In This Story
PCB Bancorp (PCB+1.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, with total assets reported at $3.06 billion, an increase from $2.79 billion in the previous year. This growth was driven by an increase in loans held-for-investment, which rose to $2.63 billion from $2.32 billion.
Net income for the year was $25.8 million, down from $30.7 million in the previous year. The decrease in net income is attributed to an increase in noninterest expense and a provision for credit losses of $3.4 million, compared to a reversal of $132 thousand in the prior year.
Total deposits increased to $2.62 billion from $2.35 billion, with a notable shift from noninterest-bearing demand deposits to interest-bearing deposits, reflecting competitive market conditions.
The company's net interest margin decreased to 3.17% from 3.57% in the previous year, primarily due to an increase in the cost of interest-bearing liabilities.
PCB Bancorp declared and paid cash dividends of $0.72 per common share for the year, up from $0.69 in the previous year, and repurchased 14,947 shares of common stock.
The company continues to focus on its core lending strategy, maintaining a diversified loan portfolio with an emphasis on commercial real estate, commercial and industrial, and consumer loans.
PCB Bancorp's capital ratios remain strong, with a common tier 1 capital ratio of 11.44% and a total capital ratio of 15.24%, both exceeding regulatory requirements.
The filing details various risk factors, including credit risk management, interest rate fluctuations, and cybersecurity threats, as well as the company's strategies to mitigate these risks.
PCB Bancorp operates 11 branches in California, three on the East Coast, and two in Texas, with additional loan production offices in four states, serving primarily small and middle-market businesses and individuals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PCB Bancorp annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.