PCB Bancorp announced first quarter 2021 PCB earnings of $8.6 million
PCB Bancorp (the "Company"), the holding company of Pacific City Bank (the "Bank") (NASDAQ: (PCB) today reported net income for the first quarter of 2021 of $8.6 million, or $0.55 per diluted common share, compared with $5.8 million, or $0.38 per diluted common share, in the previous quarter and $3.6 million, or $0.23 per diluted common share, in the same period last year.
Highlights of the first quarter of 2021
Net income totaled $8.6 million, or $0.55 per diluted common share; The Company recorded a provision for loan losses ($1.1 million) in the current quarter, compared to $2.1 million in the previous quarter and $2.9 million in the same period last year.
The allowance for loan losses as a percentage of total loan-to-investment was 1.51% at March 31, 2021, compared with 1.67% at December 31, 2020 and 1.15% at March 31, 2020. Excluding U.S. Small Business Administration (" SBA ") Payroll Protection Plan (" PPP ") loans, the ratio of loan loss reserves to total loans to investments was 1.74% and 1.83% at March 31, 2021 and December 31, 2020, respectively. Net interest yield for the first quarter of 2021 was 3.70%, compared to 3.64% in the previous quarter and 3.85% in the same period last year. Total assets as at March 31, 2021 were $2.05 billion, an increase of $127.8 million or 6.6% from $1.92 billion as at December 31, 2020 and $250.7 million or 13.9% from $1.8 billion as at March 31, 2020;
Loans for investments net of deferred costs (expenses) were $1.69 billion at March 31, 2021, an increase of $102.3 million (6.5%), $234.9 million, or $1.45 billion at March 31, 2020, or 16.2%, compared to $1.58 billion at December 31, 2020;
Total SBA PPP loans are $218.7 million and $135.7 million as at March 31, 2021 and December 31, 2020, respectively. During the quarter, the Company funded $104.3 million of SBA PPP loans.
Loans related to COVID-19 on modified terms were $19.8 million and $36.1 million as of March 31, 2021 and December 31, 2020, respectively.
Announced on April 8, 2021 a repurchase program to repurchase up to 5% of its outstanding common shares (representing 775,000 shares) through September 7, 2021; and
A cash dividend of $0.10 per share was declared on April 22, 2021, marking the 25th consecutive quarter that PCB Bancorp has paid a quarterly dividend. Henry Kim, President and Chief Executive Officer, said, "We are pleased to announce strong core revenues, positive credit trends and an improving economic outlook, which resulted in the release of loan loss reserves, resulting in a record quarter. "Our loan loss reserve maintained strong growth, excluding SBA PPP loans, at 1.74%, and we continued our success in reducing deposit costs as net interest yield expanded to 3.70% from 3.64% in the fourth quarter of 2020. This solid performance is the result of our dedicated team, who engaged with customers at the peak of the epidemic to provide sincere service and find solutions to a situation they have never seen before."https://www.kingfordpcb.com/yuan.php
"Our results for the first quarter of 2021 reflect our strong underwriting capabilities and focus on relationship banking. We are well positioned to capitalize on this successful momentum as the economy continues to reopen and look forward to the rest of the year."
This article "PCB Bancorp Announces Revenue of $8.6 million in Q1 2021 PCB" is edited by PCBA of Shenzhen Runze Wuzhou Electronic Technology Co., LTD. Shenzhen Runze Wuzhou Electronic Technology Co., Ltd. is a national enterprise focusing on PCBA design and manufacturing, serving many domestic and foreign customers in various industries such as new energy, automotive electronics, security electronics, smart toys, smart home, small household appliances, etc. It is a one-stop manufacturing service provider integrating scheme design, electronic component purchasing, SMT patch processing and test assembly.