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Banking industry

PCB Bancorp Reports Strong Third Quarter 2024 Earnings

Strategic Insights

— 2 min read

PCB Bancorp, the holding company of PCB Bank, reported a solid third quarter 2024 performance, with net income available to common shareholders increasing 21.6% to $7.5 million, or $0.52 per diluted common share, compared to the previous quarter. The Company's loan balance grew 0.8% to $2.5 billion, while deposits increased 2.2% to $2.5 billion. The Company's strong credit metrics, solid Allowance for Credit Losses, and robust capital ratios contributed to its solid financial results.

Key Takeaways:

  • Net income available to common shareholders totaled $7.5 million, or $0.52 per diluted common share, an increase of 21.6% from the previous quarter and 6.3% from the year-ago quarter.
  • Loan balance grew 0.8% to $2.5 billion, while deposits increased 2.2% to $2.5 billion.
  • The Allowance for Credit Losses on loans to loans held-for-investment ratio was 1.17% at September 30, 2024, compared to 1.19% at December 31, 2023, and 1.18% at September 30, 2023.
  • Net interest income was $22.7 million for the current quarter, compared to $21.7 million for the previous quarter and $22.4 million for the year-ago quarter.
  • Net interest margin was 3.25% for the current quarter, compared to 3.16% for the previous quarter and 3.57% for the year-ago quarter.
  • Gain on sale of loans was $750 thousand for the current quarter, compared to $763 thousand for the previous quarter and $689 thousand for the year-ago quarter.
  • Total assets were $2.89 billion at September 30, 2024, an increase of 1.3% from $2.85 billion at June 30, 2024, and 12.5% from $2.57 billion at September 30, 2023.

Statistics:

  • Net income: $7,814 thousand (3Q 2024), $6,281 thousand (2Q 2024), and $7,023 thousand (3Q 2023).
  • Net interest income: $22,719 thousand (3Q 2024), $21,735 thousand (2Q 2024), and $22,449 thousand (3Q 2023).
  • Return on average assets: 1.08% (3Q 2024), 0.89% (2Q 2024), and 1.09% (3Q 2023).
  • Return on average shareholders' equity: 8.70% (3Q 2024), 7.19% (2Q 2024), and 8.12% (3Q 2023).
  • Net interest margin: 3.25% (3Q 2024), 3.16% (2Q 2024), and 3.57% (3Q 2023).
  • Total assets: $2,889,833 thousand (3Q 2024), $2,852,964 thousand (2Q 2024), and $2,567,974 thousand (3Q 2023).

Sources:

  • [PCB Bancorp news release: 2024 Third Quarter Earnings](NYSE: PCB)

Note: The release date of the news release is not provided, but it mentions financial highlights for the third quarter 2024.

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