Pcb Bancorp · NASDAQ:PCB
Pcb Bancorp — Q4 2023 Earnings Presentation
19 slides from Pcb Bancorp's earnings presentation, Jan 25, 2024
Slide 1: Earnings Results 4Q23
Earnings Results 4Q23 January 25, 2024
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 1/23/24 PCB Footprint Market Cap $251.6 million Stock Price Per Share $17.64 52-Week Range $13.11 - $19.09 Dividend Yield 4.08% Dividend Payout Ratio (1Q23 – 4Q23) 32.39% Outstanding Shares 14,260,440 Stock Information 4Q23 or 12/31/23 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: 4Q23 Highlights
4Q23 Highlights • Net income of $5.9 million, or $0.41 per diluted share • Provision for credit losses of $1.7 million Operating Results • Return on Average Assets (“ROAA”) of 0.89%, Return on Average TCE (“ROATCE”) (1) of 8.54%, net interest margin of 3.40%, and efficiency ratio of 59.2% • Loans he
Slide 6: Selected Financial
Selected Financial As of or For the Three Months Ended Compared to 9/30/23 Compared to 12/31/22 ($ in Thousands, Except Per Share Data) 12/31/23 9/30/23 12/31/22 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 40,951 $ 38,852 $ 31,576 $ 2,099 5.4% $ 9,375 29.7% Intere
Slide 7: Loan Overview
Loan Overview 4Q23 Highlights • HFI loans Increased $155.8 million, or 7.2%, to $2.32 billion • CRE loans increased $67.7MM (4.5%), C&I loans increased $62.4MM (22.3%) & residential mortgage loans increased $26.1MM (7.2%) (1) Per regulatory definition in the Commercial Real Estate (“CRE”) Concentrat
Slide 8: Loan Production & Rate/Yield Analysis
Loan Production & Rate/Yield Analysis Repricing Schedule (12/31/23) HFI Loans HFS Loans Total Loans ($ in thousands) Carrying Value WA Rate Carrying Value WA Rate Carrying Value WA Rate Less Than 3 Months $ 833,703 8.77% $ 5,155 9.60% $ 838,858 8.78% 3 to 12 Months 162,229 5.21% 0 162,229 5.21% 1 to
Slide 9: Loan Concentration
Loan Concentration Commercial Real Estate Loans by Property Type (12/31/23) 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%) $ 354,549 22.5% 309 48.4% 6.14% $ 40,753 $ 104,512 $ 90,543 $ 118,741 Industrial 266,
Slide 10: Loan Concentration
Loan Concentration Commercial & Industrial Loans by Industry Type (12/31/23) Carrying % to WA WA Month to ($ in thousands) Value Total Rate Maturity Finance & Insurance $ 85,672 25.2% 7.96% 9 Real Estate Related 77,578 22.7% 8.35% 16 General Manufacturing & Wholesale Trade 63,399 18.5% 8.57% 15 Reta
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 (12/31/23) Retail Wholesale Total ($ in thousands) Amount WA Rate Amount WA Rate Amount WA Rate Less Than 3 Months $ 329,926 4.55% $ 193,970 5.33% $ 523,896 4.84% 3 to 6 Months 198,852 4.82% 106,821 5.33% 305,673 5.00% 6 to 9 Months 91,854 4.65% 37,950 5.35% 1
Slide 13: Profitability
Profitability 4Q23 Highlights • Noninterest expense increased $262K and net interest income decreased $525K. (1) PTPP (Pre-Tax Pre-Provision) income, and adjusted EPS, ROAA and ROAE for PTPP are not presented in accordance with GAAP. See “Non-GAAP measure” for reconciliations of these measures to th
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 4Q23 Highlights • Net interest income decreased $525K to $21.9MM from $22.4MM for 3Q23. • Net interest margin decreased to 3.40% from 3.57% for 3Q23 mainly due to an increase in cost of average interest-bearing liabilities, partially offset by an increase in yield on average inte
Slide 16: Capital
Capital (1) Not presented in accordance with GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.
Slide 17: Non-GAAP Measures
Non-GAAP Measures To supplement the financial information presented in accordance with GAAP, we use certain non-GAAP financial measures. Management believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance. These measures are also useful in understandi
Slide 18: Non-GAAP Measures
Non-GAAP Measures The following table reconciles core deposits to its most comparable GAAP measure: ($ in thousands) Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Total Deposits (d) $ 1,910,379 $ 1,997,607 $ 1,978,098 $ 2,045,983 $ 2,141,689 $ 2,188,231 $ 2,192,1291 $ 2,351,612 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) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Net Income (a) $ 10,240 $ 9,092 $ 6,953 $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 Add: Provis