Market Overview

PCB Bancorp Reports Record Earnings of $6.8 million for Q3 2019

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PCB Bancorp (the "Company") (NASDAQ:PCB), the holding company of Pacific City Bank (the "Bank"), today reported net income of $6.8 million, or $0.42 per diluted common share for the third quarter of 2019, compared with $6.6 million, or $0.40 per diluted common share, for the previous quarter and $6.5 million, or $0.44 per diluted common share, for the year-ago quarter.

Q3 2019 Financial Highlights

  • Net income totaled $6.8 million or $0.42 per diluted common share;
  • Total assets were $1.70 billion at September 30, 2019, a decrease of $27.0 million, or 1.6%, from $1.73 billion at June 30, 2019, an increase of $2.4 million, or 0.1%, from $1.70 billion at December 31, 2018, and an increase of $35.7 million, or 2.1%, from $1.66 billion at September 30, 2018;
  • Loans held-for-investment, net of deferred costs (fees), were $1.39 billion at September 30, 2019, a decrease of $5.7 million, or 0.4%, from $1.40 billion at June 30, 2019, an increase of $51.1 million, or 3.8%, from $1.34 billion at December 31, 2018, and an increase of $80.7 million, or 6.2%, from $1.31 billion at September 30, 2018;
  • Total deposits were $1.43 billion at September 30, 2019, a decrease of $14.3 million, or 1.0%, from $1.45 billion at June 30, 2019, a decrease of $11.5 million, or 0.8%, from $1.44 billion at December 31, 2018 and an increase of $12.7 million, or 0.9%, from $1.42 billion at September 30, 2018;
  • The Company repurchased 374,069 shares of its common stock totaling $6.1 million under the publicly announced $6.5 million share repurchase program through September 30, 2019; and
  • The Company declared a cash dividend of $0.06 per common share.

"We are pleased to report another strong quarterly financial performance for the third quarter of 2019 highlighted by $6.8 million net income, or $0.42 per diluted common share," stated Henry Kim, President and Chief Executive Officer. "In spite of the challenging environment of declining interest rates, we maintained a net interest margin of 4.11% during the third quarter of 2019. Year-to-date, we maintained a net interest margin of 4.16%."

Financial Highlights (Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

($ in thousands, except per share data)

 

9/30/2019

 

6/30/2019

 

% Change

 

9/30/2018

 

% Change

 

9/30/2019

 

9/30/2018

 

% Change

Net income

 

$

6,785

 

 

$

6,601

 

 

2.8

%

 

$

6,543

 

 

3.7

%

 

$

19,950

 

 

$

17,569

 

 

13.6

%

Diluted earnings per common share

 

$

0.42

 

 

$

0.40

 

 

5.0

%

 

$

0.44

 

 

(4.5

)%

 

$

1.23

 

 

$

1.25

 

 

(1.6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

17,529

 

 

$

17,692

 

 

(0.9

)%

 

$

16,716

 

 

4.9

%

 

$

52,374

 

 

$

47,892

 

 

9.4

%

Provision (reversal) for loan losses

 

(102

)

 

394

 

 

(125.9

)%

 

417

 

 

(124.5

)%

 

207

 

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