Pcb Bancorp · NASDAQ:PCB
Pcb Bancorp — Q3 2024 Earnings Presentation
19 slides from Pcb Bancorp's earnings presentation, Oct 24, 2024
Slide 1: PCB Bancorp Earnings Results 3Q24
PCB BANCORP Earnings Results 3Q24 October 24, 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 10/22/24 PCB Footprint Market Cap $258.4 million Stock Price Per Share $18.11 52-Week Range $14.50 - $20.22 Dividend Yield 3.98% Dividend Payout Ratio (4Q23 – 3Q24) 42.60% Outstanding Shares 14,266,725 Stock Information 3Q24 or 9/30/24 Diluted Earnings Per Share
Slide 4: Historical Performance
Historical Performance Cash Dividend/Diluted EPS & BV/TCE Per Share Net Income/PTPP Income ($mm) $24.46 $25.39 $22.94 60.000 $4.00 $25.00 $17.24 50.000 $3.50 $3.00 $14.44 $15.19 $20.00 40.000 $2.50 $18.21 $19.62 $20.55 $15.00 30.000 $52.4 $53.0 $2.00 $10.00 $1.27 $40.1 $43.1 $2.62 $38.6 $36.2 $1.50
Slide 5: 3Q24 Highlights
3Q24 Highlights • Net income available to common shareholders of $7.5 million, or $0.52 per diluted share • Provision for credit losses of $50 thousand Operating Results • Return on Average Assets (“ROAA”) of 1.08%, Return on Average TCE (“ROATCE”) (1) of 10.31%, net interest margin of 3.25%, and ef
Slide 6: Selected Financial
Selected Financial As of or For the Three Months Ended Compared to 6/30/24 Compared to 9/30/23 ($ in Thousands, Except Per Share Data) 9/30/24 6/30/24 9/30/23 Amount Percentage Amount Percentage Income Statement Summary: Interest Income $ 45,998 $ 44,945 $ 38,852 $ 1,053 2.3% $ 7,146 18.4% Interest
Slide 7: Loan Overview
Loan Overview 3Q24 Highlights HFI Loan Trend ($mm) HFI Loan Composition September 30, 2024 Consumer • HFI loans Increased $17.1 million, or 16% 0.7%, to $2.47 billion YoY +13.8% Commercial Property • CRE loans increased $29.6 million $2,449 $2,466 35% (1.8%), but C&I loans decreased $2,398 Commercia
Slide 8: Loan Production & Rate/Yield Analysis
Loan Production & Rate/Yield Analysis New Production(1) by Rate Type ($mm) HFI Loans Interest Rate Mix HFI Loans Interest Rate Mix Trend September 30, 2024 8.78% 100% 8.40% Variable (WA Rate: 8.10%) 400 8.04% 8.18% 7.95% 7.90% 90% 7.56% 44% 38% 38% 38% 39% 40% 41% 7.17% 44% 44% 80% 8% 70% HFI Loans
Slide 9: Loan Concentration
Loan Concentration Commercial Real Estate Loans by Property Type (9/30/24) Commercial Real Estate Loans Carrying % to WA WA Maturing Geographic Concentration (9/30/24) ($ in thousands) Value Total Count LTV(1) Rate <= 1 Year 2-3 Years 3-5 Years > 5 Years Retail (More Than 50%) $ 363,400 21.8% 310 47
Slide 10: Loan Concentration
Loan Concentration Commercial & Industrial Loans by Industry Type (9/30/24) Commercial & Industrial Loans Carrying % to WA WA Month to ($ in thousands) Value Total Rate Maturity Geographic Concentration (9/30/24) Finance & Insurance $ 131,064 32.3% 7.21% 9 General Manufacturing & Wholesale Trade 88,
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, 2024 9 0% Peer Information: June 30, 2024 0.77% 1% 8 0% 1% 7 0% 0.57% 1% 0.55% 0.54% 0.54% 6 1% 0% 5 1% $7.4 $7.5 0.30% 0.32% 0.32% 4 $7.1 0% $6.5 0.26% 0.29% 0%
Slide 12: Deposits
Deposits Deposit Trend ($mm) Deposit Composition Core Deposits(1) ($mm) September 30, 2024 Retail Time Deposits 76% 90% 44% $1,900 69% 69% 67% 80% 63% 62% 63% 62% 3,000 $1,700 YoY +12.2% 70% $1,500 60% $2,460 Whoelsae $2.46B $2,407 50% $2,403 $1,300 $2,352 Deposits 2,500 40% $1,100 $2,188 $2,192 $1,
Slide 13: Profitability
Profitability 3Q24 Highlights Net Income & PTPP(1) Income ($mm) Diluted EPS & Adjusted Diluted EPS(1) 1.20 • Net interest income increased $984 thousand and noninterest expense $0.91 $13.5 decreased $722 thousand, but 1.00 $0.80 $0.75 15 $11.7 $0.74 $0.72 noninterest income decreased $14 $10.7 $10.7
Slide 14: Noninterest Income & Expense
Noninterest Income & Expense Noninterest Income Trend ($mm) SBA 7(A) Loans ($mm) 8.2% 8.8% 7.5% 7.2% 7.8% 43% 40 10% 4 37% 50% 6.3% 6.3% 6.0% 32% 32% 8% 31% 30% 35 3 29% 28% 40% 6% 30 30% 4% 3 5.6% 5.6% 5.6% $1.3 $0.8 $1.1 $0.8 4.4% 4.8% 4.6% 25 20% $0.7 3.9% 3.9% 2% 2 $0.8 $0.8 $0.8 10% 20 0% 0% -2
Slide 15: Net Interest Margin
Net Interest Margin Yield & Cost(1) Quarter-over-Quarter Impact to Net Interest Margin(1) 3.40% 8% 6.77% 6.82% 3.30% 6.58% 6.66% +0.06% 6.43% 7% 6.30% 6.11% -0.01% 0.00% 5.70% 3.20% 6% +0.04% 5.26% 5.33% 5.33% 5.33% 5.26% 4.99% 3.10% 4.52% 4.85% 4.86% 5% 4.52% 4.15% 4.17% 3.25% 3.97% 4.85% 3.79% 3.8
Slide 16: Capital
Capital Bank-Level Regulatory Capital Ratios Book Value/TCE(1) Per Share September 30, 2024 $24.80 $25.39 20% $28 $24.46 $24.54 $23.56 $23.77 $23.87 $22.94 $26 $24 18% $22 $20 16% $18 $19.95 $20.55 $19.05 $19.62 $19.69 $18.72 $18.94 $18.21 $16 14% $14 $12 12% Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-2
Slide 17: Non-GAAP Measures
Non-GAAP Measures To supplement the financial information presented in accordance with GAAP, we use certain non-GAAP financial measures. Management believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance. These measures are also useful in understandi
Slide 18: Non-GAAP Measures
Non-GAAP Measures The following table reconciles core deposits to its most comparable GAAP measure: ($ in thousands) Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Total Deposits (d) $ 2,045,983 $ 2,141,689 $ 2,188,231 $ 2,192,129 $ 2,351,612 $ 2,402,840 $ 2,406,254 $ 2,459,682 Less: Time D
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) 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Net Income (a) $ 8,702 $ 10,297 $ 7,477 $ 7,023 $ 5,908 $ 4,685 $ 6,281 $ 7,814 Add: Provisi