PCB Bancorp(US:PCB)2025-04-24 20:15Financial Performance - Net income available to common shareholders for Q1 2025 was $7.7 million, or $0.53 per diluted common share, representing a 15.1% increase from the previous quarter and a 64.2% increase year-over-year[1][4]. - Net interest income for the current quarter was $24.3 million, a 4.8% increase from the previous quarter and a 15.6% increase year-over-year[4][5]. - The company maintains a positive outlook for the year, with organic growth outpacing its peer group despite current geopolitical uncertainties[3]. - The efficiency ratio was reported at 53.88%, indicating improved operational efficiency compared to 68.29% in the year-ago quarter[5]. - Total noninterest income decreased by 15.2% to $2,580,000 in Q1 2025 from $3,043,000 in Q4 2024[15]. - Total noninterest expense increased by 4.2% to $14,474,000 in Q1 2025 from $13,894,000 in Q4 2024[16]. - Provision for credit losses decreased by 20.2% to $1,598,000 compared to Q4 2024[42]. - Net income rose to $7,735,000, compared to $7,030,000 in the prior quarter and $4,685,000 in the same quarter last year[48]. Asset and Deposit Growth - Total assets increased to $3.18 billion, up $119.8 million, or 3.9%, from the previous quarter and up $329.5 million, or 11.5%, from the same quarter last year[4][5]. - Total deposits reached $2.71 billion, up $98.6 million, or 3.8%, from the previous quarter and up $311.6 million, or 13.0%, from the same quarter last year[4][5]. - Total deposits amounted to $2,714,399 thousand as of March 31, 2025, a 3.8% increase from $2,615,791 thousand at December 31, 2024[29]. - Retail deposits increased by $148.6 million, or 7.0%, from $2.11 billion at December 31, 2024[30]. - Total assets grew to $3,183,758,000, compared to $3,063,971,000 in the previous quarter and $2,854,292,000 a year ago[49]. Loan Performance - Loans held-for-investment rose to $2.73 billion, an increase of $98.2 million, or 3.7%, from the previous quarter and an increase of $329.6 million, or 13.7%, year-over-year[4][5]. - Total loans increased by 3.9% to $2,739,711,000 as of March 31, 2025, from $2,635,679,000 at December 31, 2024[23]. - Loans held-for-sale surged by 92.3% to $12,101,000 in Q1 2025 from $6,292,000 in Q4 2024[23]. - The total loan to total deposit ratio was 100.93%, slightly up from 100.76%[39]. Credit Quality - The provision for credit losses was $1.6 million, down 20.2% from the previous quarter and up 46.6% year-over-year[4][5]. - The allowance for credit losses on loans to loans held-for-investment ratio was 1.17% as of March 31, 2025, slightly up from 1.16% at December 31, 2024[4]. - Total nonaccrual loans held-for-investment increased to $6,248 thousand as of March 31, 2025, a 33.1% increase from $4,693 thousand at December 31, 2024[26]. - Allowance for Credit Losses (ACL) on loans rose to $31,942 thousand at March 31, 2025, reflecting a 4.3% increase from $30,628 thousand at December 31, 2024[27]. Shareholder Information - The company paid a dividend of $0.20 per common share, an increase from $0.18 in Q4 2024[42]. - Total shareholders' equity increased to $370,864,000, up from $363,814,000 in the previous quarter and $350,005,000 a year ago[49]. - Book value per common share improved to $25.78 from $25.30 in the prior quarter and $24.54 year-over-year[49]. - The company repurchased 50,676 shares of common stock at a weighted-average price of $18.80, totaling $953 thousand during the current quarter[33].