0001423869-24-000030.txt : 20240507 0001423869-24-000030.hdr.sgml : 20240507 20240507160625 ACCESSION NUMBER: 0001423869-24-000030 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 99 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240507 DATE AS OF CHANGE: 20240507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PCB BANCORP CENTRAL INDEX KEY: 0001423869 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 208856755 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38621 FILM NUMBER: 24921806 BUSINESS ADDRESS: STREET 1: 3701 WILSHIRE BLVD STREET 2: SUITE 900 CITY: LOS ANGELES STATE: CA ZIP: 90010 BUSINESS PHONE: 213-210-2000 MAIL ADDRESS: STREET 1: 3701 WILSHIRE BLVD STREET 2: SUITE 900 CITY: LOS ANGELES STATE: CA ZIP: 90010 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC CITY FINANCIAL CORP DATE OF NAME CHANGE: 20080114 10-Q 1 pcb-20240331.htm 10-Q pcb-20240331
12/31FALSE00014238692024Q1http://fasb.org/us-gaap/2023#AccountingStandardsUpdate201613Member110500014238692024-01-012024-03-3100014238692024-04-30xbrli:shares00014238692024-03-31iso4217:USD00014238692023-12-31iso4217:USDxbrli:shares0001423869us-gaap:RestrictedStockUnitsRSUMember2024-03-310001423869us-gaap:RestrictedStockUnitsRSUMember2023-12-3100014238692023-01-012023-03-310001423869us-gaap:PreferredStockMember2022-12-310001423869us-gaap:CommonStockMember2022-12-310001423869us-gaap:RetainedEarningsMember2022-12-310001423869us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-3100014238692022-12-3100014238692022-01-012022-12-310001423869us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001423869srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001423869srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:PreferredStockMember2022-12-310001423869us-gaap:CommonStockMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310001423869us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310001423869us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310001423869srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310001423869us-gaap:RetainedEarningsMember2023-01-012023-03-310001423869us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001423869us-gaap:CommonStockMember2023-01-012023-03-310001423869us-gaap:PreferredStockMember2023-03-310001423869us-gaap:CommonStockMember2023-03-310001423869us-gaap:RetainedEarningsMember2023-03-310001423869us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-3100014238692023-03-310001423869us-gaap:PreferredStockMember2023-12-310001423869us-gaap:CommonStockMember2023-12-310001423869us-gaap:RetainedEarningsMember2023-12-310001423869us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001423869us-gaap:RetainedEarningsMember2024-01-012024-03-310001423869us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001423869us-gaap:CommonStockMember2024-01-012024-03-310001423869us-gaap:PreferredStockMember2024-03-310001423869us-gaap:CommonStockMember2024-03-310001423869us-gaap:RetainedEarningsMember2024-03-310001423869us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001423869stpr:CA2024-03-31pcb:branch0001423869pcb:NewJerseyAndNewYorkMember2024-03-310001423869stpr:TX2024-03-31pcb:officepcb:segment0001423869us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001423869us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001423869us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001423869us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001423869us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-03-310001423869us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-03-310001423869us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-03-310001423869us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-03-310001423869us-gaap:FairValueInputsLevel1Memberpcb:SBALoanPoolSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001423869pcb:SBALoanPoolSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001423869us-gaap:FairValueInputsLevel3Memberpcb:SBALoanPoolSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001423869pcb:SBALoanPoolSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001423869us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-03-310001423869us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-03-310001423869us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-03-310001423869us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-03-310001423869us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-03-310001423869us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-03-310001423869us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-03-310001423869us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-03-310001423869us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001423869us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310001423869us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001423869us-gaap:FairValueMeasurementsRecurringMember2024-03-310001423869us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001423869us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001423869us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001423869us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001423869us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310001423869us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310001423869us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310001423869us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310001423869us-gaap:FairValueInputsLevel1Memberpcb:SBALoanPoolSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001423869pcb:SBALoanPoolSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001423869us-gaap:FairValueInputsLevel3Memberpcb:SBALoanPoolSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001423869pcb:SBALoanPoolSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001423869us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2023-12-310001423869us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2023-12-310001423869us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2023-12-310001423869us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2023-12-310001423869us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-310001423869us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-310001423869us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-310001423869us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-310001423869us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001423869us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310001423869us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001423869us-gaap:FairValueMeasurementsRecurringMember2023-12-310001423869us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberpcb:CommercialRealEstateLoansForBusinessMember2024-03-310001423869us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Memberpcb:CommercialRealEstateLoansForBusinessMember2024-03-310001423869us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberpcb:CommercialRealEstateLoansForBusinessMember2024-03-310001423869us-gaap:FairValueMeasurementsNonrecurringMemberpcb:CommercialRealEstateLoansForBusinessMember2024-03-310001423869us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-03-310001423869us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310001423869us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2024-03-310001423869us-gaap:FairValueMeasurementsNonrecurringMember2024-03-310001423869us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberpcb:CommercialRealEstateLoansForBusinessMember2023-12-310001423869us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Memberpcb:CommercialRealEstateLoansForBusinessMember2023-12-310001423869us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberpcb:CommercialRealEstateLoansForBusinessMember2023-12-310001423869us-gaap:FairValueMeasurementsNonrecurringMemberpcb:CommercialRealEstateLoansForBusinessMember2023-12-310001423869us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001423869us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310001423869us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2023-12-310001423869us-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001423869pcb:CommercialRealEstateLoansForBusinessMember2024-01-012024-03-310001423869pcb:CommercialRealEstateLoansForBusinessMember2023-01-012023-03-310001423869pcb:CommercialAndIndustrialPortfolioSegmentMember2024-01-012024-03-310001423869pcb:CommercialAndIndustrialPortfolioSegmentMember2023-01-012023-03-310001423869us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310001423869us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001423869us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001423869us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2024-03-310001423869us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2024-03-310001423869us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001423869us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001423869us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001423869us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-12-310001423869us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2023-12-310001423869us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310001423869us-gaap:CollateralizedMortgageObligationsMember2024-03-310001423869pcb:SBALoanPoolSecuritiesMember2024-03-310001423869us-gaap:MunicipalBondsMember2024-03-310001423869us-gaap:CorporateBondSecuritiesMember2024-03-310001423869us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001423869us-gaap:CollateralizedMortgageObligationsMember2023-12-310001423869pcb:SBALoanPoolSecuritiesMember2023-12-310001423869us-gaap:MunicipalBondsMember2023-12-310001423869us-gaap:CorporateBondSecuritiesMember2023-12-310001423869us-gaap:AssetPledgedAsCollateralMember2024-03-310001423869us-gaap:AssetPledgedAsCollateralMember2023-12-31pcb:security0001423869pcb:InvestmentSecuritiesConcentrationRiskMemberpcb:DebtSecuritiesAvailableForSaleExcludingAccruedInterestIssuedByUSGovernmentAgencyAndUSGovernmentSponsoredEnterpriseMemberpcb:DebtSecuritiesAvailableForSaleExcludingAccruedInterestMember2024-01-012024-03-31xbrli:pure0001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869srt:MultifamilyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869srt:MultifamilyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001423869pcb:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMember2023-12-310001423869pcb:OfficersAndDirectorsMember2024-03-310001423869pcb:OfficersAndDirectorsMember2023-12-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-01-012024-03-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-01-012024-03-310001423869srt:MultifamilyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-01-012024-03-310001423869us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-01-012024-03-310001423869pcb:CommercialAndIndustrialPortfolioSegmentMember2024-01-012024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2024-01-012024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMember2024-01-012024-03-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-12-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-12-310001423869srt:MultifamilyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-12-310001423869us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-12-310001423869pcb:CommercialAndIndustrialPortfolioSegmentMember2022-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2022-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMember2022-12-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001423869us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001423869us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001423869pcb:CommercialAndIndustrialPortfolioSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-012023-03-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-012023-03-310001423869srt:MultifamilyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-012023-03-310001423869us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-012023-03-310001423869pcb:CommercialAndIndustrialPortfolioSegmentMember2023-01-012023-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2023-01-012023-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMember2023-01-012023-03-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-03-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-03-310001423869srt:MultifamilyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-03-310001423869us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-03-310001423869pcb:CommercialAndIndustrialPortfolioSegmentMember2023-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2023-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMember2023-03-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2024-03-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:SubstandardMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:DoubtfulMemberpcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2024-03-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:SubstandardMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:DoubtfulMemberpcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:PassMember2024-03-310001423869us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2024-03-310001423869us-gaap:SubstandardMemberus-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2024-03-310001423869us-gaap:DoubtfulMemberus-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2024-03-310001423869us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2024-03-310001423869us-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:ConstructionLoansMemberus-gaap:SubstandardMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:ConstructionLoansMemberus-gaap:DoubtfulMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869pcb:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PassMember2024-03-310001423869pcb:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310001423869us-gaap:SubstandardMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001423869us-gaap:DoubtfulMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMemberus-gaap:PassMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMemberus-gaap:SpecialMentionMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMemberus-gaap:ResidentialMortgageMember2024-03-310001423869us-gaap:DoubtfulMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMemberus-gaap:PassMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMemberus-gaap:SpecialMentionMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMemberus-gaap:SubstandardMember2024-03-310001423869us-gaap:DoubtfulMemberus-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMember2024-03-310001423869us-gaap:PassMember2024-03-310001423869us-gaap:SpecialMentionMember2024-03-310001423869us-gaap:SubstandardMember2024-03-310001423869us-gaap:DoubtfulMember2024-03-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2023-12-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:SubstandardMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:DoubtfulMemberpcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2023-12-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:SubstandardMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:DoubtfulMemberpcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMemberus-gaap:PassMember2023-12-310001423869us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2023-12-310001423869us-gaap:SubstandardMemberus-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2023-12-310001423869us-gaap:DoubtfulMemberus-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2023-12-310001423869us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2023-12-310001423869us-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:ConstructionLoansMemberus-gaap:SubstandardMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:ConstructionLoansMemberus-gaap:DoubtfulMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PassMember2023-12-310001423869pcb:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310001423869us-gaap:SubstandardMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001423869us-gaap:DoubtfulMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMemberus-gaap:PassMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMemberus-gaap:SpecialMentionMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMemberus-gaap:ResidentialMortgageMember2023-12-310001423869us-gaap:DoubtfulMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMemberus-gaap:PassMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMemberus-gaap:SpecialMentionMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMemberus-gaap:SubstandardMember2023-12-310001423869us-gaap:DoubtfulMemberus-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMember2023-12-310001423869us-gaap:PassMember2023-12-310001423869us-gaap:SpecialMentionMember2023-12-310001423869us-gaap:SubstandardMember2023-12-310001423869us-gaap:DoubtfulMember2023-12-310001423869us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMember2023-12-310001423869us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMember2024-03-310001423869srt:HotelMemberpcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869pcb:CommercialRealEstateLoansForInvestmentMembersrt:WarehouseMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberpcb:RetailStoreMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869pcb:CommercialRealEstateLoansForInvestmentMembersrt:SingleFamilyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869srt:OtherPropertyMemberpcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869srt:HotelMemberpcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869srt:WarehouseMemberpcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869pcb:CommercialRealEstateLoansForBusinessMemberpcb:RetailStoreMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869pcb:CommercialRealEstateLoansForBusinessMembersrt:SingleFamilyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869srt:OtherPropertyMemberpcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869srt:HotelMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869srt:WarehouseMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869pcb:RetailStoreMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869srt:SingleFamilyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869srt:OtherPropertyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869srt:HotelMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001423869srt:WarehouseMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001423869pcb:RetailStoreMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001423869srt:SingleFamilyMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001423869srt:OtherPropertyMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001423869srt:HotelMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMembersrt:WarehouseMemberus-gaap:ResidentialMortgageMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMemberpcb:RetailStoreMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:ResidentialMortgageMember2024-03-310001423869srt:OtherPropertyMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2024-03-310001423869srt:HotelMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMembersrt:WarehouseMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:RetailStoreMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2024-03-310001423869srt:OtherPropertyMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310001423869srt:HotelMember2024-03-310001423869srt:WarehouseMember2024-03-310001423869pcb:RetailStoreMember2024-03-310001423869srt:SingleFamilyMember2024-03-310001423869srt:OtherPropertyMember2024-03-310001423869srt:HotelMemberpcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:CommercialRealEstateLoansForInvestmentMembersrt:WarehouseMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberpcb:RetailStoreMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:CommercialRealEstateLoansForInvestmentMembersrt:SingleFamilyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869srt:OtherPropertyMemberpcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869srt:HotelMemberpcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869srt:WarehouseMemberpcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:CommercialRealEstateLoansForBusinessMemberpcb:RetailStoreMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:CommercialRealEstateLoansForBusinessMembersrt:SingleFamilyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869srt:OtherPropertyMemberpcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869srt:HotelMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869srt:WarehouseMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:RetailStoreMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869srt:SingleFamilyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869srt:OtherPropertyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869srt:HotelMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001423869srt:WarehouseMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001423869pcb:RetailStoreMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001423869srt:SingleFamilyMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001423869srt:OtherPropertyMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001423869srt:HotelMember2023-12-310001423869srt:WarehouseMember2023-12-310001423869pcb:RetailStoreMember2023-12-310001423869srt:SingleFamilyMember2023-12-310001423869srt:OtherPropertyMember2023-12-310001423869us-gaap:FinancingReceivables30To59DaysPastDueMemberpcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:FinancingReceivables60To89DaysPastDueMemberpcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:FinancingReceivables30To59DaysPastDueMemberpcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:FinancingReceivables60To89DaysPastDueMemberpcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001423869us-gaap:FinancingReceivables30To59DaysPastDueMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001423869us-gaap:FinancingReceivables60To89DaysPastDueMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001423869us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001423869us-gaap:FinancialAssetPastDueMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialMortgageMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialMortgageMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialMortgageMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialMortgageMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpcb:OtherConsumerMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberpcb:OtherConsumerMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpcb:OtherConsumerMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMemberus-gaap:FinancialAssetPastDueMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2024-03-310001423869us-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001423869us-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001423869us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310001423869us-gaap:FinancialAssetPastDueMember2024-03-310001423869us-gaap:FinancingReceivables30To59DaysPastDueMemberpcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:FinancingReceivables60To89DaysPastDueMemberpcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:CommercialRealEstateLoansForInvestmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:FinancingReceivables30To59DaysPastDueMemberpcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:FinancingReceivables60To89DaysPastDueMemberpcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpcb:CommercialRealEstateLoansForBusinessMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:CommercialRealEstateLoansForBusinessMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869us-gaap:FinancingReceivables30To59DaysPastDueMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001423869us-gaap:FinancingReceivables60To89DaysPastDueMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001423869us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001423869us-gaap:FinancialAssetPastDueMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialMortgageMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialMortgageMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialMortgageMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ResidentialMortgageMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberpcb:OtherConsumerMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberpcb:OtherConsumerMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberpcb:OtherConsumerMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberpcb:OtherConsumerMemberus-gaap:FinancialAssetPastDueMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001423869us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-12-310001423869us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001423869us-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001423869us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001423869us-gaap:FinancialAssetPastDueMember2023-12-310001423869us-gaap:InterestRateBelowMarketReductionMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2024-01-012024-03-310001423869us-gaap:InterestRateBelowMarketReductionMember2024-01-012024-03-310001423869us-gaap:InterestRateBelowMarketReductionMemberpcb:CommercialAndIndustrialPortfolioSegmentMember2023-01-012023-03-310001423869us-gaap:InterestRateBelowMarketReductionMember2023-01-012023-03-310001423869us-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310001423869us-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-3100014238692023-01-012023-12-310001423869pcb:SBAPropertyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-012023-12-310001423869pcb:SBAPropertyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001423869pcb:GainLossOnSalesMember2024-01-012024-03-310001423869pcb:GainLossOnSalesMember2023-01-012023-03-310001423869pcb:OperatingExpensesNetOfRentalIncomeMember2024-01-012024-03-310001423869pcb:OperatingExpensesNetOfRentalIncomeMember2023-01-012023-03-310001423869us-gaap:ResidentialRealEstateMember2024-03-310001423869pcb:SBAPropertyMember2024-03-310001423869pcb:SBACommercialTermLoansMember2024-03-310001423869us-gaap:ResidentialRealEstateMember2023-12-310001423869pcb:SBAPropertyMember2023-12-310001423869pcb:SBACommercialTermLoansMember2023-12-310001423869us-gaap:ResidentialRealEstateMember2024-01-012024-03-310001423869pcb:SBAPropertyMember2024-01-012024-03-310001423869pcb:SBACommercialTermLoansMember2024-01-012024-03-310001423869us-gaap:ResidentialRealEstateMember2023-01-012023-12-310001423869pcb:SBAPropertyMember2023-01-012023-12-310001423869pcb:SBACommercialTermLoansMember2023-01-012023-12-310001423869us-gaap:ResidentialRealEstateMember2022-12-310001423869pcb:SBAPropertyMember2022-12-310001423869pcb:SBACommercialTermLoansMember2022-12-310001423869us-gaap:ResidentialRealEstateMember2023-01-012023-03-310001423869pcb:SBAPropertyMember2023-01-012023-03-310001423869pcb:SBACommercialTermLoansMember2023-01-012023-03-310001423869us-gaap:ResidentialRealEstateMember2023-03-310001423869pcb:SBAPropertyMember2023-03-310001423869pcb:SBACommercialTermLoansMember2023-03-310001423869srt:FederalHomeLoanBankOfSanFranciscoMember2024-03-310001423869srt:FederalHomeLoanBankOfSanFranciscoMember2023-12-310001423869us-gaap:FederalHomeLoanBankAdvancesMember2024-03-3100014238692022-05-242022-05-2400014238692022-05-240001423869pcb:DividendRateVariablePeriodOneMember2022-05-242022-05-240001423869pcb:DividendRateVariablePeriodTwoMembersrt:MaximumMember2022-05-242022-05-240001423869srt:ScenarioForecastMember2024-04-012024-06-300001423869us-gaap:EmployeeStockOptionMember2023-05-250001423869us-gaap:EmployeeStockOptionMember2024-03-310001423869us-gaap:EmployeeStockOptionMember2024-01-012024-03-310001423869us-gaap:EmployeeStockOptionMember2023-01-012023-03-310001423869us-gaap:RestrictedStockMember2024-01-012024-03-310001423869us-gaap:RestrictedStockMember2023-01-012023-03-310001423869us-gaap:RestrictedStockMember2023-12-310001423869us-gaap:RestrictedStockMember2024-03-310001423869us-gaap:UnusedLinesOfCreditMemberpcb:FixedRateLoanMember2024-03-310001423869pcb:VariableRateLoanMemberus-gaap:UnusedLinesOfCreditMember2024-03-310001423869us-gaap:UnusedLinesOfCreditMemberpcb:FixedRateLoanMember2023-12-310001423869pcb:VariableRateLoanMemberus-gaap:UnusedLinesOfCreditMember2023-12-310001423869us-gaap:UnfundedLoanCommitmentMemberpcb:FixedRateLoanMember2024-03-310001423869pcb:VariableRateLoanMemberus-gaap:UnfundedLoanCommitmentMember2024-03-310001423869us-gaap:UnfundedLoanCommitmentMemberpcb:FixedRateLoanMember2023-12-310001423869pcb:VariableRateLoanMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310001423869pcb:FixedRateLoanMemberus-gaap:StandbyLettersOfCreditMember2024-03-310001423869pcb:VariableRateLoanMemberus-gaap:StandbyLettersOfCreditMember2024-03-310001423869pcb:FixedRateLoanMemberus-gaap:StandbyLettersOfCreditMember2023-12-310001423869pcb:VariableRateLoanMemberus-gaap:StandbyLettersOfCreditMember2023-12-310001423869pcb:FixedRateLoanMemberpcb:CommercialLettersOfCreditMember2024-03-310001423869pcb:VariableRateLoanMemberpcb:CommercialLettersOfCreditMember2024-03-310001423869pcb:FixedRateLoanMemberpcb:CommercialLettersOfCreditMember2023-12-310001423869pcb:VariableRateLoanMemberpcb:CommercialLettersOfCreditMember2023-12-310001423869pcb:FixedRateLoanMember2024-03-310001423869pcb:VariableRateLoanMember2024-03-310001423869pcb:FixedRateLoanMember2023-12-310001423869pcb:VariableRateLoanMember2023-12-310001423869us-gaap:UnfundedLoanCommitmentMember2024-01-012024-03-310001423869pcb:SBALoansMemberus-gaap:UnfundedLoanCommitmentMember2024-01-012024-03-310001423869srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-01-010001423869us-gaap:ReserveForOffBalanceSheetActivitiesMember2024-03-310001423869us-gaap:ReserveForOffBalanceSheetActivitiesMember2023-12-310001423869us-gaap:PendingLitigationMember2023-07-012023-09-300001423869srt:ParentCompanyMember2024-03-310001423869srt:SubsidiariesMember2024-03-310001423869srt:ParentCompanyMember2023-12-310001423869srt:SubsidiariesMember2023-12-310001423869pcb:MonthlyServiceFeesMember2024-01-012024-03-310001423869pcb:MonthlyServiceFeesMember2023-01-012023-03-310001423869pcb:AccountAnalysisFeesMember2024-01-012024-03-310001423869pcb:AccountAnalysisFeesMember2023-01-012023-03-310001423869pcb:NonSufficientFundsChargesMember2024-01-012024-03-310001423869pcb:NonSufficientFundsChargesMember2023-01-012023-03-310001423869pcb:OtherDepositRelatedFeesMember2024-01-012024-03-310001423869pcb:OtherDepositRelatedFeesMember2023-01-012023-03-310001423869pcb:FeesAndCommissionsDepositorAccounts1Member2024-01-012024-03-310001423869pcb:FeesAndCommissionsDepositorAccounts1Member2023-01-012023-03-310001423869pcb:ProductsAndServicesDebitCardFeesMember2024-01-012024-03-310001423869pcb:ProductsAndServicesDebitCardFeesMember2023-01-012023-03-310001423869pcb:ProductsAndServicesGainLossOnSaleOfOtherRealEstateOwnedMember2024-01-012024-03-310001423869pcb:ProductsAndServicesGainLossOnSaleOfOtherRealEstateOwnedMember2023-01-012023-03-310001423869pcb:ProductsAndServicesWireTransferFeesMember2024-01-012024-03-310001423869pcb:ProductsAndServicesWireTransferFeesMember2023-01-012023-03-310001423869pcb:ProductsAndServicesOtherServiceChargesMember2024-01-012024-03-310001423869pcb:ProductsAndServicesOtherServiceChargesMember2023-01-012023-03-310001423869us-gaap:SubsequentEventMember2024-04-252024-04-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                   to                  
Commission file number 001-38621
PCB BANCORP
(Exact name of registrant as specified in its charter)
California20-8856755
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
3701 Wilshire Boulevard, Suite 900, Los Angeles, California 90010
(Address of principal executive offices) (Zip Code)
(213) 210-2000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, no par valuePCBNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes No
As of April 30, 2024, the registrant had outstanding 14,266,937 shares of common stock.



PCB Bancorp and Subsidiary
Quarterly Report on Form 10-Q
March 31, 2024
Table of Contents
Part I - Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
Part II - Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


2


Forward-looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements which reflect current views of PCB Bancorp (collectively, with its consolidated subsidiary, the “Company,” “we,” “us” or “our”) with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “aim,” “would,” and “annualized” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our business and industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, but are not limited to, the following:
business and economic conditions, particularly those affecting the financial services industry and our primary market areas and arising from recent inflationary pressures and governmental and societal responses thereto;
our ability to successfully manage our credit risk and the sufficiency of our allowance for credit loss;
factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers and the success of construction projects that we finance;
governmental monetary and fiscal policies, and changes in market interest rates;
the current inflationary environment and government and regulatory responses thereto;
adverse developments at other banks, including bank failures, that impact general sentiment regarding the stability and liquidity of banks and may affect our customers’ behavior and our stock price;
the significant portion of our loan portfolio that is comprised of real estate loans;
our ability to attract and retain Korean-American customers;
our ability to identify and address cyber-security risks, fraud and systems errors;
our ability to effectively execute our strategic plan and manage our growth;
changes in our senior management team and our ability to attract, motivate and retain qualified personnel;
cyber-attacks, ransomware attacks, computer viruses or other malware that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data, disable or degrade service, or sabotage our systems;
liquidity issues, including fluctuations in the fair value and liquidity of the securities we hold and our ability to raise additional capital, if necessary;
costs and obligations associated with operating as a public company;
effects of competition from a wide variety of local, regional, national and other providers of financial, investment and insurance services;
the effects of severe weather, natural disasters, acts of war or terrorism, health epidemics or pandemics (or expectations about them) and other external events on our business;
the impact of any claims or legal actions to which we may be subject, including any effect on our reputation; and
changes in federal tax laws or policies.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements and the risks described under “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and our other documents that we file with the United States (“U.S.”) Securities Exchange Commission (“SEC”). Because of these risks and other uncertainties, our actual future results, performance or achievement, or industry results, may be materially different from the results indicated by the forward looking statements in this report. In addition, our past results of operations are not necessarily indicative of our future results. You should not rely on any forward looking statements, which represent our beliefs, assumptions and estimates only as of the dates on which they were made, as predictions of future events. Any forward-looking statement speaks only as of the date on which it is initially made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
3


Part I - Financial Information
Item 1 - Consolidated Financial Statements

PCB Bancorp and Subsidiary
Consolidated Balance Sheets
($ in thousands, except share data)
March 31, 2024December 31, 2023
(Unaudited)
Assets
Cash and due from banks
$29,432 $26,518 
Interest-bearing deposits in other financial institutions
210,359 215,824 
Total cash and cash equivalents
239,791 242,342 
Securities available-for-sale, at fair value (amortized cost of $152,649 and $156,175, respectively, and allowance for credit losses of $0 and $0, respectively, at March 31, 2024 and December 31, 2023)
138,170 143,323 
Loans held-for-sale, at lower of cost or fair value3,256 5,155 
Loans held-for-investment, net of deferred fees and costs2,397,964 2,323,452 
Allowance for credit losses on loans(28,332)(27,533)
Net loans held-for-investment
2,369,632 2,295,919 
Premises and equipment, net
8,892 5,999 
Federal Home Loan Bank and other restricted stock, at cost
12,716 12,716 
Other real estate owned, net
 2,558 
Bank-owned life insurance31,045 30,817 
Servicing assets
6,544 6,666 
Operating lease assets
18,255 18,913 
Accrued interest receivable
10,394 9,468 
Other assets
15,597 15,630 
Total assets
$2,854,292 $2,789,506 
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing demand$538,380 $594,673 
Savings, NOW and money market accounts
483,607 421,203 
Time deposits of $250,000 or less
771,303 760,034 
Time deposits of more than $250,000
609,550 575,702 
Total deposits
2,402,840 2,351,612 
Federal Home Loan Bank advances
50,000 39,000 
Deferred tax liabilities, net266 876 
Operating lease liabilities
19,555 20,137 
Accrued interest payable and other liabilities
31,626 29,009 
Total liabilities
2,504,287 2,440,634 
Commitments and contingencies
Preferred stock, 10,000,000 shares authorized, no par value:
Series C, senior non-cumulative perpetual, $1,000 per share liquidation preference, 69,141 and 69,141 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively.
69,141 69,141 
Common stock, 60,000,000 shares authorized, no par value; 14,263,791 and 14,260,440 shares issued and outstanding, respectively, and included 25,400 and 41,661 shares of unvested restricted stock, respectively, at March 31, 2024 and December 31, 2023
142,734 142,563 
Retained earnings
148,209 146,092 
Accumulated other comprehensive loss, net(10,079)(8,924)
Total shareholders’ equity
350,005 348,872 
Total liabilities and shareholders’ equity
$2,854,292 $2,789,506 
See Accompanying Notes to Consolidated Financial Statements (Unaudited)
4


PCB Bancorp and Subsidiary
Consolidated Statements of Income (Unaudited)
($ in thousands, except share and per share data)
Three Months Ended March 31,
20242023
Interest and dividend income:
Loans, including fees$39,251 $31,229 
Tax-exempt investment securities28 34 
Taxable investment securities1,218 1,068 
Other interest-earning assets3,058 2,205 
Total interest income
43,555 34,536 
Interest expense:
Deposits21,967 11,913 
Other borrowings589 209 
Total interest expense
22,556 12,122 
Net interest income20,999 22,414 
Provision (reversal) for credit losses1,090 (2,778)
Net interest income after provision (reversal) for credit losses19,909 25,192 
Noninterest income:
Service charges and fees on deposits
378 344 
Loan servicing income
919 860 
Bank-owned life insurance income228 180 
Gain on sale of loans
1,078 1,309 
Other income
342 328 
Total noninterest income
2,945 3,021 
Noninterest expense:
Salaries and employee benefits
9,218 8,928 
Occupancy and equipment
2,358 1,896 
Professional fees
1,084 732 
Marketing and business promotion
319 372 
Data processing
402 412 
Director fees and expenses
232 180 
Regulatory assessments
298 155 
Other expense2,441 1,079 
Total noninterest expense
16,352 13,754 
Income before income taxes
6,502 14,459 
Income tax expense
1,817 4,162 
Net income
$4,685 $10,297 
Earnings per common share, basic
$0.33 $0.71 
Earnings per common share, diluted
$0.33 $0.70 
Weighted-average common shares outstanding, basic
14,235,419 14,419,155 
Weighted-average common shares outstanding, diluted
14,330,204 14,574,929 
See Accompanying Notes to Consolidated Financial Statements (Unaudited)
5


PCB Bancorp and Subsidiary
Consolidated Statements of Comprehensive Income (Unaudited)
($ in thousands)
Three Months Ended March 31,
20242023
Net income$4,685 $10,297 
Other comprehensive income (loss):
Unrealized gain (loss) on securities available-for-sale arising during the period(1,627)2,028 
Income tax benefit (expense) related to items of other comprehensive income (loss)472 (599)
Total other comprehensive income (loss), net of tax(1,155)1,429 
Total comprehensive income$3,530 $11,726 
See Accompanying Notes to Consolidated Financial Statements (Unaudited)
6


PCB Bancorp and Subsidiary
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
($ in thousands, except share and per share data)
Three Months Ended
Shares OutstandingShareholders’ Equity
Preferred StockCommon Stock
Preferred Stock
Common Stock
Retained EarningsAccumulated Other Comprehensive Income (Loss)Total
Balance at January 1, 202369,141 14,625,474 $69,141 $149,631 $127,181 $(10,511)$335,442 
Cumulative effect adjustment upon adoption of ASC 326
— — — — (1,886)— (1,886)
Adjusted balance at January 1, 202369,141 14,625,474 69,141 149,631 125,295 (10,511)333,556 
Comprehensive income
Net income
— — — — 10,297 — 10,297 
Other comprehensive income, net of tax— — — — — 1,429 1,429 
Repurchase of common stock
— (385,381)— (6,845)— — (6,845)
Share-based compensation expense
— — — 120 — — 120 
Stock options exercised
— 57,777 — 450 — — 450 
Cash dividends declared on common stock ($0.15 per share)
— — — — (2,177)— (2,177)
Balance at March 31, 202369,141 14,297,870 $69,141 $143,356 $133,415 $(9,082)$336,830 
Balance at January 1, 202469,141 14,260,440 $69,141 $142,563 $146,092 $(8,924)$348,872 
Comprehensive income (loss)
Net income
— — — — 4,685 — 4,685 
Other comprehensive loss, net of tax— — — — — (1,155)(1,155)
Share-based compensation expense
— — — 136 — — 136 
Stock options exercised
— 3,351 — 35 — — 35 
Cash dividends declared on common stock ($0.18 per share)
— — — — (2,568)— (2,568)
Balance at March 31, 202469,141 14,263,791 $69,141 $142,734 $148,209 $(10,079)$350,005 
See Accompanying Notes to Consolidated Financial Statements (Unaudited)

7


PCB Bancorp and Subsidiary
Consolidated Statements of Cash Flows (Unaudited)
($ in thousands)
Three Months Ended March 31,
20242023
Cash flows from operating activities
Net income$4,685 $10,297 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment551 559 
Net amortization of premiums on securities41 57 
Net accretion of discounts on loans(573)(671)
Net accretion of deferred loan fees(334)(175)
Amortization of servicing assets374 423 
Provision (reversal) for credit losses1,090 (2,778)
Bank-owned life insurance income(228)(180)
Deferred tax benefit(138)(449)
Stock-based compensation136 120 
Gain on sale of loans(1,078)(1,309)
Originations of loans held-for-sale(19,075)(22,741)
Proceeds from sales of and principal collected on loans held-for-sale22,400 28,929 
Change in accrued interest receivable and other assets(2,117)3,840 
Change in accrued interest payable and other liabilities2,512 2,296 
Net cash provided by operating activities8,246 18,218 
Cash flows from investing activities
Purchase of securities available-for-sale (4,908)
Proceeds from maturities and paydowns of securities available-for-sale3,485 4,077 
Proceeds from principal collected on loans held-for-sale previously classified as held-for-investment 5,074 
Net change in loans held-for-investment(74,328)(30,244)
Purchase of loans held-for-investment (15,741)
Proceeds from sale of other real estate owned2,571  
Purchases of premises and equipment(2,220)(122)
Net cash used in investing activities(70,492)(41,864)
Cash flows from financing activities
Net change in deposits51,228 95,706 
Net change in short-term Federal Home Loan Bank advances (20,000)
Proceeds from long-term Federal Home Loan Bank advances50,000  
Repayment of long-term Federal Home Loan Bank advances(39,000) 
Stock options exercised35 450 
Repurchase of common stock (6,845)
Cash dividends paid on common stock(2,568)(2,177)
Net cash provided by financing activities59,695 67,134 
Net increase (decrease) in cash and cash equivalents(2,551)43,488 
Cash and cash equivalents at beginning of period242,342 147,031 
Cash and cash equivalents at end of period$239,791 $190,519 
See Accompanying Notes to Consolidated Financial Statements (Unaudited)
8


PCB Bancorp and Subsidiary
Consolidated Statements of Cash Flows, Continued (Unaudited)
($ in thousands)
Three Months Ended March 31,
20242023
Supplemental disclosures of cash flow information:
Interest paid
$23,866 $7,954 
Income taxes paid
14 56 
Supplemental disclosures of non-cash investment activities:
Right of use assets obtained in exchange for lease obligations
$ $195 
See Accompanying Notes to Consolidated Financial Statements (Unaudited)

9


PCB Bancorp and Subsidiary
Notes to Consolidated Financial Statements (Unaudited)
Note 1 - Basis of Presentation and Significant Accounting Policies
Nature of Operations
PCB Bancorp is a bank holding company whose subsidiary is PCB Bank (the “Bank”), which is a single operating segment. The Company changed its subsidiary name from Pacific City Bank to PCB Bank on August 25, 2022. As of March 31, 2024, the Bank operated 11 full-service branches in Los Angeles and Orange counties, California, three full-service branches on the East Coast (Bayside, New York; and Englewood Cliffs and Palisades Park, New Jersey), and two full-service branches in Texas (Carrollton and Dallas), and seven loan production offices (“LPOs”) in Los Angeles and Orange Counties, California; Annandale, Virginia; Atlanta, Georgia; Aurora, Colorado; Bellevue, Washington; and Carrollton, Texas. The Bank offers a broad range of loans, deposits, and other products and services predominantly to small and middle market businesses and individuals.
Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Article 10 of SEC Regulation S-X and other SEC rules and regulations for reporting on the Quarterly Report on Form 10-Q. Accordingly, certain disclosures required by U.S. generally accepted accounting principles (“GAAP”) are not included herein. These interim statements should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2023 filed by the Company with the SEC. The December 31, 2023 balance sheet presented herein has been derived from the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC, but does not include all of the disclosures required by GAAP for complete financial statements.
In the opinion of management of the Company, the accompanying unaudited interim consolidated financial statements reflect all of the adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial condition and consolidated results of operations as of the dates and for the periods presented. Certain reclassifications have been made in the prior period financial statements to conform to the current period presentation. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
Principles of Consolidation
The consolidated financial statements include the accounts of PCB Bancorp and its wholly owned subsidiary as of March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023. Significant inter-company accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, all references to the Company include its wholly owned subsidiary.
Significant Accounting Policies
The accounting and reporting policies of the Company are based upon GAAP and conform to predominant practices within the banking industry. The Company has not made any significant changes in its critical accounting policies from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC.
Use of Estimates in the Preparation of Financial Statements
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates are subject to change and such change could have a material effect on the consolidated financial statements. Actual results may differ from those estimates.


10


Adopted Accounting Pronouncements
During the three months ended March 31, 2024, there were no significant accounting pronouncements applicable to the Company that were adopted or became effective.
Recent Accounting Pronouncements Not Yet Adopted
The following recently issued accounting pronouncement applicable to the Company has not yet been adopted:
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 780) - Improvements to Income Tax Disclosures.” The amendments in this ASU requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. This ASU also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. This ASU is effective for the Company for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company will update its income tax disclosure upon adoption.
11


Note 2 - Fair Value Measurements
Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value including a three-level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (i.e. an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The three-level fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are defined as follows:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
Level 2: Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
Fair value is measured on a recurring basis for certain assets and liabilities in which fair value is the primary basis of accounting. Additionally, fair value is used on a non-recurring basis to evaluate certain assets or liabilities for impairment or for disclosure purposes. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company records securities available-for-sale at fair value on a recurring basis. Certain other assets, such as loans held-for-sale, loans individually evaluated, servicing assets and other real estate owned (“OREO”) are recorded at fair value on a non-recurring basis. Non-recurring fair value measurements typically involve assets that are periodically evaluated for impairment and for which any impairment is recorded in the period in which the re-measurement is performed. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value:
Investment securities: The fair values of securities available-for-sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1) or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management reviews the valuation techniques and assumptions used by the provider and determines that the provider uses widely accepted valuation techniques based on observable market inputs appropriate for the type of security being measured. Securities held-to-maturity are not measured at fair value on a recurring basis.
Loans held-for-sale: The Company records SBA loans held-for-sale, residential property loans held-for-sale and certain non-residential real estate loans held-for-sale at the lower of cost or fair value, on an aggregate basis. The Company obtains fair values from a third party independent valuation service provider. Loans held-for-sale accounted for at the lower of cost or fair value are considered to be recognized at fair value when they are recorded at below cost, on an aggregate basis, and are classified as Level 2.
Loans individually evaluated: Certain collateral-dependent loans individually evaluated are recognized at fair value when they reflect partial write-downs, through charge-offs or specific reserve allowances, that are based on the current appraised or market-quoted value of the underlying collateral. In some cases, the properties for which market quotes or appraised values have been obtained are located in areas where comparable sales data is limited, outdated, or unavailable. Fair value estimates for collateral-dependent loans individually evaluated are obtained from real estate brokers or other third-party consultants, and are classified as Level 3.
Other real estate owned: The Company initially records OREO at fair value at the time of foreclosure. Thereafter, OREO is recorded at the lower of cost or fair value based on their subsequent changes in fair value. The fair value of OREO is generally based on recent real estate appraisals adjusted for estimated selling costs. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and result in a Level 3 classification due to the unobservable inputs used for determining fair value. Only OREO with a valuation allowance are considered to be carried at fair value.
Servicing Assets: Servicing assets represent the value associated with servicing loans that have been sold. The fair value for servicing assets is determined through discounted cash flow analysis and utilizes discount rates and prepayment speed assumptions as inputs. All of these assumptions require a significant degree of management estimation and judgment. The fair market valuation is performed on a quarterly basis for servicing assets. Servicing assets are accounted for at the lower of cost or market value and considered to be recognized at fair value when they are recorded at below cost and are classified as Level 3.
12


Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of dates indicated:
Fair Value Measurement Level
($ in thousands)
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
March 31, 2024
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$ $100,183 $ $100,183 
Residential collateralized mortgage obligations
 23,428  23,428 
SBA loan pool securities
 7,129  7,129 
Municipal bonds
 3,280  3,280 
Corporate bonds 4,150  4,150 
Total securities available-for-sale
 138,170  138,170 
Total assets measured at fair value on a recurring basis
$ $138,170 $ $138,170 
Total liabilities measured at fair value on a recurring basis
$ $ $ $ 
December 31, 2023
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$ $104,091 $ $104,091 
Residential collateralized mortgage obligations
 24,173  24,173 
SBA loan pool securities
 7,450  7,450 
Municipal bonds
 3,329  3,329 
Corporate bonds 4,280  4,280 
Total securities available-for-sale
 143,323  143,323 
Total assets measured at fair value on a recurring basis
$ $143,323 $ $143,323 
Total liabilities measured at fair value on a recurring basis
$ $ $ $ 
13


Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The following table presents the Company’s assets and liabilities measured at fair value on a non-recurring basis as of dates indicated:
Fair Value Measurement Level
($ in thousands)
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
March 31, 2024
Loans individually evaluated:
Business property$ $ $463 $463 
Total loans individually evaluated  463 463 
Total assets measured at fair value on a non-recurring basis
$ $ $463 $463 
Total liabilities measured at fair value on a non-recurring basis
$ $ $ $ 
December 31, 2023
Loans individually evaluated:
Business property$ $ $425 $425 
Total loans individually evaluated  425 425 
Total assets measured at fair value on a non-recurring basis
$ $ $425 $425 
Total liabilities measured at fair value on a non-recurring basis
$ $ $ $ 
The following table presents quantitative information about level 3 fair value measurements for assets measured at fair value on a non-recurring basis as of the date indicated:
($ in thousands)Fair ValueValuation Technique(s)Unobservable Input(s)Range (Weighted-Average)
March 31, 2024
Loans individually evaluated:
Business property$463 Fair value of collateralNMNM
December 31, 2023
Loans individually evaluated:
Business property$425 Fair value of collateralNMNM
The following table presents gains or losses, including charge-offs, recoveries, and specific reserves recorded, for assets measured at fair value for the periods indicated:
Three Months Ended March 31,
($ in thousands)20242023
Loans individually evaluated:
Business property$13 $(29)
Commercial and industrial 1,074 
Net gains recognized$13 $1,045 
14


Fair Value of Financial Instruments
The following table presents the carrying value and estimated fair values of financial assets and liabilities as of the dates indicated:
Carrying Value
Fair Value
Fair Value Measurements
($ in thousands)Level 1Level 2Level 3
March 31, 2024
Financial assets:
Interest-bearing deposits in other financial institutions
$210,359 $210,359 $210,359 $ $ 
Securities available-for-sale
138,170 138,170  138,170  
Loans held-for-sale
3,256 3,498  3,498  
Net loans held-for-investment
2,369,632 2,285,874   2,285,874 
Federal Home Loan Bank (“FHLB”) and other restricted stock
12,716  N/A N/A N/AN/A
Accrued interest receivable
10,394 10,394 348 452 9,594 
Financial liabilities:
Deposits
$2,402,840 $2,406,788 $ $ $2,406,788 
FHLB advances
50,000 50,030  50,030  
Accrued interest payable
16,742 16,742  46 16,696 
December 31, 2023
Financial assets:
Interest-bearing deposits in other financial institutions
$215,824 $215,824 $215,824 $ $ 
Securities available-for-sale
143,323 143,323  143,323  
Loans held-for-sale
5,155 5,472  5,472  
Net loans held-for-investment
2,295,919 2,225,573   2,225,573 
FHLB and other restricted stock
12,716 N/AN/AN/AN/A
Accrued interest receivable
9,468 9,468 128 513 8,827 
Financial liabilities:
Deposits
$2,351,612 $2,353,465 $ $ $2,353,465 
FHLB advances
39,000 39,013  39,013  
Accrued interest payable
18,052 18,052  192 17,860 

15


Note 3 - Investment Securities
The following table presents the amortized cost and fair value of the securities available-for-sale as of the dates indicated:
($ in thousands)
Amortized Cost
Gross Unrealized GainGross Unrealized Loss
Fair Value
March 31, 2024
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$111,860 $87 $(11,764)$100,183 
Residential collateralized mortgage obligations
25,002 54 (1,628)23,428 
SBA loan pool securities
7,480 3 (354)7,129 
Municipal bonds
3,307 3 (30)3,280 
Corporate bonds5,000  (850)4,150 
Total securities available-for-sale
$152,649 $147 $(14,626)$138,170 
December 31, 2023
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$114,485 $199 $(10,593)$104,091 
Residential collateralized mortgage obligations
25,611 63 (1,501)24,173 
SBA loan pool securities
7,773 3 (326)7,450 
Municipal bonds
3,306 25 (2)3,329 
Corporate bonds5,000  (720)4,280 
Total securities available-for-sale
$156,175 $290 $(13,142)$143,323 
As of March 31, 2024 and December 31, 2023, pledged securities were $74.5 million and $70.9 million, respectively. These securities were pledged for the State Deposit from the California State Treasurer.
The Company elected to exclude accrued interest receivable from the amortized cost of its securities available-for-sale. Accrued interest receivable on securities available-for-sale totaled $452 thousand and $513 thousand at March 31, 2024 and December 31, 2023, respectively.
As of March 31, 2024 and December 31, 2023, there were no holdings of securities available-for-sale of any one issuer, other than the U.S. government agency and U.S. government sponsored enterprise, in an amount greater than 10% of shareholder’s equity.
The following table presents the amortized cost and fair value of the securities available-for-sale by contractual maturity as of the date indicated. Expected maturities may differ from contractual maturities, if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
March 31, 2024
($ in thousands)
Amortized Cost
Fair Value
Within one year
$862 $861 
One to five years
82 80 
Five to ten years
5,725 4,871 
Greater than ten years
1,638 1,618 
Residential mortgage-backed securities, residential collateralized mortgage obligations and SBA loan pool securities
144,342 130,740 
Total
$152,649 $138,170 
The Company had no proceeds from sales and calls of securities available-for-sale for the three months ended March 31, 2024 or 2023.
16


The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous unrealized loss position for which an allowance for credit losses (“ACL”) was not recorded as of the dates indicated:
Length of Time that Individual Securities Have Been In a Continuous Unrealized Loss Position
Less Than 12 Months12 Months or LongerTotal
($ in thousands)
Fair Value
Gross Unrealized Losses
Number of Securities
Fair Value
Gross Unrealized Losses
Number of Securities
Fair Value
Gross Unrealized Losses
Number of Securities
March 31, 2024
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$6,936 $(88)10 $82,428 $(11,676)112 $89,364 $(11,764)122 
Residential collateralized mortgage obligations
5,663 (41)4 13,283 (1,587)35 18,946 (1,628)39 
SBA loan pool securities
   6,349 (354)14 6,349 (354)14 
Municipal bonds
1,505 (27)4 440 (3)2 1,945 (30)6 
Corporate bonds   4,150 (850)1 4,150 (850)1 
Total securities available-for-sale
$14,104 $(156)18 $106,650 $(14,470)164 $120,754 $(14,626)182 
December 31, 2023
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities
$9,252 $(41)8 $78,958 $(10,552)110 $88,210 $(10,593)118 
Residential collateralized mortgage obligations
5,660 (62)4 13,919 (1,439)35 19,579 (1,501)39 
SBA loan pool securities
   6,627 (326)14 6,627 (326)14 
Municipal bonds81  1 362 (2)1 443 (2)2 
Corporate bonds   4,280 (720)1 4,280 (720)1 
Total securities available-for-sale
$14,993 $(103)13 $104,146 $(13,040)161 $119,139 $(13,142)174 
As of March 31, 2024, 94.6%, at amortized cost basis, of the Company's securities available-for-sale were issued by U.S. government agency and U.S. government sponsored enterprise. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell these securities before their anticipated recovery, the Company determined that these securities with unrealized losses did not warrant an ACL.
Municipal and corporate bonds had an investment grade rating upon purchase. The issuers of these securities have not established any cause for default on these securities and various rating agencies have reaffirmed their long-term investment grade status as of March 31, 2024. These securities have fluctuated in value since their purchase dates as market interest rates fluctuated. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell before the recovery of its amortized cost basis. The Company therefore determined that the investment securities with unrealized losses did not warrant an ACL as of March 31, 2024.
As of March 31, 2024, the Company recorded no ACL on securities available-for-sale.
17


Note 4 - Loans and Allowance for Credit Losses on Loans
Loans Held-For-Investment
The following table presents the composition of the Company’s loans held-for-investment as of the dates indicated.
($ in thousands)March 31, 2024December 31, 2023
Commercial real estate:
Commercial property
$874,300 $855,270 
Business property578,903 558,772 
Multifamily131,742 132,500 
Construction
29,212 24,843 
Total commercial real estate1,614,157 1,571,385 
Commercial and industrial371,934 342,002 
Consumer:
Residential mortgage389,888 389,420 
Other consumer21,985 20,645 
Total consumer411,873 410,065 
Loans held-for-investment
2,397,964 2,323,452 
Allowance for credit losses on loans(28,332)(27,533)
Net loans held-for-investment
$2,369,632 $2,295,919 
In the ordinary course of business, the Company may grant loans to certain officers and directors, and the companies with which they are associated. As of March 31, 2024 and December 31, 2023, the Company had $109 thousand and $111 thousand of such loans outstanding, respectively,
Allowance for Credit Losses on Loans
The following table presents a composition of provision (reversal) for credit losses for the periods indicated:
Three Months Ended March 31,
($ in thousands)20242023
Provision (reversal) for credit losses on loans $922 $(2,417)
Provision (reversal) for credit losses on off-balance sheet credit exposures168 (361)
Total provision (reversal) for credit losses$1,090 $(2,778)


18