thousands) Value Total Rate Maturity Finance & Insurance $ 70,683 26.0% 7.82% 4 General Manufacturing & Wholesale Trade 52,526 19.3% 8.57% 20 Food Services 43,300 15.9% 8.92% 45 Retail Trad
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
Slide 12: Deposits
Deposits Time Deposit Maturity Schedule (6/30/23) Retail Wholesale Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 89,413 3.59% $ 127,827 4.95% $ 217,240 4.39% 3 to 6 Months 302,013 4.20% 87,608 4.68% 389,621 4.31% 6 to 9 Months 317,428 4.51% 3,756 3.90% 321,
Slide 13: Profitability
Profitability 2Q23 Highlights • The decrease in PTPP income was primarily due to decreases in gain on sale of loans of $540K and net interest income of $697K. • PTPP income for 1Q23 included reversal for credit losses of $2.8MM, which the Company recognized provision for credit losses of $197K for 2
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 2Q23 Highlights • Net interest income decreased $697K to $21.7MM from $22.4MM for 1Q23. • Net interest margin decreased to 3.55% from 3.79% for 1Q23 mainly due to an increase in cost of average interest-bearing liabilities, partially offset by an increase in yield on average inte
Slide 16: Capital
Capital (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.
Slide 17: Non-GAAP Measures
Non-GAAP Measures To supplement the financial information presented in accordance with GAAP, we use certain non-GAAP financial measures. Management believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance. These measures are also useful in understandi
Slide 18: Non-GAAP Measures
Non-GAAP Measures The following table reconciles core deposits to their most comparable GAAP measures: ($ in thousands) Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Total Deposits (d) $ 1,832,666 $ 1,867,134 $ 1,910,379 $ 1,997,607 $ 1,978,098 $ 2,045,983 $ 2,141,689 $ 2,188,231 Less: Tim
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) 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Net Income (a) $ 11,023 $ 10,676 $ 10,240 $ 9,092 $ 6,953 $ 8,702 $ 10,297 $ 7,477 Add: Prov