Pcb Bancorp · NASDAQ:PCB
Pcb Bancorp — Raymond James U.S. Bank Conference 2019
20 slides from Pcb Bancorp's conference presentation, Sep 3, 2019
Slide 1: Raymond James U.S. Bank Conference September 4, 2019
Raymond James U.S. Bank Conference September 4, 2019
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation (and oral statements made regarding the subject of this presentation) contains certain “forward-looking statements” that are based on various facts and derived utilizing numerous important assumptions and are subject to known and unknown risks, uncertainties a
Slide 3: 2019 Second Quarter Highlights
2019 Second Quarter Highlights As of or For the Quarter Ended Net income of $6.6 million or $0.40 per diluted share ($ in thousands except per share data) 06/30/19 03/31/19 06/30/18 Income Statement Summary: Interest Income $ 24,030 $ 22,952 $ 20,344 $1.73 billion in total assets, an increase of
Slide 4: Recent Highlights
Recent Highlights Changed the corporate name to “PCB Bancorp” from “Pacific City Financial Corporation” in July 2019 • align the corporate name with the trading symbol of its common stock Corporate • simplify corporate communications while maintaining its core branding Completed $45.0 million In
Slide 5: Company Profile
Company Profile Equity Information Franchise Footprint August 28, 2019 NASDAQ: PCB Share Price: $16.34 52 Week Range: $13.53 - $20.88 Market Cap: $257.1 million Total Outstanding Shares: 15,734,149 your Partner • Choice • Bank | 5
Slide 6: Disciplined Asset and Loan Growth
Disciplined Asset and Loan Growth Total Assets HFI Loans ($ in millions) ($ in millions) 2000 1600 1800 1400 1600 1200 1400 1000 1200 1000 800 $1,718 $1,726 $1,396 800 $1,619 $1,664 $1,697 $1,309 $1,339 $1,343 $1,579 600 $1,223 $1,255 $1,404 $1,442 $1,147 $1,190 600 400 400 200 200 0 0 Sep-17 Dec-17
Slide 7: Diversified Loan Portfolio
Diversified Loan Portfolio HFI Loan Trend HFI Loan Composition 1600 ($ in millions) June 30, 2019 $24 1400 $25 $28 $26 $31 $33 $241 1200 $34 $32 $215 $234 $237 Commercial Consumer $197 Residential $169 $184 2% $155 and Industrial Property 1000 $232 $207 $221 $221 16% 17% $170 $190 $166 $171 800 Comm
Slide 8: Commercial Real Estate (CRE) Loans
Commercial Real Estate (“CRE”) Loans (1) CRE Loan Trend ($ 700in millions) 364.0% 420% 355.1% 357.1% 337.1% 650 320% 265.3% 253.6% 244.5% 249.6% 600 220% 550 120% 500 20% 450 $571 $572 $584 -80% $549 $546 $556 $565 $559 400 -180% 350 -280% 300 -380% Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 J
Slide 9: Fixed vs. Variable Rate Loans
Fixed vs. Variable Rate Loans (1) New Production by Interest Rate Type Interest Rate Composition 6.31% 7.00% ($ in millions) 5.91% 6.02% June 30, 2019 5.48% 5.42% 5.52% 6.00% 200 5.19% 5.29% $159.4 5.00% $158.1 $161.7 4.00% 150 $134.2 $133.6 $139.1 $119.1 3.00% $103.3 $83.5 Variable (WA Rate 6.29%)
Slide 10: Excellent Asset Quality
Excellent Asset Quality Non-Performing Assets (“NPAs”) NPAs to Total Assets ($ in millions) 3.5 0.25% 3 0.20% 2.5 0.15% 2 1.5 $3.3 0.10% 0.23% 1 $2.4 $2.0 $1.8 0.15% $1.7 $1.6 $1.7 0.05% 0.12% 0.13% 0.11% 0.5 0.09% 0.10% $1.1 0.06% 0 0.00% Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-
Slide 11: Strong Asset Quality Relative to Peers
Strong Asset Quality Relative to Peers (1) NPAs / (Total Loans + Other Real Estate Owned) (2) Classified Assets to Total Assets (3) 1.20% June 30, 2019 June 30, 2019 (Hanmi as of March 31, 2019) 2.50% 1.00% 2.00% 0.80% 1.50% 0.60% 1.00% 1.00% 2.15% 0.40% 0.77% 0.50% 0.50% 1.14% 0.20% 0.36% 0.96% 0.2
Slide 12: Consistent Deposit Growth
Consistent Deposit Growth Total Deposits ($ in millions) 1600 $1,444 $1,448 $1,447 $1,382 $1,427 $1,420 1400 $1,213 $1,251 1200 1000 $1,080 $1,070 $1,115 $1,117 $1,107 800 $1,061 $888 $932 600 400 200 $325 $319 $321 $347 $350 $329 $331 $340 0 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 N
Slide 13: Deposit Composition
Deposit Composition (1) Core Deposits Deposit Composition ($ in millions) June 30, 2019 80% 77% 79% 79% 78% 78% 75% 78% 1200 80% 70% 1100 Time Deposits 60% State and Brokered 1000 50% 900 Greater Than Deposits 40% 800 $1,089 $1,122 $1,110 $1,120 $1,081 $1,124 30% $250K 8% 700 $968 $969 20% 14% 600 1
Slide 14: Strong Profitability
Strong Profitability Net Income Diluted EPS ($ in millions) 0.5 8 0.45 7 0.4 0.35 6 0.3 5 0.25 4 $0.46 0.2 $0.44 $0.41 3 $6.3 $6.5 $6.7 $6.6 $6.6 $0.40 $0.40 0.15 $0.35 $0.35 2 $4.8 $4.8 0.1 1 $0.17 $2.3 0.05 0 0 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 ROAA RO
Slide 15: Noninterest Income
Noninterest Income Noninterest Income SBA Loan Sale Volume 4.5 ($ in millions) (35 $ in millions) 63% 63% 70% 62% 62% 30 4 25 $3.5 51% $3.4 $3.4 20 3.5 48% 45% 46% 50% $3.1 15 $29.9 $29.5 $29.2 $26.2 $29.2 10 3 $23.1 $21.2 $2.6 5 $12.6 $2.4 30% 2.5 $2.3 0 $2.1 $2.1 $2.1 $2.2 $1.9 3Q17 4Q17 1Q18 2Q18
Slide 16: Noninterest Expense
Noninterest Expense Noninterest Expense Full-Time Equivalents ($ in millions) 255 16 250 3.00% 2.79% 2.75% 245 2.68% 2.62% 240 14 2.52% 235 2.43% 2.43% 230 2.35% 2.50% 252 225 248 12 246 247 $10.9 $11.0 220 232 $10.1 $10.3 215 229 228 $9.6 $9.6 2.00% 222 210 10 $9.5 $9.0 205 $4.7 $4.4 Sep-17 Dec-17
Slide 17: Stable Net Interest Margin
Stable Net Interest Margin Net Interest Margin (Annualized) 6.34% 6.33% 6.39% 6.04% 6.10% 5.65% 5.63% 5.80% 4.33% 4.33% 4.24% 4.27% 4.08% 4.17% 4.22% 4.17% 2.17% 1.89% 2.06% 1.60% 1.72% 1.16% 1.21% 1.34% 1.69% 1.47% 1.62% 1.25% 1.32% 0.87% 0.92% 1.03% 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 (1) Loan
Slide 18: Solid Capital Ratios and BV Per Share
Solid Capital Ratios and BV Per Share Bank Capital Ratios BV Per Share 16 June 30, 2019 14 17.05% 16.07% 16.07% 12 12.64% 10 8 (1) $13.98 10.00% $13.16 $13.57 6 $12.71 (1) $11.27 8.00% $10.48 $10.60 $10.97 (1) 6.50% 4 (1) 5.00% 2 0 Tier 1 Leverage CET 1 Capital Tier 1 Capital Total Capital Sep-17 De
Slide 19: Increasing Cash Dividend
Increasing Cash Dividend Quarterly Cash Dividends Per Share $0.070 20.0% $0.060 66.7% $0.050 $0.040 $0.060 10.0% $0.030 10.0% $0.050 $0.030 $0.030 $0.030 $0.030 $0.030 $0.030 $0.030 $0.020 $0.030 $0.027 $0.027 $0.027 $0.027 $0.025 $0.025 $0.025 $0.010 $- (1) (1) 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q
Slide 20: Reconciliation of Non-GAAP Measure
Reconciliation of Non-GAAP Measure Core Deposits are a non-GAAP measure that we use to measure the portion of our total deposits that are thought to be more stable, lower cost and reprice less frequently on average in a rising rate environment. We calculate core deposits as total deposits less time
PCB Bancorp — Raymond James U.S. Bank Conference 2019 on 6ix