PCB Bancorp reported a net income of $25.8 million for the fiscal year ending December 31, 2024, reflecting a decrease of 15.9% from the previous year's net income of $30.7 million. The decline in profitability was attributed primarily to increased noninterest expenses, despite a rise in both net interest income and noninterest income. The company's total assets grew to $3.06 billion, up 9.8% from $2.79 billion in 2023, driven by a 13.2% increase in loans held-for-investment, which reached $2.63 billion, and an 11.2% increase in total deposits, totaling $2.62 billion.
In terms of operational metrics, PCB Bancorp's net interest margin decreased to 3.17% from 3.57% in the prior year, while the average cost of deposits rose to 3.72% from 2.87%. The provision for credit losses was recorded at $3.4 million, compared to a reversal of $132,000 in 2023, indicating a shift in the company's outlook on credit quality. The allowance for credit losses on loans increased to $30.6 million, representing 1.16% of loans held-for-investment, up from 1.19% the previous year.
Strategically, PCB Bancorp has focused on expanding its geographic footprint, operating 16 branches across California, New York, New Jersey, and Texas, along with four loan production offices. The company has also been active in managing its capital structure, repurchasing 14,947 shares of common stock during the year and declaring a cash dividend of $0.72 per share, up from $0.69 in 2023. The total shareholders' equity increased to $363.8 million, a 4.3% rise from the previous year.
Looking ahead, PCB Bancorp's management expressed optimism about future growth, contingent on maintaining strong credit quality and effectively managing interest rate risks. The company is also focused on enhancing its technological capabilities to better serve its customer base, particularly within the Korean-American community, which constitutes a significant portion of its clientele. The ongoing economic conditions and regulatory environment will be critical factors influencing the bank's performance in the upcoming fiscal periods.
About PCB BANCORP
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