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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-38621

PCB BANCORP

(Exact name of registrant as specified in its charter)


California			20-8856755
(State or other jurisdiction of incorporation or organization)			(IRS Employer Identification No.)

3701 Wilshire Boulevard, Suite 900, Los Angeles, California 90010

(Address of principal executive offices) (Zip Code)

(213) 210-2000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, no par value	PCB	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐☒ Non-accelerated filer ☒☐ Smaller reporting company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ☐ No ☒

As of ~~October~~April 3130, ~~2024~~2025, the registrant had outstanding 14,~~266~~309,~~725~~232 shares of common stock.

PCB Bancorp and Subsidiary

Quarterly Report on Form 10-Q

~~September~~March 3031, ~~2024~~2025

Table of Contents

Part I - Financial Information
Item 1.	Consolidated Financial Statements	45
	Consolidated Balance Sheets - September 30, 2024 (Unaudited) and December 31, 2023	4
	Consolidated Balance Sheets - March 31, 2025 (Unaudited) and December 31, 2024	5
	Consolidated Statements of Income (Unaudited) - Three and Nine Months Ended September 30, 2024 and 2023	5
	Consolidated Statements of Income (Unaudited) - Three Months Ended March 31, 2025 and 2024	6
	Consolidated Statements of Comprehensive Income (Unaudited) - Three and Nine Months Ended September 30, 2024 and 2023	6
	Consolidated Statements of Comprehensive Income (Unaudited) - Three Months Ended March 31, 2025 and 2024	7
	Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - Three and Nine Months Ended September 30, 2024 and 2023	7
	Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - Three Months Ended March 31, 2025 and 2024	8
	Consolidated Statements of Cash Flows (Unaudited) - Nine Months Ended September 30, 2024 and 2023	9
	Consolidated Statements of Cash Flows (Unaudited) - Three Months Ended March 31, 2025 and 2024	9
	Notes to Consolidated Financial Statements (Unaudited)	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	6461
Item 4.	Controls and Procedures	6563
Part II - Other Information
Item 1.	Legal Proceedings	6664
Item 1A.	Risk Factors	6664
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	6765
Item 3.	Defaults Upon Senior Securities	6765
Item 4.	Mine Safety Disclosures	6765
Item 5.	Other Information	6765
Item 6.	Exhibits	6866
Signatures		6967

Forward-looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” ~~which~~within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements reflect current views of PCB Bancorp (collectively, with its consolidated subsidiary, the “Company,” “we,” “us” or “our”) with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “outlook,” “aim,” “would,” and “annualized” ~~and “outlook,”~~ or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our business and industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, ~~but~~including ~~are~~those ~~not~~factors ~~limited~~identified ~~to,~~in “Risk Factors” or “Management’s Discussion and Analysis of Financial Condition and Results of Operations” or the following:

•the effectiveness of our internal control over financial reporting and our ability to remediate any weakness in our internal control over financial reporting;

•our ability to satisfy the lending and other conditions necessary to repurchase our Series C Preferred Stock under our Option Agreement with the U.S. Treasury and to qualify to pay a lower rate of dividends on such preferred stock;

•changes in the value of our Option Agreement with the U.S. Treasury, which may impact our financial results and condition;

•business and economic conditions, particularly those affecting the financial services industry and our primary market areas and arising from recent inflationary pressures and governmental and societal responses thereto;

•our ability to successfully manage our credit risk and the sufficiency of our allowance for credit loss;

•factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers and the success of construction projects that we finance;

•governmental monetary and fiscal policies, and changes in market interest rates;

•the current inflationary environment and government and regulatory responses thereto;

•adverse developments at other banks, including bank failures, that impact general sentiment regarding the stability and liquidity of banks and may affect our customers’ behavior and our stock price;

•~~the~~a significant portion of our loan portfolio that is comprised of real estate loans;

•our ability to attract and retain Korean-American customers;

•our ability to identify and address cyber-security risks, fraud and systems errors;

•our ability to effectively execute our strategic plan and manage our growth;

•changes in our senior management team and our ability to attract, motivate and retain qualified personnel;

•cyber-attacks, ransomware attacks, computer viruses or other malware that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data, disable or degrade service, or sabotage our systems;

•liquidity issues, including fluctuations in the fair value and liquidity of the securities we hold and our ability to raise additional capital, if necessary;

•costs and obligations associated with operating as a public company;

•effects of competition from a wide variety of local, regional, national and other providers of financial, investment and insurance services;

•the effects of severe weather, natural disasters, acts of war or terrorism, health epidemics or pandemics (or expectations about them) and other external events on our business;

•the ~~impact~~effects of ~~any~~sanctions, ~~claims~~tariffs orand ~~legal~~other ~~actions~~trade topolices ~~which~~of wethe ~~may~~United beStates ~~subject,~~and ~~including~~its ~~any~~global ~~effect~~trading onpartners ~~our reputation,~~ and ~~the~~trade ~~availability~~tensions ofrelated ~~insurance~~to ~~coverage~~the ~~for such claims and actions~~same; ~~and~~

•the impact of any claims or legal actions to which we may be subject, including any effect on our reputation; and

•changes in federal tax laws or policies.

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements and the risks described under “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024, in “Part II, Item 1A - Risk Factors” of this Quarterly Report on Form 10-Q and ~~our~~in other documents that we file with the ~~United States (“U.S.”)~~ Securities and Exchange Commission (“SEC”). Because of these risks and other uncertainties, our actual future results, performance or achievement, or industry results, may be materially different from the results indicated by the forward looking statements in this report. In addition, our past results of operations are not necessarily indicative of our future results. You should not rely on any forward looking statements, which represent our beliefs, assumptions and estimates only as of the dates on which they were made, as predictions of future events. Any forward-looking statement speaks only as of the date on which it is initially made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Part I - Financial Information

Item 1 - Consolidated Financial Statements

PCB Bancorp and Subsidiary

Consolidated Balance Sheets

($ in thousands, except share data)

September 30, 2024

December 31, 2023

March 31, 2025

December 31, 2024

(Unaudited)

Assets

Cash and due from banks

2928,~~981~~852

2627,~~518~~100

Interest-bearing deposits in other financial institutions

~~163~~185,~~083~~496

~~215~~171,~~824~~692

Total cash and cash equivalents

~~193~~214,~~064~~348

~~242~~198,~~342~~792

Securities available-for-sale, at fair value (amortized cost of $156,960 and $156,175, respectively, and allowance for credit losses of $0 and $0, respectively, at September 30, 2024 and December 31, 2023)

147,635

143,323

Securities available-for-sale, at fair value (amortized cost of $158,364 and $159,742, respectively, and allowance for credit losses of $0 and $0, respectively, at March 31, 2025 and December 31, 2024)

148,190

146,349

Loans held-for-sale, at lower of cost or fair value

512,~~170~~101

56,~~155~~292

Loans held-for-investment, net of deferred fees and costs

2,~~466~~727,~~174~~610

2,~~323~~629,~~452~~387

Allowance for credit losses on loans

(2831,~~930~~942)

(2730,~~533~~628)

Net loans held-for-investment

2,~~437~~695,~~244~~668

2,~~295~~598,~~919~~759

Premises and equipment, net

8,~~414~~420

58,~~999~~280

Federal Home Loan Bank and other restricted stock, at cost

14,042

1214,~~716~~042

Other real estate owned, net

466

2,558

Bank-owned life insurance

32,013

31,766

Bank-owned life insurance

31,520

30,817

Deferred tax assets, net

6,736

7,249

Servicing assets

5,~~902~~631

65,~~666~~837

Operating lease assets

17,~~932~~779

1817,~~913~~254

Accrued interest receivable

9,896

9,468

Option derivative

35,778

—

Other assets

18,548

15,630

Accrued interest receivable

10,967

10,466

Total assets

2,889,833

2,789,506

Other assets

17,863

18,885

Total assets

3,219,536

3,063,971

Liabilities and Shareholders’ Equity

Deposits:

Noninterest-bearing demand

~~540~~564,~~068~~407

~~594~~547,~~673~~853

Savings, NOW and money market accounts

~~491~~512,~~939~~739

~~421~~466,~~203~~887

Time deposits of $250,000 or less

~~787~~924,~~509~~795

~~760~~935,~~034~~927

Time deposits of more than $250,000

~~640~~712,~~166~~458

~~575~~665,~~702~~124

Total deposits

2,~~459~~714,~~682~~399

2,~~351~~615,~~612~~791

Federal Home Loan Bank advances

—

39,000

Other short-term borrowings

—

15,000

Deferred tax liabilities, net

1,168

876

Federal Home Loan Bank advances

30,000

—

Operating lease liabilities

19,~~301~~465

2018,~~137~~671

Accrued interest payable and other liabilities

4749,~~382~~030

2950,~~009~~695

Total liabilities

2,~~527~~812,~~533~~894

2,~~440~~700,~~634~~157

Commitments and contingencies

Preferred stock, 10,000,000 shares authorized, no par value:

Series C, senior non-cumulative perpetual, $1,000 per share liquidation preference, 69,141 and 69,141 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively.

69,141

Series C, senior non-cumulative perpetual, $1,000 per share liquidation preference, 69,141 and 69,141 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively

69,141

Common stock, 60,000,000 shares authorized, no par value; 14,266,725 and 14,260,440 shares issued and outstanding, respectively, and included 19,100 and 41,661 shares of unvested restricted stock, respectively, at September 30, 2024 and December 31, 2023

142,926

142,563

Common stock, 60,000,000 shares authorized, no par value; 14,387,176 and 14,380,651 shares issued and outstanding, respectively, and included 114,100 and 119,100 shares of unvested restricted stock, respectively, at March 31, 2025 and December 31, 2024

178,934

143,195

Retained earnings

~~156~~165,~~680~~611

~~146~~160,~~092~~797

Accumulated other comprehensive loss, net

(67,~~447~~044)

(89,~~924~~319)

Total shareholders’ equity

~~362~~406,~~300~~642

~~348~~363,~~872~~814

Total liabilities and shareholders’ equity

23,~~889~~219,~~833~~536

23,~~789~~063,~~506~~971

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

PCB Bancorp and Subsidiary

Consolidated Statements of Income (Unaudited)

($ in thousands, except share and per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

2024

2023

2024

2023

2025

2024

Interest and dividend income:

Loans, including fees

4243,~~115~~026

3439,~~651~~251

~~121,992~~

~~98,840~~

Tax-exempt investment securities

2422

3028

Taxable investment securities

1,~~360~~386

1,~~140~~218

~~3,859~~

~~3,311~~

Other interest-earning assets

2,~~499~~458

3,~~031~~058

~~8,566~~

~~7,978~~

Total interest income

4546,~~998~~892

3843,~~852~~555

~~134,498~~

~~110,226~~

Interest expense:

Deposits

2322,~~057~~564

1621,~~403~~967

~~67,560~~

~~43,437~~

Borrowings

~~222~~45

—589

~~1,485~~

~~209~~

Total interest expense

2322,~~279~~609

1622,~~403~~556

~~69,045~~

~~43,646~~

Net interest income

2224,~~719~~283

2220,~~449~~999

~~65,453~~

~~66,580~~

Provision (reversal) for credit losses

751

1,399

(1,830)

Provision for credit losses

1,598

1,090

Net interest income after provision (reversal) for credit losses

22,669

21,698

64,054

68,410

Net interest income after provision for credit losses

22,685

19,909

Noninterest income:

Service charges and fees on deposits

~~399~~372

~~371~~378

~~1,141~~

~~1,084~~

Loan servicing income

~~786~~725

~~851~~919

~~2,504~~

~~2,579~~

Bank-owned life insurance income

~~239~~247

~~187~~228

~~703~~

~~551~~

Gain on sale of loans

~~750~~887

~~689~~1,078

~~2,591~~

~~2,767~~

Other income

~~446~~349

~~404~~342

~~1,111~~

~~1,199~~

Total noninterest income

2,~~620~~580

2,~~502~~945

~~8,050~~

~~8,180~~

Noninterest expense:

Salaries and employee benefits

89,~~801~~075

89,~~572~~218

~~27,244~~

~~26,175~~

Occupancy and equipment

2,~~261~~289

12,~~964~~358

~~6,919~~

~~5,779~~

Professional fees

~~599~~628

~~685~~1,084

~~2,656~~

~~2,189~~

Marketing and business promotion

~~667~~243

~~980~~319

~~1,304~~

~~1,555~~

Data processing

~~397~~333

~~367~~402

~~1,294~~

~~1,159~~

Director fees and expenses

226

~~152~~232

~~679~~

~~549~~

Regulatory assessments

~~309~~344

~~281~~298

~~934~~

~~818~~

Other expense

1,~~342~~336

12,~~206~~441

~~5,099~~

~~3,364~~

Total noninterest expense

14,~~602~~474

1416,~~207~~352

~~46,129~~

~~41,588~~

Income before income taxes

10,~~687~~791

96,~~993~~502

~~25,975~~

~~35,002~~

Income tax expense

23,~~873~~056

21,~~970~~817

~~7,195~~

~~10,205~~

Net income

7,~~814~~735

74,~~023~~685

~~18,780~~

~~24,797~~

Preferred stock dividends

~~346~~40

—

~~488~~

—

Net income available to common shareholders

7,~~468~~695

74,~~023~~685

~~18,292~~

~~24,797~~

Earnings per common share, basic

0.5253

0.4933

~~1.28~~

~~1.73~~

Earnings per common share, diluted

0.5253

0.4933

~~1.27~~

~~1.71~~

Weighted-average common shares outstanding, basic

14,~~241~~272,~~014~~267

14,~~294~~235,~~802~~419

~~14,237,851~~

~~14,327,930~~

Weighted-average common shares outstanding, diluted

14,~~356~~403,~~384~~769

14,~~396~~330,~~216~~204

~~14,328,510~~

~~14,441,960~~

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

PCB Bancorp and Subsidiary

Consolidated Statements of Comprehensive Income (Unaudited)

($ in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

2024

2023

2024

2023

2025

2024

Net income

7,~~814~~735

74,~~023~~685

~~18,780~~

~~24,797~~

Other comprehensive income (loss):

Unrealized gain (loss) on securities available-for-sale arising during the period

53,~~256~~219

(31,~~827~~627)

~~3,527~~

~~(4,137)~~

Income tax benefit (expense) related to items of other comprehensive income (loss)

(~~1,552~~944)

~~1,118~~472

~~(1,050)~~

~~1,208~~

Total other comprehensive income (loss), net of tax

32,~~704~~275

(21,~~709~~155)

~~2,477~~

~~(2,929)~~

Total comprehensive income

1110,~~518~~010

43,~~314~~530

~~21,257~~

~~21,868~~

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

PCB Bancorp and Subsidiary

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

($ in thousands, except share and per share data)

	Three Months Ended
	Shares Outstanding		Shareholders’ Equity
	Preferred Stock	Common Stock	Preferred Stock		Common Stock		Retained Earnings		Accumulated Other Comprehensive ~~Income (~~Loss)		Total
Balance at July 1, 2023	69,141	14,318,890	$	69,141	$	143,686	$	138,315	$	(10,731)	$	340,411
Balance at January 1, 2024	69,141	14,260,440	$	69,141	$	142,563	$	146,092	$	(8,924)	$	348,872
Comprehensive income (loss)
Net income	—	—	—		—		74,~~023~~685		—		74,~~023~~685
Other comprehensive loss, net of tax	—	—	—		—		—		(21,~~709~~155)		(21,~~709~~155)
Issuance of restricted stock	—	3,300	—		—		—		—		—
Share-based compensation expense	—	—	—		136		—		—		136
Restricted stock surrendered due to employee tax liability	—	(99)	—		(2)		—		—		(2)
Stock options exercised	—	3,351	—		35		—		—		35
Repurchase of common stock	—	(67,202)	—		(1,058)		—		—		(1,058)
Cash dividends declared on common stock ($0.18 per share)	—	—	—		—		(2,568)		—		(2,568)
Share-based compensation expense	—	—	—		113		—		—		113
Balance at March 31, 2024	69,141	14,263,791	$	69,141	$	142,734	$	148,209	$	(10,079)	$	350,005
Stock options exercised	—	64,125	—		662		—		—		662
Balance at January 1, 2025	69,141	14,380,651	$	69,141	$	143,195	$	160,797	$	(9,319)	$	363,814
Cash dividends declared on common stock ($0.18 per share)	—	—	—		—		(2,588)		—		(2,588)
Balance at September 30, 2023	69,141	14,319,014	$	69,141	$	143,401	$	142,750	$	(13,440)	$	341,852
Balance at July 1, 2024	69,141	14,254,024	$	69,141	$	142,698	$	151,781	$	(10,151)	$	353,469
Comprehensive income
Net income	—	—	—		—		7,~~814~~735		—		7,~~814~~735
Other comprehensive income, net of tax	—	—	—		—		—		32,~~704~~275		32,~~704~~275
Issuance of restricted stock	—	1,500	—		—		—		—		—
Recognition of option derivative	—	—	—		35,778		—		—		35,778
Restricted stock surrendered due to employee tax liability	—	(150)	—		(3)		—		—		(3)
Repurchase of common stock	—	(50,676)	—		(953)		—		—		(953)
Share-based compensation expense	—	—	—		~~113~~230		—		—		~~113~~230
Stock options exercised	—	1157,~~351~~201	—		~~118~~684		—		—		~~118~~684
Preferred stock dividends	—	—	—		—		(~~346~~40)		—		(~~346~~40)
Cash dividends declared on common stock ($0.18 per share)	—	—	—		—		(2,569)		—		(2,569)
Cash dividends declared on common stock ($0.20 per share)	—	—	—		—		(2,881)		—		(2,881)
Balance at September 30, 2024	69,141	14,266,725	$	69,141	$	142,926	$	156,680	$	(6,447)	$	362,300
Balance at March 31, 2025	69,141	14,387,176	$	69,141	$	178,934	$	165,611	$	(7,044)	$	406,642

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

PCB Bancorp and Subsidiary

Consolidated Statements of Changes in Shareholders’ Equity, Continued (Unaudited)

($ in thousands, except share and per share data)

	Nine Months Ended
	Shares Outstanding		Shareholders’ Equity
	Preferred Stock	Common Stock	Preferred Stock		Common Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Balance at January 1, 2023	69,141	14,625,474	$	69,141	$	149,631	$	127,181	$	(10,511)	$	335,442
Cumulative effect adjustment upon adoption of ASC 326	—	—	—		—		(1,886)		—		(1,886)
Adjusted balance at January 1, 2023	69,141	14,625,474	69,141		149,631		125,295		(10,511)		333,556
Comprehensive income (loss)
Net income	—	—	—		—		24,797		—		24,797
Other comprehensive loss, net of tax	—	—	—		—		—		(2,929)		(2,929)
Issuance of restricted stock	—	3,300	—		—		—		—		—
Restricted stock surrendered due to employee tax liability	—	(99)	—		(2)		—		—		(2)
Repurchase of common stock	—	(452,583)	—		(7,903)		—		—		(7,903)
Share-based compensation expense	—	—	—		346		—		—		346
Stock options exercised	—	142,922	—		1,329		—		—		1,329
Cash dividends declared on common stock ($0.51 per share)	—	—	—		—		(7,342)		—		(7,342)
Balance at September 30, 2023	69,141	14,319,014	$	69,141	$	143,401	$	142,750	$	(13,440)	$	341,852
Balance at January 1, 2024	69,141	14,260,440	$	69,141	$	142,563	$	146,092	$	(8,924)	$	348,872
Comprehensive income
Net income	—	—	—		—		18,780		—		18,780
Other comprehensive income, net of tax	—	—	—		—		—		2,477		2,477
Issuance of restricted stock	—	1,500	—		—		—		—		—
Forfeiture of restricted stock	—	(420)	—		—		—		—		—
Restricted stock surrendered due to employee tax liability	—	(150)	—		(3)		—		—		(3)
Repurchase of common stock	—	(14,947)	—		(222)		—		—		(222)
Share-based compensation expense	—	—	—		378		—		—		378
Stock options exercised	—	20,302	—		210		—		—		210
Preferred stock dividends	—	—	—		—		(488)		—		(488)
Cash dividends declared on common stock ($0.54 per share)	—	—	—		—		(7,704)		—		(7,704)
Balance at September 30, 2024	69,141	14,266,725	$	69,141	$	142,926	$	156,680	$	(6,447)	$	362,300

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

PCB Bancorp and Subsidiary

Consolidated Statements of Cash Flows (Unaudited)

($ in thousands)

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2024		2023
	2025		2024
Cash flows from operating activities
Net income	$	187,~~780~~735	$	244,~~797~~685
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment	~~1,677~~564		~~1,699~~551
Net amortization of premiums on securities	~~123~~31		~~169~~41
Net accretion of discounts on loans	(~~2,137~~872)		(~~2,197~~573)
Net accretion of deferred loan fees	(~~919~~266)		(~~648~~334)
Amortization of servicing assets	~~1,372~~549		~~1,344~~374
Provision (reversal) for credit losses	1,399		(1,830)
Provision for credit losses	1,598		1,090
Bank-owned life insurance income	(~~703~~247)		(~~551~~228)
Deferred tax expense (benefit)	(459)		625
Deferred tax benefit	(431)		(138)
Stock-based compensation	~~378~~230		~~346~~136
Gain on sale of loans	(~~2,591~~887)		(21,~~767~~078)
Originations of loans held-for-sale	(4822,~~328~~458)		(4919,~~753~~075)
Proceeds from sales of and principal collected on loans held-for-sale	5117,~~761~~593		6522,~~550~~400
Change in accrued interest receivable and other assets	~~(3,409)~~754		(2,~~100~~117)
Change in accrued interest payable and other liabilities	17(1,~~818~~545)		142,~~566~~512
Net cash provided by operating activities	342,~~762~~348		538,~~450~~246
Cash flows from investing activities
Purchase of securities available-for-sale	(142,~~774~~971)		~~(15,959)~~—
Proceeds from maturities and paydowns of securities available-for-sale	134,~~866~~318		143,~~298~~485
Proceeds from principal collected on loans held-for-sale previously classified as held-for-investment	676		5,074
Net change in loans held-for-investment	(97,762)		(74,328)
Net change in loans held-for-investment	(141,948)		(104,439)
Proceeds from sale of other real estate owned	—		2,571
Purchase of loans held-for-investment	—		(15,741)
Purchases of premises and equipment	(749)		(2,220)
Purchase of Federal Home Loan Bank stock	(1,326)		(2,533)
Net cash used in investing activities	(97,164)		(70,492)
Proceeds from sale of other real estate owned	2,571		—
Purchases of premises and equipment	(4,029)		(1,059)
Net cash used in investing activities	(144,964)		(120,359)
Cash flows from financing activities
Net change in deposits	~~108~~98,~~070~~608		~~146~~51,~~146~~228
Net change in short-term Federal Home Loan Bank advances and other borrowings	—15,000		~~(20,000)~~—
Proceeds from long-term Federal Home Loan Bank advances	~~50,000~~—		—50,000
Repayment of long-term Federal Home Loan Bank advances	~~(89,000)~~—		—(39,000)
Stock options exercised	~~210~~684		~~1,329~~35
Restricted stock surrendered due to employee tax liability	(3)		(2)
Repurchase of common stock	(953)		—
Repurchase of common stock	(222)		(7,903)
Cash dividends paid on preferred stock	(86)		—
Cash dividends paid on preferred stock	(427)		—
Cash dividends paid on common stock	(2,881)		(2,568)
Cash dividends paid on common stock	(7,704)		(7,342)
Net cash provided by financing activities	110,372		59,695
Net cash provided by financing activities	60,924		112,228
Net increase (decrease) in cash and cash equivalents	15,556		(2,551)
Net increase (decrease) in cash and cash equivalents	(49,278)		45,319
Cash and cash equivalents at beginning of period	198,792		242,342
Cash and cash equivalents at beginning of period	242,342		147,031
Cash and cash equivalents at end of period	$	214,348	$	239,791
Cash and cash equivalents at end of period	$	193,064	$	192,350

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

PCB Bancorp and Subsidiary

Consolidated Statements of Cash Flows, Continued (Unaudited)

($ in thousands)

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2024		2023
	2025		2024
Supplemental disclosures of cash flow information:
Interest paid	$	5925,~~112~~659	$	2823,~~008~~866
Income taxes paid	~~4,187~~30		~~4,023~~14
Supplemental disclosures of non-cash investment activities:
Loans transferred to loans held-for-sale	$	676	$	—
Right of use assets obtained in exchange for lease obligations	$	1,345	$	—
Loans transferred to other real estate owned	94		—
Right of use assets obtained in exchange for lease obligations	973		1,360

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

PCB Bancorp and Subsidiary

Notes to Consolidated Financial Statements (Unaudited)

Note 1 - Basis of Presentation and Significant Accounting Policies

Nature of Operations

PCB Bancorp is a bank holding company whose subsidiary is PCB Bank (the “Bank”), which is a single operating segment. As of ~~September~~March 3031, ~~2024~~2025, the Bank operated 11nine full-service branches in Los Angeles and Orange counties, California, three full-service branches on the East Coast (Bayside, New York; and Englewood Cliffs and Palisades Park, New Jersey), and two full-service branches in Texas (Carrollton and Dallas), and four loan production offices (“LPOs”) in Los Angeles and Orange Counties, California; Atlanta, Georgia; and Bellevue, Washington. The Bank offers a broad range of loans, deposits, and other products and services predominantly to small and middle market businesses and individuals.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Article 10 of SEC Regulation S-X and other SEC rules and regulations for reporting on the Quarterly Report on Form 10-Q. Accordingly, certain disclosures required by U.S. generally accepted accounting principles (“GAAP”) are not included herein. These interim statements should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024 filed by the Company with the SEC. The December 31, ~~2023~~2024 balance sheet presented herein has been derived from the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024 filed with the SEC, but does not include all of the disclosures required by GAAP for complete financial statements.

In the opinion of management of the Company, the accompanying unaudited interim consolidated financial statements reflect all of the adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial condition and consolidated results of operations as of the dates and for the periods presented. Certain reclassifications have been made in the prior period financial statements to conform to the current period presentation. The results of operations for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 are not necessarily indicative of the results that may be expected for the year ending December 31, ~~2024~~2025.

Principles of Consolidation

The consolidated financial statements include the accounts of PCB Bancorp and its wholly owned subsidiary as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, and for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024. Significant inter-company accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, all references to the Company include its wholly owned subsidiary.

Significant Accounting Policies

The accounting and reporting policies of the Company are based upon GAAP and conform to predominant practices within the banking industry. ~~The~~Other than the disclosed below, the Company has not made any significant changes in its critical accounting policies from those disclosed in its Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024 filed with the SEC.

Option Derivative

On January 16, 2025, the Company entered into an Emergency Capital Investment Program (“ECIP”) Securities Purchase Option Agreement (the “Option Agreement”) with the U.S. Treasury, which grants the Company the conditional option to repurchase the outstanding shares of its Senior Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”). The Company evaluated this purchase option in accordance with Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, and determined that this purchase option was a derivative. As no consideration is paid to the U.S. Treasury, who is the existing shareholder, the fair value of option is considered capital contribution and recorded in Common Stock on the Consolidated Balance Sheet (Unaudited) in accordance with ASC 505, Equity. Subsequent changes in fair value will be recognized in earnings. The fair value change from January 16, 2025 to March 31, 2025 was deemed immaterial.

See Notes 2 and 9 for additional information regarding valuation methodology and this purchase option.

Use of Estimates in the Preparation of Financial Statements

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates are subject to change and such change could have a material effect on the consolidated financial statements. Actual results may differ from those estimates.

Adopted Accounting Pronouncements

During the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025, there were no significant accounting pronouncements applicable to the Company that were adopted or became effective.

Recent Accounting Pronouncements Not Yet Adopted

The following recently issued accounting pronouncement applicable to the Company has not yet been adopted:

In December 2023, the FASB issued Accounting Standard Update (“ASU”) 2023-09, “Income Taxes (Topic ~~780~~740): - Improvements to Income Tax Disclosures.” ~~The~~This ~~amendments in this~~ ASU ~~require~~requires public business entities to disclose in ~~their~~the rate reconciliation table additional categories of information about federal, state, and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. ~~This~~It ~~ASU~~ also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state, and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold~~, among other things~~. This ASU is effective for ~~the Company for~~ fiscal years beginning after December 15, 2024. ~~with~~Early ~~early~~ adoption is permitted for periods for which financial statements have not yet been issued. ~~The~~This ~~Company~~ASU ~~will~~is ~~update~~not ~~its~~expected ~~income~~to ~~tax~~have ~~disclosure~~a ~~upon~~significant ~~adoption~~impact on the Company’s Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU requires disaggregated disclosure of income statement expenses for public business entities. This ASU requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. The prescribed categories include, among other things, employee compensation, depreciation, and intangible asset amortization. Additionally, entities must disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods within fiscal years beginning after December 15, 2027. The guidance can be applied prospectively with an option for retrospective application and early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s Consolidated Financial Statements.

Note 2 - Fair Value Measurements

~~Accounting Standards Codification (“~~ASC”) 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value including a three-level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (i.e. an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The three-level fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are defined as follows:

•Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

•Level 2: Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

Fair value is measured on a recurring basis for certain assets and liabilities in which fair value is the primary basis of accounting. Additionally, fair value is used on a non-recurring basis to evaluate certain assets or liabilities for impairment or for disclosure purposes. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company records securities available-for-sale at fair value on a recurring basis. Certain other assets, such as loans held-for-sale, loans individually evaluated, servicing assets and other real estate owned (“OREO”) are recorded at fair value on a non-recurring basis. Non-recurring fair value measurements typically involve assets that are periodically evaluated for impairment and for which any impairment is recorded in the period in which the re-measurement is performed. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value:

Investment securities: The fair values of securities available-for-sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1) or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management reviews the valuation techniques and assumptions used by the provider and determines that the provider uses widely accepted valuation techniques based on observable market inputs appropriate for the type of security being measured. Securities held-to-maturity are not measured at fair value on a recurring basis.

Loans held-for-sale: The Company records SBA loans held-for-sale, residential property loans held-for-sale and certain non-residential real estate loans held-for-sale at the lower of cost or fair value, on an aggregate basis. The Company obtains fair values from a third party independent valuation service provider. Loans held-for-sale accounted for at the lower of cost or fair value are considered to be recognized at fair value when they are recorded at below cost, on an aggregate basis, and are classified as Level 2.

Loans individually evaluated: Certain collateral-dependent loans individually evaluated are recognized at fair value when they reflect partial write-downs, through charge-offs or specific reserve allowances, that are based on the current appraised or market-quoted value of the underlying collateral. In some cases, the properties for which market quotes or appraised values have been obtained are located in areas where comparable sales data is limited, outdated, or unavailable. Fair value estimates for collateral-dependent loans individually evaluated are obtained from real estate brokers or other third-party consultants, and are classified as Level 3.

Option derivative: The fair value of the option derivative is based on the probability-weighted scenario discounted cash flow method. The model uses inputs such as the hypothetical purchase price of Series C Preferred Stock calculated using the formula set forth in the Option Agreement, expected terms when the Company expects to be able to exercise, dividend rates that determine the purchase price at the time of exercise, discount rate, and probability of exercise. The Company expects to be able to exercise this option between 2029 and 2037, and dividend rates would be range between 0.50% and 2.00%. The Company utilized the predetermined cost of capital on the Option Agreement as a discount rate. The Company also applied redemption probability derived from considering business and regulatory factors for a variety of redemption scenarios. Because the redemption probability, expected terms and dividend rates are subject to management’s judgment, measurement uncertainty is inherent in this valuation. Due to the unobservable nature of redemption probability used in deriving the estimated fair value, the option derivative is classified as Level 3.

Other real estate owned: The Company initially records OREO at fair value at the time of foreclosure. Thereafter, OREO is recorded at the lower of cost or fair value based on their subsequent changes in fair value. The fair value of OREO is generally based on recent real estate appraisals adjusted for estimated selling costs. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and result in a Level 3 classification due to the unobservable inputs used for determining fair value. Only OREO with a valuation allowance are considered to be carried at fair value.

Servicing Assets: Servicing assets represent the value associated with servicing loans that have been sold. The fair value for servicing assets is determined through discounted cash flow analysis and utilizes discount rates and prepayment speed assumptions as inputs. All of these assumptions require a significant degree of management estimation and judgment. The fair market valuation is performed on a quarterly basis for servicing assets. Servicing assets are accounted for at the lower of cost or market value and considered to be recognized at fair value when they are recorded at below cost and are classified as Level 3.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of dates indicated:

	Fair Value Measurement Level
($ in thousands)	Quoted Prices in Active Markets for Identical Assets(Level 1)		Significant Other Observable Inputs(Level 2)		Significant Unobservable Inputs(Level 3)		Total
September 30, 2024
March 31, 2025
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities	$	—	$	~~112~~114,~~153~~222	$	—	$	~~112~~114,~~153~~222
Residential collateralized mortgage obligations	—		2221,~~386~~075		—		2221,~~386~~075
SBA loan pool securities	—		65,~~431~~785		—		65,~~431~~785
Municipal bonds	—		2,~~473~~399		—		2,~~473~~399
Corporate bonds	—		4,~~192~~709		—		4,~~192~~709
Total securities available-for-sale	—		~~147~~148,~~635~~190		—		~~147~~148,~~635~~190
Total assets measured at fair value on a recurring basis	$	—	$	147,635	$	—	$	147,635
Option derivative	—		—		35,778		35,778
Total assets measured at fair value on a recurring basis	$	—	$	148,190	$	35,778	$	183,968
Total liabilities measured at fair value on a recurring basis	$	—	$	—	$	—	$	—
December 31, 2023
December 31, 2024
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities	$	—	$	~~104~~112,~~091~~439	$	—	$	~~104~~112,~~091~~439
Residential collateralized mortgage obligations	—		2421,~~173~~237		—		2421,~~173~~237
SBA loan pool securities	—		76,~~450~~008		—		76,~~450~~008
Municipal bonds	—		32,~~329~~420		—		32,~~329~~420
Corporate bonds	—		4,~~280~~245		—		4,~~280~~245
Total securities available-for-sale	—		~~143~~146,~~323~~349		—		~~143~~146,~~323~~349
Total assets measured at fair value on a recurring basis	$	—	$	~~143~~146,~~323~~349	$	—	$	~~143~~146,~~323~~349
Total liabilities measured at fair value on a recurring basis	$	—	$	—	$	—	$	—

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The following table presents the Company’s assets and liabilities measured at fair value on a non-recurring basis as of dates indicated:

	Fair Value Measurement Level
($ in thousands)	Quoted Prices in Active Markets for Identical Assets(Level 1)		Significant Other Observable Inputs(Level 2)		Significant Unobservable Inputs(Level 3)		Total
September 30, 2024
March 31, 2025
Loans individually evaluated:
Total assets measured at fair value on a non-recurring basis	$	—	$	—	$	—	$	—
Business property	$	—	$	—	$	1,274	$	1,274
Commercial and industrial	—		—		16		16
Total loans individually evaluated	—		—		1,290		1,290
Total assets measured at fair value on a non-recurring basis	$	—	$	—	$	1,290	$	1,290
Total liabilities measured at fair value on a non-recurring basis	$	—	$	—	$	—	$	—
December 31, 2023
December 31, 2024
Loans individually evaluated:
Business property	$	—	$	—	$	~~425~~994	$	~~425~~994
Total loans individually evaluated	—		—		~~425~~994		~~425~~994
Total assets measured at fair value on a non-recurring basis	$	—	$	—	$	~~425~~994	$	~~425~~994
Total liabilities measured at fair value on a non-recurring basis	$	—	$	—	$	—	$	—

The following table presents quantitative information about level 3 fair value measurements for assets measured at fair value on a non-recurring basis as of the date indicated:

($ in thousands)

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Weighted-Average

September 30, 2024

December 31, 2024

Loans individually evaluated:

Business property

~~1,274~~994

Fair value of collateral

Selling ~~cost~~Cost

Commercial and industrial

Discounted cash flow

December 31, 2023

Loans individually evaluated:

Business property

425

Fair value of collateral

The following table presents gains or losses, including charge-offs, recoveries, and specific reserves recorded, for assets measured at fair value for the periods indicated:

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
($ in thousands)	~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
Loans individually evaluated:
Business property	$	3—	$	~~(15)~~13	$	47	$	~~(47)~~
Commercial and industrial	(1)		—		31		1,074
Net gains recognized	$	—	$	13
Net gains (losses) recognized	$	2	$	(15)	$	78	$	1,027

Fair Value of Financial Instruments

The following table presents the carrying value and estimated fair values of financial assets and liabilities as of the dates indicated:

	Carrying Value		Fair Value		Fair Value Measurements
($ in thousands)					Level 1		Level 2		Level 3
September 30, 2024
March 31, 2025
Financial assets:
Interest-bearing deposits in other financial institutions	$	~~163~~185,~~083~~496	$	~~163~~185,~~083~~496	$	~~163~~185,~~083~~496	$	—	$	—
Securities available-for-sale	~~147~~148,~~635~~190		~~147~~148,~~635~~190		—		~~147~~148,~~635~~190		—
Loans held-for-sale	512,~~170~~101		512,~~625~~982		—		512,~~625~~982		—
Net loans held-for-investment	2,~~437~~695,~~244~~668		2,~~382~~690,~~466~~704		—		—		2,~~382~~690,~~466~~704
Federal Home Loan Bank (“FHLB”) and other restricted stock	14,042		N/A		N/A		N/A		N/A
Accrued interest receivable	910,~~896~~967		910,~~896~~967		~~275~~310		~~488~~502		910,~~133~~155
Financial liabilities:
Deposits	$	2,~~459~~714,~~682~~399	$	2,~~466~~724,~~010~~924	$	—	$	—	$	2,~~466~~724,~~010~~924
Accrued interest payable	27,985		27,985		—		—		27,985
FHLB advances	30,000		30,000		—		30,000		—
December 31, 2023
Accrued interest payable	21,357		21,357		—		4		21,353
December 31, 2024
Financial assets:
Interest-bearing deposits in other financial institutions	$	~~215~~171,~~824~~692	$	~~215~~171,~~824~~692	$	~~215~~171,~~824~~692	$	—	$	—
Securities available-for-sale	~~143~~146,~~323~~349		~~143~~146,~~323~~349		—		~~143~~146,~~323~~349		—
Loans held-for-sale	56,~~155~~292		56,~~472~~783		—		56,~~472~~783		—
Net loans held-for-investment	2,~~295~~598,~~919~~759		2,~~225~~593,~~573~~839		—		—		2,~~225~~593,~~573~~839
FHLB and other restricted stock	1214,~~716~~042		N/A		N/A		N/A		N/A
Accrued interest receivable	910,~~468~~466		910,~~468~~466		~~128~~139		~~513~~548		89,~~827~~779
Financial liabilities:
Deposits	$	2,~~351~~615,~~612~~791	$	2,~~353~~620,~~465~~750	$	—	$	—	$	2,~~353~~620,~~465~~750
FHLB advances	39,000		39,013		—		39,013		—
Other short-term borrowings	15,000		15,000		—		15,000		—
Accrued interest payable	1824,~~052~~407		1824,~~052~~407		—		~~192~~2		1724,~~860~~405

Note 3 - Investment Securities

The following table presents the amortized cost and fair value of the securities available-for-sale as of the dates indicated:

($ in thousands)

Amortized Cost

Gross Unrealized Gain

Gross Unrealized Loss

Fair Value

September 30, 2024

March 31, 2025

Securities available-for-sale:

U.S. government agency and U.S. government sponsored enterprise securities:

Residential mortgage-backed securities

~~119~~122,~~363~~801

~~692~~470

(79,~~902~~049)

~~112~~114,~~153~~222

Residential collateralized mortgage obligations

2322,~~459~~084

~~101~~63

(1,~~174~~072)

2221,~~386~~075

SBA loan pool securities

6,~~688~~024

2—

(~~259~~239)

65,~~431~~785

Municipal bonds

2,~~450~~455

23—

—(56)

2,~~473~~399

Corporate bonds

5,000

—

(~~808~~291)

4,~~192~~709

Total securities available-for-sale

~~156~~158,~~960~~364

~~818~~533

(10,~~143~~707)

~~147~~148,~~635~~190

December 31, 2023

December 31, 2024

Securities available-for-sale:

U.S. government agency and U.S. government sponsored enterprise securities:

Residential mortgage-backed securities

~~114~~123,~~485~~209

~~199~~168

(10,~~593~~938)

~~104~~112,~~091~~439

Residential collateralized mortgage obligations

2522,~~611~~753

631

(1,~~501~~517)

2421,~~173~~237

SBA loan pool securities

76,~~773~~328

3—

(~~326~~320)

76,~~450~~008

Municipal bonds

32,~~306~~452

25—

(232)

32,~~329~~420

Corporate bonds

5,000

—

(~~720~~755)

4,~~280~~245

Total securities available-for-sale

~~156~~159,~~175~~742

~~290~~169

(13,~~142~~562)

~~143~~146,~~323~~349

As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, pledged securities were $75.4 million and $7072.95 million, respectively. These securities were pledged for the State Deposit from the California State Treasurer.

The Company elected to exclude accrued interest receivable from the amortized cost of its securities available-for-sale. Accrued interest receivable on securities available-for-sale totaled $~~488~~503 thousand and $~~513~~548 thousand at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, there were no holdings of securities available-for-sale of any one issuer, other than the U.S. government agency and U.S. government sponsored enterprise, in an amount greater than 10% of ~~shareholder~~shareholders’s equity.

The following table presents the amortized cost and fair value of the securities available-for-sale by contractual maturity as of the date indicated. Expected maturities may differ from contractual maturities, if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

September 30, 2024

March 31, 2025

($ in thousands)

Amortized Cost

Fair Value

Within one year

—

One to five years

8283

8382

Five to ten years

6,~~097~~099

5,~~297~~786

Greater than ten years

1,~~271~~273

1,~~285~~240

Residential mortgage-backed securities, residential collateralized mortgage obligations and SBA loan pool securities

~~149~~150,~~510~~909

~~140~~141,~~970~~082

Total

~~156~~158,~~960~~364

~~147~~148,~~635~~190

The Company had no proceeds from sales and calls of securities available-for-sale for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 or ~~2023~~2024.

The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous unrealized loss position for which an allowance for credit losses (“ACL”) was not recorded as of the dates indicated:

	Length of Time that Individual Securities Have Been In a Continuous Unrealized Loss Position
	Less Than 12 Months					12 Months or Longer					Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities
September 30, 2024
March 31, 2025
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities	$	5912,458	$	(189)	39	$	7267,~~529~~172	$	(78,~~901~~960)	~~108~~110	$	7279,~~588~~630	$	(79,~~902~~049)	~~111~~119
Residential collateralized mortgage obligations	~~991~~3,857		(36)		13	1412,~~206~~398		(1,~~171~~066)		3635	1516,~~197~~255		(1,~~174~~072)		3738
SBA loan pool securities	55399		—(1)		14	5,~~705~~158		(~~259~~238)		13	5,~~760~~557		(~~259~~239)		1417
Corporate bonds	—		—		—	4,192		(808)		1	4,192		(808)		1
Municipal bonds	2,399		(56)		7	—		—		—	2,399		(56)		7
Total securities available-for-sale	$	1,105	$	(4)	5	$	96,632	$	(10,139)	158	$	97,737	$	(10,143)	163
Corporate bonds	—		—		—	4,709		(291)		1	4,709		(291)		1
December 31, 2023
Total securities available-for-sale	$	19,113	$	(152)	23	$	89,437	$	(10,555)	159	$	108,550	$	(10,707)	182
December 31, 2024
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise securities:
Residential mortgage-backed securities	$	926,~~252~~250	$	(41392)	817	$	7867,~~958~~640	$	(10,~~552~~546)	~~110~~109	$	8893,~~210~~890	$	(10,~~593~~938)	~~118~~126
Residential collateralized mortgage obligations	54,~~660~~963		(6226)		43	13,~~919~~375		(1,~~439~~491)		3536	1918,~~579~~338		(1,~~501~~517)		39
SBA loan pool securities	—396		—(1)		—3	65,~~627~~316		(~~326~~319)		1413	65,~~627~~712		(~~326~~320)		1416
Municipal bonds	812,050		—(32)		16	~~362~~—		~~(2)~~—		1—	~~443~~2,050		(232)		26
Corporate bonds	—		—		—	4,~~280~~245		(~~720~~755)		1	4,~~280~~245		(~~720~~755)		1
Total securities available-for-sale	$	1433,~~993~~659	$	(~~103~~451)	1329	$	~~104~~90,~~146~~576	$	(13,~~040~~111)	~~161~~159	$	~~119~~124,~~139~~235	$	(13,~~142~~562)	~~174~~188

As of ~~September~~March 3031, 2025 and December 31, 2024, 95.3%, atand ~~amortized~~95.3%, ~~cost basis~~respectively, of the Company's securities available-for-sale at amortized cost basis were issued by U.S. government agency and U.S. ~~government sponsored enterprise~~GSEs. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell these securities before their anticipated recovery, the Company determined that these securities with unrealized losses did not warrant an ACL as of March 31, 2025 and December 31, 2024.

Municipal and corporate bonds had an investment grade rating upon purchase. The issuers of these securities have not established any cause for default on these securities and various rating agencies have reaffirmed their long-term investment grade status as of ~~September~~March 3031, 2025 and December 31, 2024. These securities have fluctuated in value since their purchase dates as market interest rates fluctuated. Additionally, the Company continues to receive contractual principal and interest payments in a timely manner. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell before the recovery of its amortized cost basis. The Company therefore determined that the investment securities with unrealized losses did not warrant an ACL as of ~~September~~March 3031, 2025 and December 31, 2024.

As of ~~September~~March 3031, 2025 and December 31, 2024, the Company recorded no ACL on securities available-for-sale.

Note 4 - Loans and Allowance for Credit Losses on Loans

Loans Held-For-Investment

The following table presents the composition of the Company’s loans held-for-investment as of the dates indicated.

($ in thousands)

~~September~~March 3031, ~~2024~~2025

December 31, ~~2023~~2024

Commercial real estate:

Commercial property

~~874~~965,~~824~~302

~~855~~940,~~270~~931

Business property

~~579~~618,~~461~~771

~~558~~595,~~772~~547

Multifamily

~~185~~207,~~485~~096

~~132~~194,~~500~~220

Construction

2123,~~150~~978

2421,~~843~~854

Total commercial real estate

1,~~660~~815,~~920~~147

1,~~571~~752,~~385~~552

Commercial and industrial

~~407~~494,~~024~~697

~~342~~472,~~002~~763

Consumer:

Residential mortgage

~~383~~406,~~377~~774

~~389~~392,~~420~~456

Other consumer

1410,~~853~~992

2011,~~645~~616

Total consumer

~~398~~417,~~230~~766

~~410~~404,~~065~~072

Loans held-for-investment

2,~~466~~727,~~174~~610

2,~~323~~629,~~452~~387

Allowance for credit losses on loans

(2831,~~930~~942)

(2730,~~533~~628)

Net loans held-for-investment

2,~~437~~695,~~244~~668

2,~~295~~598,~~919~~759

In the ordinary course of business, the Company may grant loans to certain of its officers and directors, and the companies with which they are associated. As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the Company had ~~$108~~no ~~thousand and $111 thousand of~~ such loans outstanding~~, respectively,~~ .

Allowance for Credit Losses on Loans

The following table presents a composition of provision ~~(reversal)~~ for credit losses for the periods indicated:

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
($ in thousands)	~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
Provision (reversal) for credit losses on loans	$	193	$	822	$	1,444	$	(1,438)
Provision for credit losses on loans	$	1,591	$	922
Provision (reversal) for credit losses on off-balance sheet credit exposures	(143)		(71)		(45)		(392)
Provision for credit losses on off-balance sheet credit exposures	7		168
Total provision (reversal) for credit losses	$	50	$	751	$	1,399	$	(1,830)
Total provision for credit losses	$	1,598	$	1,090

The following tables present the activities in ACL on loans for the periods indicated:

($ in thousands)	Commercial Property		Business Property		Multifamily		Construction		Commercial and Industrial		Residential Mortgage		Other Consumer		Total
Balance at July 1, 2024	$	11,900	$	4,848	$	1,661	$	131	$	7,186	$	2,957	$	64	$	28,747
Balance at January 1, 2025	$	12,923	$	3,967	$	2,371	$	81	$	8,713	$	2,506	$	67	$	30,628
Charge-offs	—		~~(104)~~—		—		—		—(351)		—		(72)		(~~111~~353)
Recoveries	—		1		—		—		871		—		924		~~101~~76
Provision (reversal) for credit losses on loans	(~~1,515~~868)		~~779~~224		~~(14)~~272		(3835)		1,~~056~~148		6873		(8123)		~~193~~1,591
Balance at September 30, 2024	$	10,385	$	5,524	$	1,647	$	93	$	8,250	$	2,963	$	68	$	28,930
Balance at March 31, 2025	$	12,055	$	4,192	$	2,643	$	46	$	9,581	$	3,379	$	46	$	31,942
Balance at July 1, 2023	$	9,601	$	6,077	$	1,259	$	125	$	6,513	$	1,216	$	76	$	24,867
Charge-offs	—		—		—		—		(45)		—		(67)		(112)
Recoveries	—		2		—		—		8		—		12		22
Provision (reversal) for credit losses on loans	1,747		(1,922)		554		(30)		(468)		877		64		822
Balance at September 30, 2023	$	11,348	$	4,157	$	1,813	$	95	$	6,008	$	2,093	$	85	$	25,599
($ in thousands)	Commercial Property		Business Property		Multifamily		Construction		Commercial and Industrial		Residential Mortgage		Other Consumer		Total
Balance at January 1, 2024	$	12,665	$	4,739	$	1,441	$	135	$	6,245	$	2,226	$	82	$	27,533
Charge-offs	—		~~(104)~~—		—		—		(155)		—		(3730)		(~~296~~185)
Recoveries	—		32		—		—		879		—		~~159~~51		~~249~~62
Provision (reversal) for credit losses on loans	(~~2,280~~546)		~~886~~73		~~206~~(126)		(4226)		21,~~073~~489		~~737~~108		(~~136~~50)		~~1,444~~922
Balance at September 30, 2024	$	10,385	$	5,524	$	1,647	$	93	$	8,250	$	2,963	$	68	$	28,930
Balance at March 31, 2024	$	12,119	$	4,814	$	1,315	$	109	$	7,588	$	2,334	$	53	$	28,332
Balance at January 1, 2023	$	8,502	$	5,749	$	1,134	$	151	$	5,502	$	3,691	$	213	$	24,942
Impact of ASC 326 adoption	(1,762)		896		256		—		4,344		(2,534)		(133)		1,067
Charge-offs	—		(4)		—		—		(45)		—		(70)		(119)
Recoveries	—		8		—		—		1,100		—		39		1,147
Provision (reversal) for credit losses on loans	4,608		(2,492)		423		(56)		(4,893)		936		36		(1,438)
Balance at September 30, 2023	$	11,348	$	4,157	$	1,813	$	95	$	6,008	$	2,093	$	85	$	25,599

The increase in overall ACL for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 was primarily due to increases in loans held-for-investment, net charge-offs, and quantitatively measured loss ~~reserve requirement~~reserves, aspartially ~~well~~offset ~~as,~~by anthe ~~ACL~~decreases ~~increase~~in onmaximum ~~commercial~~loss ~~and~~rate ~~industrial~~used ~~loans~~for ~~related to~~ qualitative ~~adjustment~~factor ~~factors~~reserves ~~from~~and ~~the~~reserves ~~increase of past due loans. ACL~~ on ~~commercial~~individually ~~property~~evaluated loans ~~decreased primarily due to a decrease in reserve related to qualitative adjustment factors from the improvement in the credit metrics~~.

Credit Quality Indicators

The Company classifies loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans in regards to credit risk. This analysis typically includes non-homogeneous loans, such as commercial property and commercial and industrial loans, and is performed on an ongoing basis as new information is obtained. The Company uses the following definitions for risk ratings:

Pass - Loans classified as pass include non-homogeneous loans not meeting the risk ratings defined below and smaller, homogeneous loans not assessed on an individual basis.

Special Mention - Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of repayment prospects for the loan or of the institution’s credit position at some future date.

Substandard - Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

The following table summarizes the Company’s loans held-for-investment by loan segment, internal risk ratings and vintage year as of ~~September~~March 3031, ~~2024~~2025 and gross write offs for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025. The vintage year is the year of origination, renewal or major modification. Revolving loans that are converted to term loans presented in the table below are excluded from the Term Loans by Origination Year columns.

	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term
($ in thousands)	~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2020~~2021		Prior						Total
September 30, 2024
March 31, 2025
Commercial Real Estate:
Commercial property
Pass	$	9071,~~144~~294	$	~~143~~192,~~673~~738	$	~~260~~141,~~646~~854	$	~~149~~256,~~104~~925	$	77121,~~092~~904	$	~~130~~156,~~013~~067	$	2021,~~556~~039	$	~~387~~384	$	~~871~~962,~~615~~205
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		~~133~~—		~~410~~129		—387		—251		2,~~666~~330		—		—		3,~~209~~097
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	9071,~~144~~294	$	~~143~~192,~~806~~738	$	~~261~~141,~~056~~983	$	~~149~~257,~~104~~312	$	77122,~~092~~155	$	~~132~~158,~~679~~397	$	2021,~~556~~039	$	~~387~~384	$	~~874~~965,~~824~~302
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Year-to-date period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Business property
Pass	$	6549,~~709~~572	$	~~100~~92,~~737~~440	$	9599,~~856~~723	$	~~151~~93,~~769~~244	$	45146,~~463~~812	$	~~105~~118,~~797~~595	$	26,~~256~~521	$	34,~~780~~896	$	~~571~~611,~~367~~803
Special mention	—		—		~~5,057~~—		—5,010		—		—		—		—		5,~~057~~010
Substandard	—		—		~~448~~—		~~865~~446		—862		~~1,724~~650		—		—		31,~~037~~958
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	6549,~~709~~572	$	~~100~~92,~~737~~440	$	~~101~~99,~~361~~723	$	~~152~~98,~~634~~700	$	45147,~~463~~674	$	~~107~~119,~~521~~245	$	26,~~256~~521	$	34,~~780~~896	$	~~579~~618,~~461~~771
Current period gross write offs	$	—	$	—	$	77	$	—	$	—	$	27	$	—	$	—	$	104
Year-to-date period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multifamily
Pass	$	1918,~~920~~121	$	5330,~~051~~707	$	4052,~~063~~981	$	3839,~~358~~666	$	2537,~~937~~845	$	526,~~117~~776	$	1,~~001~~000	$	—	$	~~183~~207,~~447~~096
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		~~2,038~~—		—		—		—		—		~~2,038~~—
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	1918,~~920~~121	$	5330,~~051~~707	$	4052,~~063~~981	$	4039,~~396~~666	$	2537,~~937~~845	$	526,~~117~~776	$	1,~~001~~000	$	—	$	~~185~~207,~~485~~096
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Year-to-date period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction
Pass	$	29—	$	81,~~461~~342	$	128,~~660~~436	$	—14,200	$	—	$	—	$	—	$	—	$	2123,~~150~~978
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	29—	$	81,~~461~~342	$	128,~~660~~436	$	—14,200	$	—	$	—	$	—	$	—	$	2123,~~150~~978
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Year-to-date period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term
($ in thousands)	~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2020~~2021		Prior						Total
September 30, 2024 (Continued)
March 31, 2025 (Continued)
Commercial and Industrial
Pass	$	284,~~303~~144	$	3544,~~694~~923	$	2331,~~060~~856	$	920,~~848~~622	$	36,~~423~~768	$	9,~~009~~032	$	~~294~~373,~~168~~865	$	3,~~395~~421	$	~~406~~494,~~900~~631
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		~~124~~66		—		—		~~124~~66
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	284,~~303~~144	$	3544,~~694~~923	$	2331,~~060~~856	$	920,~~848~~622	$	36,~~423~~768	$	9,~~133~~098	$	~~294~~373,~~168~~865	$	3,~~395~~421	$	~~407~~494,~~024~~697
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	5	$	—	$	150	$	155
Year-to-date period gross write offs	$	—	$	—	$	80	$	—	$	149	$	122	$	—	$	—	$	351
Consumer
Residential mortgage
Pass	$	1727,~~670~~812	$	7534,~~436~~603	$	~~154~~68,~~579~~011	$	74147,~~455~~789	$	1071,~~913~~736	$	4953,~~910~~670	$	—	$	—	$	~~382~~403,~~963~~621
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—2,466		—		—		~~414~~687		—		—		~~414~~3,153
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	1727,~~670~~812	$	7534,~~436~~603	$	~~154~~70,~~579~~477	$	74147,~~455~~789	$	1071,~~913~~736	$	5054,~~324~~357	$	—	$	—	$	~~383~~406,~~377~~774
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Year-to-date period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other consumer
Pass	$	~~274~~101	$	~~3,331~~—	$	52,~~007~~565	$	13,~~894~~596	$	~~565~~1,187	$	50250	$	3,~~694~~287	$	—	$	1410,~~815~~986
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		38—		—		—6		—		—		—		—		386
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	~~274~~101	$	~~3,369~~—	$	52,~~007~~565	$	13,~~894~~602	$	~~565~~1,187	$	50250	$	3,~~694~~287	$	—	$	1410,~~853~~992
Current period gross write offs	$	—	$	12	$	15	$	—	$	10	$	—	$	—	$	—	$	37
Year-to-date period gross write offs	$	—	$	—	$	1	$	—	$	1	$	—	$	—	$	—	$	2
Total loans held-for-investment
Pass	$	~~222~~171,~~049~~044	$	~~420~~396,~~383~~753	$	~~591~~405,~~871~~426	$	~~425~~576,~~428~~042	$	~~163~~386,~~393~~252	$	~~299~~364,~~896~~390	$	~~321~~405,~~675~~712	$	78,~~562~~701	$	2,~~452~~714,~~257~~320
Special mention	—		—		~~5,057~~—		—5,010		—		—		—		—		5,~~057~~010
Substandard	—		~~171~~—		~~858~~2,595		~~2,903~~839		—1,113		43,~~928~~733		—		—		8,~~860~~280
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	~~222~~171,~~049~~044	$	~~420~~396,~~554~~753	$	~~597~~408,~~786~~021	$	~~428~~581,~~331~~891	$	~~163~~387,~~393~~365	$	~~304~~368,~~824~~123	$	~~321~~405,~~675~~712	$	78,~~562~~701	$	2,~~466~~727,~~174~~610
Current period gross write offs	$	—	$	12	$	92	$	—	$	10	$	32	$	—	$	150	$	296
Year-to-date period gross write offs	$	—	$	—	$	81	$	—	$	150	$	122	$	—	$	—	$	353

The following table summarizes the Company’s loans held-for-investment by loan segment, internal risk ratings and vintage year as of December 31, ~~2023~~2024. The vintage year is the year of origination, renewal or major modification. Revolving loans that are converted to term loans presented in the table below are excluded from term loans by vintage year columns.

	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term
($ in thousands)	~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2020~~2021		~~2019~~2020		Prior						Total
December 31, 2023
December 31, 2024
Commercial Real Estate:
Commercial property
Pass	$	~~154~~196,~~563~~454	$	~~268~~142,~~369~~455	$	~~155~~259,~~817~~222	$	83138,~~461~~837	$	7076,~~425~~462	$	~~107~~102,~~879~~666	$	821,~~807~~031	$	—385	$	~~849~~937,~~321~~512
Special mention	—		—		~~484~~—		—		—		~~2,952~~—		—		—		~~3,436~~—
Substandard	—		—131		—399		—258		~~311~~—		2,~~202~~631		—		—		23,~~513~~419
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	~~154~~196,~~563~~454	$	~~268~~142,~~369~~586	$	~~156~~259,~~301~~621	$	83139,~~461~~095	$	7076,~~736~~462	$	~~113~~105,~~033~~297	$	821,~~807~~031	$	—385	$	~~855~~940,~~270~~931
Year-to-date period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Business property
Pass	$	~~103~~93,~~364~~973	$	~~103~~100,~~549~~337	$	~~163~~95,~~136~~024	$	50148,~~362~~382	$	6944,~~852~~239	$	5995,~~765~~372	$	~~882~~6,431	$	43,~~327~~750	$	~~555~~587,~~237~~508
Special mention	—		—		—5,034		—		—		—		—		—		—5,034
Substandard	—		~~452~~—		~~193~~447		—859		~~2,254~~—		~~636~~1,699		—		—		3,~~535~~005
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	~~103~~93,~~364~~973	$	~~104~~100,~~001~~337	$	~~163~~100,~~329~~505	$	50149,~~362~~241	$	7244,~~106~~239	$	6097,~~401~~071	$	~~882~~6,431	$	43,~~327~~750	$	~~558~~595,~~772~~547
Year-to-date period gross write offs	$	—	$	—	$	77	$	—	$	—	$	27	$	—	$	—	$	104
Multifamily
Pass	$	1434,~~219~~104	$	4053,~~618~~020	$	4239,~~848~~870	$	2638,~~472~~104	$	225,~~419~~751	$	52,~~924~~370	$	—1,001	$	—	$	~~132~~194,~~500~~220
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	1434,~~219~~104	$	4053,~~618~~020	$	4239,~~848~~870	$	2638,~~472~~104	$	225,~~419~~751	$	52,~~924~~370	$	—1,001	$	—	$	~~132~~194,~~500~~220
Year-to-date period gross write offs	$	—	$	—	$	—	$	20	$	—	$	—	$	—	$	—	$	20
Construction
Pass	$	~~4,617~~886	$	97,~~120~~589	$	—13,379	$	~~7,500~~—	$	~~3,606~~—	$	—	$	—	$	—	$	2421,~~843~~854
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	~~4,617~~886	$	97,~~120~~589	$	—13,379	$	~~7,500~~—	$	~~3,606~~—	$	—	$	—	$	—	$	2421,~~843~~854
Year-to-date period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term
($ in thousands)	~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2020~~2021		~~2019~~2020		Prior						Total
December 31, 2023 (Continued)
December 31, 2024 (Continued)
Commercial and Industrial
Pass	$	7746,~~957~~644	$	2834,~~638~~737	$	1121,~~950~~700	$	47,~~354~~312	$	63,~~323~~125	$	8,~~327~~044	$	~~198~~347,~~010~~605	$	3,~~796~~517	$	~~339~~472,~~355~~684
Special mention	—		—		—		~~379~~—		~~314~~—		27—		~~1,000~~—		—		~~1,720~~—
Substandard	—		—		—		—8		~~142~~—		~~785~~71		—		—		~~927~~79
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	7746,~~957~~644	$	2834,~~638~~737	$	1121,~~950~~700	$	47,~~733~~320	$	63,~~779~~125	$	98,~~139~~115	$	~~199~~347,~~010~~605	$	3,~~796~~517	$	~~342~~472,~~002~~763
Year-to-date period gross write offs	$	—	$	—	$	—	$	—	$	—	$	126	$	248	$	150	$	524
Consumer
Residential mortgage
Pass	$	7937,~~581~~548	$	~~163~~73,~~734~~833	$	78151,~~499~~922	$	1173,~~363~~183	$	10,~~865~~840	$	4544,~~378~~727	$	—	$	—	$	~~389~~392,~~420~~053
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—403		—		—		—403
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	7937,~~581~~548	$	~~163~~73,~~734~~833	$	78151,~~499~~922	$	1173,~~363~~183	$	10,~~865~~840	$	45,~~378~~130	$	—	$	—	$	~~389~~392,~~420~~456
Year-to-date period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other consumer
Pass	$	~~4,837~~346	$	72,~~527~~914	$	34,~~275~~243	$	1,~~326~~530	$	~~458~~394	$	78	$	32,~~190~~157	$	—	$	2011,~~620~~592
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		15—		—23		10—		—1		—		—		—		2524
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	~~4,837~~346	$	72,~~542~~914	$	34,~~275~~266	$	1,~~336~~530	$	~~458~~395	$	78	$	32,~~190~~157	$	—	$	2011,~~645~~616
Year-to-date period gross write offs	$	—	$	18	$	15	$	—	$	10	$	—	$	—	$	—	$	43
Total loans held-for-investment
Pass	$	~~439~~409,~~138~~955	$	~~621~~414,~~555~~885	$	~~455~~585,~~525~~360	$	~~184~~407,~~838~~348	$	~~163~~160,~~948~~811	$	~~227~~253,~~280~~187	$	~~210~~378,~~889~~225	$	87,~~123~~652	$	2,~~311~~617,~~296~~423
Special mention	—		—		~~484~~5,034		~~379~~—		~~314~~—		~~2,979~~—		~~1,000~~—		—		5,~~156~~034
Substandard	—		~~467~~131		~~193~~869		101,125		~~2,707~~1		34,~~623~~804		—		—		76,~~000~~930
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	~~439~~409,~~138~~955	$	~~622~~415,~~022~~016	$	~~456~~591,~~202~~263	$	~~185~~408,~~227~~473	$	~~166~~160,~~969~~812	$	~~233~~257,~~882~~991	$	~~211~~378,~~889~~225	$	87,~~123~~652	$	2,~~323~~629,~~452~~387
Year-to-date period gross write offs	$	—	$	18	$	92	$	20	$	10	$	153	$	248	$	150	$	691

Nonaccrual Loans

The following table presents the loans on nonaccrual status by loan segments as of the date indicated:

($ in thousands)	Total Nonaccrual Loans		Nonaccrual Loans with ACL		ACL on Nonaccrual Loans		Collateral Dependent Nonaccrual Loans		ACL on Collateral Dependent Nonaccrual Loans
September 30, 2024
March 31, 2025
Commercial real estate:
Commercial property	$	1,~~633~~538	$	—	$	—	$	1,~~633~~538	$	—
Business property	21,~~367~~485		~~1,560~~—		~~286~~—		21,~~367~~485		~~286~~—
Multifamily	2,038		—		—		2,038		—
Total commercial real estate	3,023		—		—		3,023		—
Total commercial real estate	6,038		1,560		286		6,038		286
Commercial and industrial	66		—		—		66		—
Commercial and industrial	124		47		31		77		—
Consumer:
Residential mortgage	~~414~~3,153		—		—		~~414~~3,153		—
Other consumer	386		386		—		—		—
Total consumer	~~452~~3,159		386		—		~~414~~3,153		—
Total	$	6,~~614~~248	$	~~1,645~~6	$	~~317~~—	$	6,~~529~~242	$	~~286~~—
December 31, 2023
December 31, 2024
Commercial real estate:
Commercial property	$	~~958~~1,851	$	—	$	—	$	~~958~~1,851	$	—
Business property	2,~~865~~336		~~689~~1,032		~~264~~38		2,~~865~~336		~~264~~38
Total commercial real estate	34,~~823~~187		~~689~~1,032		~~264~~38		34,~~823~~187		~~264~~38
Commercial and industrial	6879		—8		—8		6879		—8
Consumer:
Other consumer	25		25		—		—		—
Residential mortgage	403		—		—		403		—
Total consumer	25		25		—		—		—
Other consumer	24		24		—		—		—
Total	$	3,916	$	714	$	264	$	3,891	$	264
Total consumer	427		24		—		403		—
Total	$	4,693	$	1,064	$	46	$	4,669	$	46

There were no nonaccrual loans guaranteed by a U.S. government agency at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024.

Collateral Dependent Loans

Loans that have been classified as collateral dependent are loans where substantially all repayment of the loan is expected to come from the operation of or eventual liquidation of the collateral. Collateral dependent loans are evaluated individually for purposes of determining the ACL, which is determined based on the estimated fair value of the collateral. Estimates for costs to sell are included in the determination of the ACL when liquidation of the collateral is anticipated. In cases where the loan is well secured and the estimated value of the collateral exceeds the amortized cost of the loan, no ACL is recorded. The following table presents the collateral dependent loans by loan segments as of the date indicated:

($ in thousands)	Hotel / Motel		~~Warehouse~~Restaurant		~~Car Wash~~		~~Retail~~Car Wash		~~Apartment~~Retail		~~Single Family Residential~~		~~Other~~Single Family Residential		~~Total~~Other		Total
September 30, 2024
March 31, 2025
Commercial real estate:
Commercial property	$	1,~~633~~538	$	—	$	—	$	—	$	—	$	—	$	—	$	~~1,633~~—	$	1,538
Business property	—		—196		~~1,718~~		~~613~~666		—589		—		36—		~~2,367~~34		1,485
Multifamily	—		—		—		—		2,038		—		—		2,038
Total commercial real estate	1,538		196				666		589				—		34		3,023
Total commercial real estate	1,633		—		1,718		613		2,038		—		36		6,038
Commercial and industrial	10		—				—		—				56		—		66
Commercial and industrial	11		—		—		—		—		66		—		77
Consumer:
Consumer:
Residential mortgage	—		—				—		—				3,153		—		3,153
Residential mortgage	—		—		—		—		—		414		—		414
Total consumer	—		—				—		—				3,153		—		3,153
Total consumer	—		—		—		—		—		414		—		414
Total	$	1,548	$	196			$	666	$	589			$	3,209	$	34	$	6,242
Total	$	1,644	$	—	$	1,718	$	613	$	2,038	$	480	$	36	$	6,529
December 31, 2024
December 31, 2023
Commercial real estate:
Commercial real estate:
Commercial property	$	1,851	$	—			$	—	$	—			$	—	$	—	$	1,851
Commercial property	$	958	$	—	$	—	$	—	$	—	$	—	$	—	$	958
Business property	—		—				1,695		606				—		35		2,336
Business property	—		2,137		—		689		—		—		39		2,865
Total commercial real estate	1,851		—				1,695		606				—		35		4,187
Total commercial real estate	958		2,137		—		689		—		—		39		3,823
Commercial and industrial	11		—				8		—				60		—		79
Commercial and industrial	13		—		—		—		—		55		—		68
Consumer:
Total	$	971	$	2,137	$	—	$	689	$	—	$	55	$	39	$	3,891
Residential mortgage	—		—				—		—				403		—		403
Total consumer	—		—				—		—				403		—		403
Total	$	1,862	$	—			$	1,703	$	606			$	463	$	35	$	4,669

Past Due Loans

The following table presents the aging of past due in accruing loans and nonaccrual loans by loan segments as of date indicated:

	Still Accruing								Nonaccrual
($ in thousands)	30 to 59 Days Past Due		60 to 89 Days Past Due		90 or More Days Past Due		Total		30 to 59 Days Past Due		60 to 89 Days Past Due		90 or More Days Past Due		Total		Total Loans Past Due
September 30, 2024
March 31, 2025
Commercial real estate:
Commercial property	$	~~257~~435	$	—	$	—	$	~~257~~435	$	~~607~~957	$	—	$	~~276~~—	$	~~883~~957	$	1,~~140~~392
Business property	~~680~~1,549		—		—		~~680~~1,549		—690		—		~~707~~701		~~707~~1,391		12,~~387~~940
Multifamily	—		—		—		—		—		—		2,038		2,038		2,038
Total commercial real estate	1,984		—		—		1,984		1,647		—		701		2,348		4,332
Total commercial real estate	937		—		—		937		607		—		3,021		3,628		4,565
Commercial and industrial	241		58		—		299		50		—		16		66		365
Commercial and industrial	698		—		—		698		34		46		44		124		822
Consumer:
Residential mortgage	12,~~212~~989		—		—		12,~~212~~989		—		~~414~~—		—2,862		~~414~~2,862		15,~~626~~851
Other consumer	~~126~~22		2143		—		~~147~~65		—		—		38—		38—		~~185~~65
Total consumer	13,~~338~~011		2143		—		13,~~359~~054		—		~~414~~—		382,862		~~452~~2,862		15,~~811~~916
Total	$	25,~~973~~236	$	21101	$	—	$	25,~~994~~337	$	~~641~~1,697	$	~~460~~—	$	3,~~103~~579	$	45,~~204~~276	$	710,~~198~~613
December 31, 2023
December 31, 2024
Commercial real estate:
Commercial property	$	—433	$	—	$	—	$	—433	$	—	$	~~296~~984	$	—269	$	~~296~~1,253	$	~~296~~1,686
Business property	~~560~~333		—		—		~~560~~333		—508		39—		~~168~~698		~~207~~1,206		~~767~~1,539
Total commercial real estate	~~560~~766		—		—		~~560~~766		—508		~~335~~984		~~168~~967		~~503~~2,459		13,~~063~~225
Commercial and industrial	~~217~~—		—		—		~~217~~—		—		—71		—		—71		~~217~~71
Consumer:
Residential mortgage	~~604~~3,679		—303		—		~~604~~3,982		—		—403		—		—403		~~604~~4,385
Other consumer	13154		34—		—		47154		—		15—		324		1824		65178
Total consumer	~~617~~3,833		34303		—		~~651~~4,136		—		15403		324		18427		~~669~~4,563
Total	$	14,~~394~~599	$	34303	$	—	$	14,~~428~~902	$	—508	$	~~350~~1,458	$	~~171~~991	$	~~521~~2,957	$	17,~~949~~859

Loan Modification

Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay, interest rate reduction or combination of at above mentioned modifications. When principal forgiveness is provided, the amount of forgiveness is charged-off against the ACL. These loans are placed on nonaccrual status at the time of such modification.

There were no loans that the borrowers were both experiencing financial difficulty and modified for the three months ended March 31, 2025. The following tables present loans that the borrowers were both experiencing financial difficulty and modified during the ~~periods~~period indicated by loan segments and modification type:

	Three Months Ended
($ in thousands)	Combination of Other-Than-Insignificant Payment Delay and Term Extension		Total		Percentage to Each Loan Segment
September 30, 2024
March 31, 2024
Commercial real estate:
Commercial and industrial	$	45	$	45	0.1	%
Business property	$	1,183	$	1,183	0.2	%
Total	$	45	$	45	0.1	%
Total commercial real estate	1,183		1,183		0.1	%
Total	$	1,183	$	1,183	0.1	%
	Nine Months Ended
($ in thousands)	Combination of Other-Than-Insignificant Payment Delay and Term Extension		Total		Percentage to Each Loan Segment
September 30, 2024
Commercial real estate:
Commercial property	$	410	$	410	0.1	%
Business property	2,230		2,230		0.4	%
Total commercial real estate	2,640		2,640		0.2	%
Commercial and industrial	$	44	$	44	0.1	%
Total	$	2,684	$	2,684	0.1	%

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2024

($ in thousands)

Combination of Other-Than-Insignificant Payment Delay and Term Extension

Commercial property

6-month fixed payment and 6-month term extension

Business property

6-month fixed payment and 6-month term extension

Commercial and industrial

6-month interest-only payment and 6-month term extension

The Company had no commitments to lend to any borrower included in the above table.

~~There~~The ~~were~~following notables ~~loans~~present ~~that~~the ~~were~~financial ~~both~~effect ~~experiencing~~of ~~financial~~the ~~difficulty~~loan ~~and~~modifications ~~modified~~presented ~~during~~above ~~the~~to ~~three~~borrowers ~~and~~experiencing ~~nine~~financial ~~months~~difficulty ~~ended~~for ~~September~~the ~~30,~~periods ~~2023.~~indicates:

The Company had no commitments to lend to any borrower included in the above table as of September 30, 2024.

Three Months Ended

Combination of Other-Than-Insignificant Payment Delay and Term Extension

March 31, 2024

Commercial and industrial

6-month interest-only payment and 6-month term extension

The following table presents the performance of loans that the borrowers were both experiencing financial difficulty and modified in the last 12 months:

($ in thousands)	30 to 59 Days Past Due		60 to 89 Days Past Due		90 or More Days Past Due		Total
September 30, 2024
March 31, 2025
Commercial real estate:
Business property	$	—495	$	—	$	~~671~~666	$	~~671~~1,161
Total commercial real estate	—495		—		~~671~~666		~~671~~1,161
Commercial and industrial	—		—		44		44
Total	$	495	$	—	$	666	$	1,161
Total	$	—	$	—	$	715	$	715
December 31, 2024
Commercial real estate:
Business property	$	508	$	—	$	664	$	1,172
Total commercial real estate	508		—		664		1,172
Total	$	508	$	—	$	664	$	1,172

Purchases, Sales, and Transfers

The ~~following~~Company ~~table~~had ~~presents~~no ~~a summary of~~ loans that were transferred from loans held-for-investment to loans held-for-sale ~~for~~during ~~the~~three ~~periods~~months ~~indicate:~~ended March 31, 2025 or 2024.

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Consumer:
Residential mortgage	$	676	$	—	$	676	$	—
Total consumer	676		—		676		—
Total	$	676	$	—	$	676	$	—

The Company had no loans that were transferred from loans held-for-sale to loans held-for investment during three months ended March 31, 2025 or 2024.

The Company had no ~~loans~~purchases ~~that~~of ~~were transferred from~~ loans held-for-~~sale to loans held-for~~ investment during three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 or ~~2023~~2024.

~~The following table presents a summary of purchases of loans held-for-investment for the periods indicated:~~29

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Consumer:
Residential mortgage	$	—	$	—	$	—	$	15,741
Total consumer	—		—		—		15,741
Total	$	—	$	—	$	—	$	15,741

Loans Held-For-Sale

The following table presents a composition of loans held-for-sale as of the date indicated:

($ in thousands)	~~September~~March 3031, ~~2024~~2025		December 31, ~~2023~~2024
Commercial real estate:
Business property	$	4,500	$	2,802
Commercial property	$	—	$	3,307
Total commercial real estate	4,500		2,802
Business property	8,436		713
Commercial and industrial	670		2,353
Total commercial real estate	8,436		4,020
Total	$	5,170	$	5,155
Commercial and industrial	3,665		2,272
Total	$	12,101	$	6,292

Loans held-for-sale are carried at the lower of cost or fair value. When a determination is made at the time of commitment to originate as held-for-investment, it is the Company’s intent to hold these loans to maturity or for the “foreseeable future,” subject to periodic reviews under the Company’s management evaluation processes, including asset/liability management and credit risk management. When the Company subsequently changes its intent to hold certain loans, the loans are transferred to held-for-sale at the lower of cost or fair value. Certain loans are transferred to held-for-sale with write-downs to ACL on loans.

Note 5. Other Real Estate Owned

The following table presents activity in OREO for the periods indicated:

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
($ in thousands)	~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
Balance at beginning of year	$	—	$	—2,558	$	~~2,558~~	$	—
Additions	~~466~~—		—		~~466~~		—
Sales	—		—(2,558)		~~(2,558)~~		—
Balance at end of year	$	~~466~~—	$	—	$	~~466~~	$	—

During the year ended December 31, 2023, the Company recognized an OREO of $2.6 million by transferring a SBA 7(a) loan of $593 thousand, of which its guaranteed portion was previously sold. The Company’s exposure was 25% of the OREO and the SBA was entitled to 75% of the sale price upon the sale of property. The Company sold the property during the three months ended March 31, 2024.

The following table presents activity in OREO valuation allowance for the periods indicated:

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

($ in thousands)

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

Balance at beginning of year

—

Additions

—

Net direct write-downs and removal from sale

—

Balance at end of year

—

The following table presents expenses related to OREO for the periods indicated:

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
($ in thousands)	~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
Net (gain) loss on sales	$	—	$	—	$	(13)	$	—
Net gain on sales	$	—	$	(13)
Operating expenses, net of rental income	5—		—2		7		—
Total	$	5	$	—	$	(6)	$	—
Total expenses	$	—	$	(11)

The Company did not provide loans to finance the sale of its OREO properties during the ~~nine~~three months ended ~~September 30~~March 31, 2024.

3130

Note 6 - Servicing Assets

The Company sells SBA and certain residential mortgage loans with servicing retained. SBA loans are included in commercial real estate loans (“CRE SBA”) and commercial and industrial loans (“C&I SBA”). The Company sold loans of $1316.56 million and $1719.74 million, respectively, with the servicing rights retained and recognized a net gain on sale of $~~750~~887 thousand and $~~689~~1.1 ~~thousand~~million, respectively, during the three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023. During the nine months ended September 30,~~ 2024 ~~and 2023, the Company sold loans of $46~~.5 ~~million and $61.6 million, respectively, with the servicing rights retained and recognized a net gain on sale of $2.6 million and $2.8 million, respectively.~~ Loan servicing income was $~~786~~725 thousand and $~~851~~919 thousand, respectively, for the three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023, and $2.5 million and $2.6 million, respectively, for the nine months ended September 30,~~ 2024 ~~and 2023~~.

The following table presents the composition of servicing assets with key assumptions used to estimate the fair value as of the dates indicated:

	September 30, 2024											December 31, 2023
	March 31, 2025											December 31, 2024
($ in thousands)	Residential Mortgage			CRE SBA			C&I SBA			Total		Residential Mortgage			CRE SBA			C&I SBA			Total
Carrying amount	$	4338		$	5,~~343~~084		$	~~516~~509		$	5,~~902~~631	$	4942		$	65,~~135~~226		$	~~482~~569		$	65,~~666~~837
Fair value	$	9581		$	79,~~580~~123		$	~~807~~1,018		$	810,~~482~~222	$	~~104~~84		$	87,~~284~~750		$	~~728~~894		$	98,~~116~~728
Discount rate	7.85		%	1213.1450		%	1513.8550		%			97.9385		%	12.3014		%	15.4685		%
Prepayment speed	1413.6285		%	1816.4660		%	1416.1060		%			1213.7593		%	1617.7182		%	13.9702		%
Weighted-average remaining life	1922.07 years			20.71 years			7.3 years					1923.8 years			2120.07 years			7.14 years
Underlying loans being serviced	$	98,~~560~~490		$	~~453~~437,823		$	6364,~~679~~614		$	~~527~~510,~~062~~927	$	109,~~666~~072		$	~~461~~445,~~300~~601		$	6070,~~265~~909		$	~~532~~525,~~231~~582

The following tables present activity in servicing assets for the periods indicated:

	Three Months Ended September 30,
	Three Months Ended March 31,
	2024								2023
	2025								2024
($ in thousands)	Residential Mortgage		CRE SBA		C&I SBA		Total		Residential Mortgage		CRE SBA		C&I SBA		Total
Balance at beginning of period	$	4542	$	5,~~656~~226	$	~~504~~569	$	65,~~205~~837	$	5549	$	6,~~655~~135	$	~~432~~482	$	76,~~142~~666
Additions	—		~~107~~273		6970		~~176~~343		—		~~199~~177		5075		~~249~~252
Amortization	(24)		(~~420~~415)		(57130)		(~~479~~549)		(42)		(~~420~~327)		(4745)		(~~471~~374)
Balance at end of period	$	4338	$	5,~~343~~084	$	~~516~~509	$	5,~~902~~631	$	5147	$	65,~~434~~985	$	~~435~~512	$	6,~~920~~544
	Nine Months Ended September 30,
	2024								2023
($ in thousands)	Residential Mortgage		CRE SBA		C&I SBA		Total		Residential Mortgage		CRE SBA		C&I SBA		Total
Balance at beginning of period	$	49	$	6,135	$	482	$	6,666	$	64	$	6,831	$	452	$	7,347
Additions	—		427		181		608		—		787		130		917
Amortization	(6)		(1,219)		(147)		(1,372)		(13)		(1,184)		(147)		(1,344)
Balance at end of period	$	43	$	5,343	$	516	$	5,902	$	51	$	6,434	$	435	$	6,920

3231

Note 7 - Operating Leases

The following table presents operating lease cost and supplemental cash flow information related to leases for the periods indicated:

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

($ in thousands)

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

Operating lease cost (1)

~~889~~961

~~744~~943

~~2,716~~

~~2,237~~

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

~~849~~931

~~809~~875

~~2,577~~

~~2,440~~

Right of use assets obtained in exchange for lease obligations

~~973~~1,345

~~1,134~~—

~~973~~

~~1,360~~

(1) Included in Occupancy and Equipment on the Consolidated Statements of Income (Unaudited).

During the three months ended March 31, 2025, the Company recognized an impairment loss of $146 thousand on operating lease assets due to a new sublease contract. The impairment is recorded in Other Expenses on the Consolidated Statements of Income (Unaudited).

The Company used the incremental borrowing rate based on the information available at lease commencement in determining the present value of lease payments. The following table presents supplemental balance sheet information related to leases as of the dates indicated:

($ in thousands)

~~September~~March 3031, ~~2024~~2025

December 31, ~~2023~~2024

Operating leases:

Operating lease assets

17,~~932~~779

1817,~~913~~254

Operating lease liabilities

19,~~301~~465

2018,~~137~~671

Weighted-average remaining lease term

7.98 years

87.38 years

Weighted-average discount rate

4.7077

4.6372

The following table presents maturities of operating lease liabilities as of the date indicated:

($ in thousands)	~~September~~March 3031, ~~2024~~2025
Maturities:
2024	$	862
2025	$	2,668
2025	3,397
2026	3,216
2026	3,051
2027	2,836
2027	2,665
2028	2,719
2028	2,541
2029	2,553
After 2028	11,480
After 2029	10,147
Total lease payment	2324,~~996~~139
Imputed Interest	(4,~~695~~674)
Present value of operating lease liabilities	$	19,~~301~~465

3332

Note 8 - Federal Home Loan Bank Advances and Other Borrowings

FHLB Advances

The Company had noan ~~FHLB~~overnight ~~advances at September 30, 2024. At December 31, 2023, the Company had a term~~ FHLB advance of $3930.0 million with an interest rate of 54.6365% ~~and~~at aMarch 31, ~~maturity~~2025. ~~date~~At ~~of February 21~~December 31, 2024, ~~(term~~the ofCompany 92had ~~days)~~no FHLB advances. The Company repaid the advance upon maturity.

At ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, loans pledged to secure borrowings from the FHLB were $~~979~~1.711 ~~million~~billion and $1977.046 ~~billion~~million, respectively. The Company’s investment in capital stock of the FHLB of San Francisco totaled $13.9 million and $1213.59 million at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively. The Company had additional borrowing capacity of $~~703~~735.07 million and $~~603~~722.04 million from the FHLB as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

Federal Reserve Discount Window

The Company had $~~578~~679.70 million of unused borrowing capacity from the Federal Reserve Discount Window, to which the Company pledged loans with a carrying value of $~~712~~836.45 million with no outstanding borrowings at ~~September~~March 3031, ~~2024~~2025. At December 31, ~~2023~~2024, the Company had $~~528~~586.95 million of unused borrowing capacity from the Federal Reserve Discount Window, to which the Company pledged loans with a carrying value of $~~681~~724.80 million with no outstanding borrowings.

Overnight Federal Funds Lines

The Company maintains overnight federal funds lines with correspondent financial institutions. The Company maintained available borrowing capacity of $65.0 million and had no ~~overnight~~borrowings ~~borrowing~~ at ~~both September~~March 3031, ~~2024~~2025. ~~and~~At December 31, ~~2023~~2024, the Company had an overnight borrowing of $15.0 million with an interest rate of 4.65% and unused borrowing capacity of $50.0 million.

Note 9 - Shareholders’ Equity

Series C, Senior Non-Cumulative Perpetual Preferred Stock

On May 24, 2022, the Company issued 69,141 shares of ~~Senior~~Series ~~Non-Cumulative~~C ~~Perpetual~~ Preferred Stock, ~~Series~~with C,a liquidation preference of $1,000 per share ~~(“Series C Preferred Stock”)~~ for the capital investment of $69.1 million from the U.S. Treasury under the ~~Emergency Capital Investment Program (“~~ECIP”). The ECIP investment qualifies as tier 1 capital for purposes of the bank regulatory capital requirements.

The Series C Preferred Stock accrued no dividend for the first 24 months following the investment date. ~~Beginning on May 24~~Thereafter, ~~2024, holders of~~ the ~~Series C Preferred Stock are entitled to quarterly non-cumulative cash dividends as declared by the Company’s Board of Directors. The Series C Preferred Stock~~ dividend rate ~~adjusts~~will ~~annually~~be adjusted based on the qualified lending growth criteria listed in the terms of the ECIP investment with the annual dividend rate up to 2%. After the tenth anniversary of the investment date, the dividend rate will be fixed based on the average annual amount of lending in years 2 through 10. Dividends ~~will~~are be payable quarterly in arrears on March 15, June 15, September 15, and December 15. The terms of the Series C Preferred Stock prohibit the Company from paying dividends on or repurchasing shares of its common stock unless it has paid or contemporaneously pays the full Series C Preferred Stock dividend with respect to the preceding quarterly dividend period.

Established by the Consolidated Appropriations Act, 2021, the ECIP was created to encourage low- and moderate-income community financial institutions and minority depository institutions to provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, especially low-income and underserved communities, including persistent poverty counties, that may be disproportionately impacted by the economic effect of the COVID-19 pandemic by providing direct and indirect capital investments in low- and moderate-income community financial institutions.

The Series C Preferred Stock may be redeemed at the option of the Company on or after the fifth anniversary of issuance (or earlier in the event of loss of regulatory capital treatment), subject to the approval of the appropriate federal banking regulator and in accordance with the federal banking agencies’ regulatory capital regulations.

~~The~~On January 16, 2025, the Company ~~began~~entered ~~paying~~into ~~quarterly~~the ~~dividends~~Option onAgreement with the U.S. Treasury, which grants the Company the conditional option to repurchase the Series C Preferred Stock atduring 2%the ~~beginning~~first in15 years following the ~~three~~Company’s ~~months~~issuance ~~ended~~of ~~June~~the ~~30,~~Series ~~2024~~C Preferred Stock. ~~Dividends~~The onpurchase ~~the~~price ~~Series~~for Cthe Preferred Stock ~~totaled~~under ~~$346~~the ~~thousand~~Option ~~and~~Agreement ~~$488~~is ~~thousand~~based ~~for~~on a formula equal to the ~~three~~present ~~and~~value ~~nine~~of ~~months~~the ~~ended~~Preferred ~~September 30~~Stock, ~~2024~~calculated as set forth in the Option Agreement, ~~respectively~~together with any accrued and unpaid dividends thereon and could represent a discount from the Series C Preferred Stock’s liquidation amount.

The purchase option may not be exercised during the first 10 years following the Company’s sale of the Series C Preferred Stock (“the ECIP Period”) unless and until the Company meets at least one of the following three conditions (the “Threshold Conditions”): (1) an average of at least 60% of the Company’s loan originations qualify as “Deep Impact Lending” over any 16 consecutive quarters, (2) an average of at least 85% of the Company’s “total originations qualify as “Qualified Lending” over any 24 quarters or (3) the Series C Preferred Stock has a dividend rate of no more than 0.5% at each of six consecutive “Reset Dates,” in each case as defined in Option Agreement and the terms of the Series C Preferred. In addition to satisfying a Threshold Condition, the Option Agreement requires that the Company meet certain other eligibility conditions in order to exercise the purchase option in the future, including compliance with the terms of the original ECIP purchase agreement and the terms of the Series C Preferred Stock, maintaining qualification as either a certified community development financial institution or a minority depository institution and satisfying other legal and regulatory criteria.

The earliest possible date by which a Threshold Condition may be met is June 30, 2026. However, the Company does not currently meet any of the Threshold Conditions necessary to exercise the purchase option, and there can be no assurance whether and when the Threshold Conditions will be met.

The following table presents the estimated purchase price based on the formula set forth in the Option Agreement as if the Company meet all Threshold Conditions as of March 31, 2025:


	Dividend Rate at the Reset Date Immediately Preceding the Purchase Date
($ in thousands)	0.50%		1.25%		2.00%
Purchase price	$	4,869	$	12,173	$	19,476
Discount	64,272		56,968		49,665

The Company began paying quarterly dividends on the Series C Preferred Stock beginning in the three months ended June 30, 2024. Dividends on the Series C Preferred Stock totaled $40 thousand for the three months ended March 31, 2025.

Stock Repurchases

During the year ended December 31, ~~2023~~2024, the Company repurchased and retired ~~512~~14,~~657~~947 shares of common stock at a weighted-average price of $1714.2288 per share under a stock repurchase program approved by the Board of Directors on August 2, 2023. ~~and~~On aJuly ~~legacy~~25, 2024, the Company announced that the term of the stock repurchase program ~~approved~~would onbe ~~July~~to 28August 1, ~~2022~~2025.

During the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025, the Company repurchased and retired 1450,~~947~~676 shares of common stock at a weighted-average price of $1418.8880 per share. ~~On July 25, 2024, the Company announced the amendment of the 2023 stock repurchase program, which extended the program expiration from August 2, 2024 to August 1, 2025.~~ As of ~~September~~March 3031, ~~2024~~2025, the Company was authorized to purchase ~~577~~527,~~777~~101 additional shares under the ~~2023~~ stock repurchase program.

Note 10 - Share-Based Compensation

On May 25, 2023, the Company adopted the 2023 Equity Based Compensation Plan (“2023 EBC Plan”) approved by its shareholders to replace the 2013 Equity Based Stock Compensation Plan. The 2023 EBC Plan provides 700,000 shares of common stock for equity based compensation awards including incentive and non-qualified stock options, and restricted stock awards. As of ~~September~~March 3031, ~~2024~~2025, there were ~~482~~382,800 shares available for future grants.

Share-Based Compensation Expense

The following table presents share-based compensation expense and the related tax benefits for the periods indicated:

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
($ in thousands)	~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
Share-based compensation expense related to:
Stock options	$	6968	$	2772	$	~~213~~	$	90
Restricted stock awards	44162		8664		~~165~~		~~256~~
Total share-based compensation expense	$	~~113~~230	$	~~113~~136	$	~~378~~	$	~~346~~
Related tax benefits	$	2661	$	2534	$	89	$	75

The following table presents unrecognized share-based compensation expense as of the date indicated:

September 30, 2024

March 31, 2025

($ in thousands)

Unrecognized Expense

Weighted-Average Remaining Expected Recognition Period

Unrecognized share-based compensation expense related to:

Stock options

~~591~~454

21.38 years

Restricted stock awards

~~321~~2,130

23.05 years

Total unrecognized share-based compensation expense

~~912~~2,584

23.2 years

Stock Options

The following tables represent stock option activity for the periods indicated:

	Three Months Ended September 30, 2024
	Three Months Ended March 31, 2025
($ in thousands except per share data)	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Contractual Term	Aggregated Intrinsic Value
Outstanding at beginning of period	~~605~~576,~~764~~412	$	1314.9520	5.20 years	$	13,~~413~~481
Granted	5,000	$	18.25	10.0 years
Exercised	(57,201)	$	11.96	3.4 years
Exercised	(11,351)	$	10.33	1.1 years
Outstanding at end of period	519,211	$	14.45	4.9 years	$	2,213
Forfeited	(9,075)	$	10.33	1.1 years
Exercisable at end of period	347,552	$	13.75	3.2 years	$	1,725
Outstanding at end of period	590,338	$	14.11	5.2 years	$	2,763
Exercisable at end of period	342,338	$	12.90	2.5 years	$	2,017
	Nine Months Ended September 30, 2024
($ in thousands except per share data)	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Contractual Term	Aggregated Intrinsic Value
Outstanding at beginning of period	614,715	$	13.90	5.7 years	$	2,788
Granted	5,000	$	18.25	10.0 years
Exercised	(20,302)	$	10.33	1.1 years
Forfeited	(9,075)	$	10.33	1.1 years
Outstanding at end of period	590,338	$	14.11	5.2 years	$	2,763
Exercisable at end of period	342,338	$	12.90	2.5 years	$	2,017

The following table represents information regarding unvested stock options for the periods indicated:

	Three Months Ended September 30, 2024			Nine Months Ended September 30, 2024
	Three Months Ended March 31, 2025
	Number of Shares	Weighted-Average Exercise Price Per Share		~~Number of Shares~~	~~Weighted-Average Exercise Price Per Share~~
Outstanding at beginning of period	~~255~~179,~~000~~659	$	15.9093	~~271,000~~	$	~~15.85~~
Granted	5,000	$	18.25	5,000	$	18.25
Vested	(8,000)	$	17.40
Vested	(12,000)	$	19.36	(28,000)	$	16.84
Outstanding at end of period	171,659	$	15.87
Outstanding at end of period	248,000	$	15.78	248,000	$	15.78

Restricted Stock Awards

The following table represents restricted stock award activity for the periods indicated:

	Three Months Ended September 30, 2024			Nine Months Ended September 30, 2024
	Three Months Ended March 31, 2025
	Number of Shares	Weighted-Average Grant Date Fair Value Per Share		~~Number of Shares~~	~~Weighted-Average Grant Date Fair Value Per Share~~
Outstanding at beginning of period	24119,~~980~~100	$	1920.9040	~~41,661~~	$	~~17.53~~
Granted	1,500	$	18.74	1,500	$	18.74
Vested	(5,000)	$	21.96
Vested	(7,380)	$	16.82	(23,641)	$	14.83
Outstanding at end of period	114,100	$	20.34
Forfeited	—	$	—	(420)	$	15.97
Outstanding at end of period	19,100	$	21.00	19,100	$	21.00

Note 11 - Income Taxes

Income tax expense was $23.91 million and $31.08 million, respectively, and the effective tax rate was 2628.93% and 2927.79%, respectively, for the three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023. For nine months ended September 30,~~ 2024 ~~and 2023, income tax expense was $7~~.~~2 million and $10.2 million, respectively, and the effective tax rate was 27.7% and 29.2%, respectively.~~

At ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the Company had no unrecognized tax benefits or related accrued interest.

The Company and its subsidiaries are subject to U.S. federal and various state jurisdictions income tax examinations. As of ~~September~~March 3031, ~~2024~~2025, the Company is no longer subject to examination by taxing authorities for tax years before 2021 for federal taxes and before 2020 for various state jurisdictions. The statute of limitations vary by state, and state taxes other than California have been minimal and immaterial to the Company’s financial results.

Note 12 - Earnings Per Share

~~Earnings~~The ~~per~~following ~~share~~table ~~(“EPS”)~~presents isthe ~~computed~~computations ~~under~~of ~~the~~basic ~~two-class~~and ~~method.~~diluted ~~Net~~earnings ~~income~~per ~~allocated~~share to(“EPS”) ~~common~~for ~~stock~~the isperiods ~~computed by~~indicated:

subtracting income allocated to unvested restricted stock from net income available to common shareholders. Income allocated to unvested restricted stock includes cash dividends paid and undistributed income available to holders of unvested restricted stock, if any. Basic EPS is computed by dividing net income allocated to common stock by the weighted-average common shares outstanding excluding the weighted-average unvested restricted stock. Diluted EPS is computed by dividing net income allocated to common stock by the weighted-average common stock outstanding, excluding the weighted-average unvested restricted stock, adjusted for the dilutive effect of stock options.


	Three Months Ended March 31,
($ in thousands, except per share)	2025		2024
Basic earnings per share:
Net income available to common shareholders	$	7,695	$	4,685
Less: income allocated to unvested restricted stock	(61)		(9)
Net income allocated to common stock	$	7,634	$	4,676
Weighted-average total common shares outstanding	14,386,422		14,262,235
Less: weighted-average unvested restricted stock	(114,155)		(26,816)
Weighted-average common shares outstanding, basic	14,272,267		14,235,419
Basic earnings per share	$	0.53	$	0.33
Diluted earnings per share:
Net income allocated to common stock	$	7,634	$	4,676
Weighted-average common shares outstanding, basic	14,272,267		14,235,419
Diluted effect of stock options	131,502		94,785
Weighted-average common shares outstanding, diluted	14,403,769		14,330,204
Diluted earnings per share	$	0.53	$	0.33

~~The~~There ~~following~~were ~~table~~60,000 ~~presents~~and ~~the~~263,000 ~~computations~~stock ofoptions ~~basic~~excluded ~~and~~in computing diluted EPS because they were anti-dilutive for ~~the~~three ~~periods~~months ~~indicated:~~ended March 31, 2025 and 2024, respectively.

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands, except per share)	2024		2023		2024		2023
Basic earnings per share:
Net income available to common shareholders	$	7,468	$	7,023	$	18,292	$	24,797
Less: income allocated to unvested restricted stock	(11)		(21)		(31)		(78)
Net income allocated to common stock	$	7,457	$	7,002	$	18,261	$	24,719
Weighted-average total common shares outstanding	14,262,513		14,337,341		14,262,340		14,372,908
Less: weighted-average unvested restricted stock	(21,499)		(42,539)		(24,489)		(44,978)
Weighted-average common shares outstanding, basic	14,241,014		14,294,802		14,237,851		14,327,930
Basic earnings per share	$	0.52	$	0.49	$	1.28	$	1.73
Diluted earnings per share:
Net income allocated to common stock	$	7,457	$	7,002	$	18,261	$	24,719
Weighted-average common shares outstanding, basic	14,241,014		14,294,802		14,237,851		14,327,930
Diluted effect of stock options	115,370		101,414		90,659		114,030
Weighted-average common shares outstanding, diluted	14,356,384		14,396,216		14,328,510		14,441,960
Diluted earnings per share	$	0.52	$	0.49	$	1.27	$	1.71

There were 291,700 and 93,700 stock options excluded in computing diluted EPS because they were anti-dilutive for three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023, there were 283,000 and 93,700 stock options excluded in computing diluted EPS because they were anti-dilutive, respectively.

Note 13 - Off-Balance Sheet Credit Exposures, Commitments and Other Contingencies

In the ordinary course of business, the Company enters into financial commitments to meet the financing needs of its customers. These financial commitments include commitments to extend credit and letters of credit. Those instruments involve to varying degrees, elements of credit, and interest rate risk not recognized in the Company’s consolidated financial statements.

The Company had the following outstanding financial commitments whose contractual amount represents credit risk as of the dates indicated:

	September 30, 2024				December 31, 2023
	March 31, 2025				December 31, 2024
($ in thousands)	Fixed Rate		Variable Rate		Fixed Rate		Variable Rate
Unused lines of credit	$	1112,~~828~~989	$	~~381~~357,~~302~~232	$	212,~~808~~923	$	~~347~~370,~~652~~313
Unfunded loan commitments	~~5,590~~—		3414,~~839~~442		~~4,020~~—		4717,~~038~~339
Standby letters of credit	5,~~158~~009		1,~~516~~786		45,~~638~~279		1,~~786~~516
Commercial letters of credit	—		—		—		160
Total	$	17,998	$	373,460	$	18,202	$	389,168
Total	$	22,576	$	417,657	$	11,466	$	396,636

Unfunded loan commitments are generally made for periods of 90 days or less, except for SBA loans that are generally made for periods of 180 days or less.

The Company applies an expected credit loss estimation methodology applied to each respective loan segment for determining the ACL on off-balance sheet credit exposures. The loss estimation process includes assumptions for utilization at default. These assumptions are based on the Company’s own historical internal loan data. As ~~a part~~ of ~~adoption of ASC 326, the Company recorded an initial adjustment to the ACL on off-balance sheet credit exposures of $1.6 million on January 1, 2023. As of September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the Company maintained an ACL on off-balance sheet credit exposures of $1.2 million and $1.32 million in Accrued Interest Payable and Other Liabilities in the Consolidated Balance Sheets, respectively.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. The Company evaluates each client’s credit worthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company is based on management’s credit evaluation of the customer.

Litigation

The Company is involved in various matters of litigation, which have arisen in the ordinary course of business. In the opinion of management, the disposition of pending matters of litigation will not have a material effect on the Company’s consolidated financial statements.

~~Network and Data Incident~~37

On August 30, 2021, the Bank identified unusual activity on its network. The Bank responded promptly to disable the activity, investigate its source and monitor the Bank’s network. The Bank subsequently became aware of claims that it had been the target of a ransomware attack. On September 7, 2021, the Bank determined that an external actor had illegally accessed and/or acquired certain data on its network. The Bank worked with third-party forensic investigators to understand the nature and scope of the incident and determine what information may have been accessed and/or acquired and who may have been impacted. The investigation revealed that this incident impacted certain files containing certain Bank customer information. Some of these files contained documents related to loan applications, such as tax returns, Form W-2 information of their employees, and payroll records. The Bank has notified all individuals identified as impacted, consistent with applicable laws. All impacted individuals were offered free Equifax Complete Premier credit monitoring and identify theft protection services. The Bank has notified law enforcement and appropriate authorities of the incident.

On December 16, 2021, a complaint based on the incident was filed in the Los Angeles County Superior Court seeking damages, injunctive relief, and equitable relief. During the three months ended September 30, 2023, the Bank agreed to settle this matter in exchange for $700 thousand to the putative class members, including costs of settlement administration, and attorneys’ fees and costs. The Bank received preliminary court approval of the settlement and notice was provided to members of the proposed class during the three months ended September 30, 2023. The court issued an order granting final approval on June 20, 2024.

The Company expects that the full amount of the final settlement will be covered under the Company’s applicable insurance policies.

Note 14 - Regulatory Matters

Under the final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (“Basel III rules”), the Company and Bank must hold a capital conservation buffer of 2.50% above the adequately capitalized risk-based capital ratios to avoid restrictions on dividends, stock repurchase, discretionary bonuses and other payments. Management believes as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the Company and the Bank met all capital adequacy requirements to which itthey isare subject. ~~Under~~Historically, the Company has operated under the Federal Reserve’s “Small Bank Holding Company” ~~policy~~Policy Statement, ~~the~~which ~~Company~~exempts isbank ~~not~~holding ~~currently~~companies ~~subject~~with tototal ~~separate~~consolidated ~~minimum~~assets ~~capital~~of ~~requirements~~less ~~under~~than ~~the Basel III rules. At such time as the Company reaches the~~ $3.0 billion ~~asset~~from ~~level,~~the itFederal ~~will~~Reserve's berisk-based ~~subject~~and toleverage consolidated capital requirements. ~~under~~Because the ~~Basel~~Company's ~~III~~total ~~rules~~consolidated ~~independent~~assets ofexceeded ~~the Bank~~$3.0 ~~For~~billion ~~comparison~~as ~~purposes~~of December 31, 2024, the Company’s ~~ratios~~is ~~are~~now ~~included~~subject into the ~~following~~Federal ~~discussion~~Reserve's asconsolidated ~~well,~~capital ~~all~~requirements ofseparate ~~which~~in ~~would~~addition ~~have~~to ~~exceeded~~those ~~the~~of ~~“well-capitalized” level had~~ the ~~Company been subject to separate capital minimums~~Bank. The Company and the Bank’s capital conservation ~~buffer~~buffers ~~was~~were 78.4202% and 76.5463%, respectively, as of ~~September~~March 3031, ~~2024~~2025, and 76.7394% and 86.0792%, respectively, as of December 31, ~~2023~~2024. Unrealized gain or loss on securities available-for-sale is not included in computing regulatory capital. The following table presents the regulatory capital amounts and ratios for the Company and the Bank as of dates indicated:

	Actual				Minimum Capital Adequacy Requirement				To Be Well Capitalized Under Prompt Corrective Provisions
($ in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
September 30, 2024
March 31, 2025
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)	$	~~299~~344,~~090~~037	1112.9252	%	$	~~112~~123,~~909~~614	4.5	%	N/A		N/A
Total capital (to risk-weighted assets)	~~398~~446,~~395~~318		1516.8825	%	~~200~~219,~~727~~758		8.0	%	N/A		N/A
Tier 1 capital (to risk-weighted assets)	~~368~~413,~~231~~178		1415.6804	%	~~150~~164,~~545~~818		6.0	%	N/A		N/A
Tier 1 capital (to average assets)	~~368~~413,~~231~~178		1213.7916	%	~~115~~125,~~148~~571		4.0	%	N/A		N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets)	$	~~359~~367,~~655~~564	1413.3342	%	$	~~112~~123,~~905~~243	4.5	%	$	~~163~~178,~~086~~018	6.5	%
Total capital (to risk-weighted assets)	~~389~~400,~~818~~704		1514.5463	%	~~200~~219,~~721~~099		8.0	%	~~250~~273,~~901~~874		10.0	%
Tier 1 capital (to risk-weighted assets)	~~359~~367,~~655~~564		1413.3342	%	~~150~~164,~~541~~325		6.0	%	~~200~~219,~~721~~099		8.0	%
Tier 1 capital (to average assets)	~~359~~367,~~655~~564		1211.4982	%	~~115~~124,~~146~~356		4.0	%	~~143~~155,~~933~~445		5.0	%
December 31, 2023
December 31, 2024
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)	$	~~288~~303,~~174~~423	1211.2344	%	$	~~106~~119,~~043~~387	4.5	%	N/A		N/A
Total capital (to risk-weighted assets)	~~386~~404,~~125~~383		1615.3924	%	~~188~~212,~~521~~243		8.0	%	N/A		N/A
Tier 1 capital (to risk-weighted assets)	~~357~~372,~~315~~564		1514.1604	%	~~141~~159,~~391~~182		6.0	%	N/A		N/A
Tier 1 capital (to average assets)	~~357~~372,~~315~~564		1312.4345	%	~~106~~119,~~423~~666		4.0	%	N/A		N/A
PCB Bank
Common tier 1 capital (to risk-weighted assets)	$	~~350~~363,~~038~~786	1413.8572	%	$	~~106~~119,~~081~~340	4.5	%	$	~~153~~172,~~228~~380	6.5	%
Total capital (to risk-weighted assets)	~~378~~395,~~849~~606		1614.0792	%	~~188~~212,~~588~~160		8.0	%	~~235~~265,~~735~~200		10.0	%
Tier 1 capital (to risk-weighted assets)	~~350~~363,~~038~~786		1413.8572	%	~~141~~159,~~441~~120		6.0	%	~~188~~212,~~588~~160		8.0	%
Tier 1 capital (to average assets)	~~350~~363,~~038~~786		1312.16	%	~~106~~119,~~421~~636		4.0	%	~~133~~149,~~026~~545		5.0	%

The California Financial Code provides that a bank generally may not make a cash distribution to its shareholders in excess of the lesser of the bank’s undivided profits or the bank’s net income for its last three fiscal years less the amount of any distribution made to the bank’s shareholders during the same period. This law limits the distributions the Bank is permitted to make to the Company. As a California corporation, the Company is subject to the limitations of the California Corporations Code, which allows a corporation to distribute cash or property to shareholders, including a dividend or repurchase or redemption of shares, if the corporation meets either a retained earnings test or a balance sheet test. Under the retained earnings test, the Company may make a distribution from retained earnings to the extent that its retained earnings exceed the sum of (a) the amount of the distribution plus (b) the amount, if any, of dividends in arrears on shares with preferential dividend rights. Under the balance sheet test, the Company may also make a distribution if, immediately after the distribution, the value of its assets equals or exceeds the sum of (a) its total liabilities plus (b) the liquidation preference of any shares which have a preference upon dissolution over the rights of shareholders receiving the distribution. Indebtedness is not considered a liability if the terms of such indebtedness provide that payment of principal and interest thereon are to be made only if, and to the extent that, a distribution to shareholders could be made under the balance sheet test.

3938

The Federal Reserve, the Federal Deposit Insurance Corporation (the “FDIC”) and the California Department of Financial Protection and Innovation periodically examine the Company, the Bank and their businesses, including for compliance with laws and regulations. If, as a result of an examination, a banking agency were to determine that the Company’s or the Bank’s financial condition, capital resources, asset quality, earnings prospects, management, liquidity or other aspects of any of their operations had become unsatisfactory, or that the Company or the Bank was in violation of any law or regulation, they may take a number of different remedial actions as they deem appropriate. These actions include the power to enjoin “unsafe or unsound” practices, to require affirmative action to correct any conditions resulting from any violation or practice, to issue an administrative order that can be judicially enforced, to direct an increase in the Company’s or the Bank’s capital, to restrict growth, to assess civil money penalties, to fine or remove officers and directors and, if it is concluded that such conditions cannot be corrected or there is an imminent risk of loss to depositors, to terminate the Bank’s deposit insurance and place the Bank into receivership or conservatorship.

Note 15 - Revenue Recognition

The following table presents revenue from contracts with customers within the scope of ASC 606, Revenue from Contracts with Customers, for the periods indicated:

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

($ in thousands)

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

Noninterest income in-scope of Topic 606

Service charges and fees on deposits:

Monthly service fees

2729

2731

Account analysis fees

~~250~~218

~~239~~234

~~715~~

~~699~~

Non-sufficient funds charges

96100

8189

~~272~~

~~241~~

Other deposit related fees

2625

Total service charges and fees on deposits

~~399~~372

~~371~~378

~~1,141~~

~~1,084~~

Debit card fees

~~154~~86

~~103~~81

~~253~~

~~254~~

Gain (loss) on sale of other real estate owned

—

Gain on sale of other real estate owned

—

Wire transfer fees

~~156~~153

~~162~~141

~~462~~

~~467~~

Other service charges

6155

5458

~~177~~

~~157~~

Total

~~770~~666

~~690~~671

~~2,046~~

~~1,962~~

~~Note 16 - Subsequent Events~~39

Note 16 - Segment Information

The Company operates as a single operating segment, the banking segment or the Bank, providing financial services within the U.S. The Bank provides a full range of deposit products, and commercial and residential loans, primarily to individuals, small businesses and commercial clients. All operations are domestic.

The Chief Operating Decision Maker (“CODM”), the Chief Executive Officer, evaluates the performance and allocates resources to the Bank as a whole. The CODM relies on the Executive Management Team, which includes the Chief Financial Officer, Chief Risk Officer, Chief Banking Officer, Chief Credit Officer and others, to provide detailed financial and operational reports. These reports help the CODM assess the performance of the Bank and determine the appropriate allocation of resources. Although the Bank management team provides valuable insights into various functional areas, all significant decisions related to performance evaluation and resource allocation are ultimately made by the CODM in the context of the Bank as a single operating segment.

The CODM evaluates the performance of the Bank based on both financial and non-financial measures. The CODM reviews revenue to evaluate product pricing and net income, including significant expenses, to assess performance and profitability. In conjunction with these measures, the CODM utilizes profitability ratios, EPS, net interest margin, loan and deposit growth, credit quality, capital adequacy, and liquidity as these measures provide additional insight of the Bank's business activities. The CODM also considers non-financial factors such as the Bank’s reputation, regulatory compliance and human resources.

The following table presents financial measures the CODM reviews to allocate recourses to the Bank as of the dates or for the periods indicated:


	As of or For the Three Months Ended March 31,
($ in thousands)	2025			2024
Revenue
Interest income	$	46,892		$	43,555
Interest expense	22,609			22,556
Net interest income	24,283			20,999
Gain on sale of loans	887			1,078
Other income	1,693			1,867
Total revenue, net of interest expense	26,863			23,944
Expenses
Provision for credit losses	1,598			1,090
Salaries and employee benefits	9,075			9,218
Premises expense	1,725			1,807
Depreciation expense	564			551
Other expense	3,110			4,776
Total expense	16,072			17,442
Income before income taxes	10,791			6,502
Income taxes	3,056			1,817
Net income	$	7,735		$	4,685

Earnings per share, diluted	$	0.53		$	0.33
Return on average assets	1.00		%	0.67		%
Return on average shareholders' equity	7.90		%	5.39		%
Net interest margin	3.28		%	3.10		%
Loans held-for-investment growth percentage	3.7		%	3.2		%
Total deposits growth percentage	3.8		%	2.2		%
Tier 1 leverage ratio (consolidated)	13.16		%	12.73		%
ACL on loans to loans held-for-investment	1.17		%	1.18		%

Note 17 - Subsequent Events

Dividend Declared on Common Stock

On ~~October~~April 23, ~~2024~~2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.1820 per common share. The dividend will be paid on or about ~~November~~May 159, ~~2024~~2025, to shareholders of record as of the close of business on ~~November~~May 816, ~~2024~~2025.

Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following is management’s discussion and analysis of the major factors that influenced the Company’s results of operations and financial condition as of and for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025. This analysis should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024 and with the unaudited consolidated financial statements and notes (unaudited) thereto set forth in this Quarterly Report on Form 10-Q.

Critical Accounting Estimates

The Company’s consolidated financial statements are prepared in accordance with GAAP and general practices within the banking industry. Within these financial statements, certain financial information contains approximate measurements of financial effects of transactions and impacts at the consolidated statements of financial condition dates and the Company’s results of operations for the reporting periods. As certain accounting policies require significant estimates and assumptions that have a material impact on the carrying value of assets and liabilities, the Company has established critical accounting policies to facilitate making the judgment necessary to prepare financial statements. The Company’s critical accounting policies are described in Note 1 to Consolidated Financial Statements and in the “Critical Accounting Estimates” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in its Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024 and in Note 1 to Consolidated Financial Statements (unaudited) included in Part I of this Quarterly Report on Form 10-Q.

Allowance for Credit Losses

OnThe ~~January 1, 2023, the~~ Company ~~adopted~~accounts ~~the~~for ~~provisions~~credit oflosses ~~ASC~~on ~~326~~loans, ~~“Financial Instruments~~ off-balance ~~Credit~~sheet ~~Losses~~credit ~~(Topic~~exposures ~~326)” Instruments. The adoption of ASC 326 changes the way the Company estimates the ACL on certain financial assets. The adoption of ASC 326 requires the Company to measure~~ and ~~record~~securities ~~current expected credit losses~~ available-for-sale ~~financial~~in ~~assets~~accordance ~~within~~with ~~the scope of~~ ASC 326, ~~which~~“Financial ~~the~~Instruments ~~Company currently consist substantially of loans, off~~-~~balance~~ ~~sheet~~Credit ~~credit~~Losses ~~exposures~~(Topic ~~and securities available-for-sale~~326).” Measuring credit losses under the current expected credit losses (“CECL”) framework requires a significant amount of judgment, including the incorporation of reasonable and supportable forecasts about future conditions that may ultimately impact the level of credit losses the Company may recognize. Under the CECL framework, current expected credit losses are recorded on financial assets within the scope of ASC 326 at the time of their origination or acquisition.

Estimating expected credit losses requires management to use relevant forward-looking information, including the use of reasonable and supportable forecasts. The measurement of the ACL is performed by collectively evaluating loans with similar risk characteristics. The Company’s discounted cash flow methodology incorporates a probability of default and loss given default model, as well as expectations of future economic conditions, using reasonable and supportable forecasts.

The use of reasonable and supportable forecasts requires significant judgment, such as selecting forecast scenarios, as well as determining the appropriate length of the forecast horizon. Management leverages economic projections from a reputable and independent third party to inform and provide its reasonable and supportable economic forecasts. Although no one economic variable can fully demonstrate the sensitivity of the ACL estimate to changes in economic variables used in the ACL model, the Company utilized changes in U.S. unemployment rate and year-over-year change in real gross domestic product (“GDP”) growth rate as its key economic variables. Other internal and external indicators of economic forecasts may also be considered by management when developing the forecast metrics. The Company’s ACL model reverts to long-term average loss rates for purposes of estimating expected cash flows beyond a period deemed reasonable and supportable. The Company forecasts economic conditions and expected credit losses over a one-year time horizon. Beyond the one-year forecast time horizon, the Company’s ACL model reverts to historical long-term average loss rates over a one-year period.

Within the various economic scenarios considered as of ~~September~~March 3031, ~~2024~~2025, the quantitative estimate of the ACL would increase by approximately $819.49 million under sole consideration of a more adverse downside scenario. The quoted sensitivity calculation reflects the sensitivity of the modeled ACL estimate to macroeconomic forecast data, but is absent of qualitative overlays and other qualitative adjustments that are part of the quarterly reserving process and does not necessarily reflect the nature and extent of future changes in the ACL for reasons including increases or decreases in qualitative adjustments, changes in the risk profile and size of the portfolio, changes in the severity of the macroeconomic scenario and the range of scenarios under management consideration.

A portion of the collectively evaluated ACL on loans also includes qualitative adjustments for risk factors not reflected or captured by the quantitative modeled ACL but are relevant in estimating future expected credit losses. Qualitative adjustments may be related to and include, but not limited to factors such as: (i) management’s assessment of economic forecasts used in the model and how those forecasts align with management’s overall evaluation of current and expected economic conditions, (ii) organization-specific risks such as credit concentrations, collateral specific risks, regulatory risks, and external factors that may ultimately impact credit quality, (iii) potential model limitations such as limitations identified through back-testing, and other limitations associated with factors such as underwriting changes, acquisition of new portfolios and changes in portfolio segmentation, and (iv) management’s overall assessment of the adequacy of the ACL, including an assessment of ACL model data inputs.

Although management uses the best information reasonably available to derive estimates and assumptions necessary to measure an appropriate level of the ACL, these estimates and assumptions are subject to change in future periods, which may have a material impact on the level of the ACL and the Company’s results of operations.

Option Derivative

On January 16, 2025, the Company entered into the Option Agreement with the U.S. Treasury, which grants the Company the conditional option to repurchase the Series C Preferred Stock. The Company evaluated this purchase option in accordance with ASC 815, Derivatives and Hedging, and determined that this purchase option was a derivative. As no consideration is paid to the U.S. Treasury, whom is the existing shareholder, the fair value of option is considered capital contribution and recorded in Common Stock on the Consolidated Balance Sheet (Unaudited) in accordance with ASC 505, Equity. Subsequent changes in fair value will be recognized in earnings. The fair value change from January 16, 2025 to March 31, 2025 was deemed immaterial.

The fair value of the option derivative is based on the probability-weighted scenario discounted cash flow method. The model uses inputs such as the hypothetical purchase price of preferred stock calculated using the formula set forth in the Option Agreement, expected terms when the Company expects to be able to exercise, dividend rates that determine the purchase price at the time of exercise, discount rate, and probability of exercise.

For additional information, See Notes 2 and 9 to the Consolidated Financial Statements (Unaudited) included in Item 1 of the Quarterly Report on Form 10-Q for additional information regarding the valuation methodology and this purchase option.

Non-GAAP Measures

The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated, and presented in accordance with GAAP. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures and may not be comparable to non-GAAP financial measures that may be presented by other companies.

The following tables present reconciliation of return on average tangible common equity, tangible common equity per common share and tangible common equity to tangible assets ratios to their most comparable GAAP measures as of the dates or for the periods indicated. These non-GAAP measures, which are presented in this Quarterly Report on Form 10-Q, are used by management in its analysis of the Company's performance.

	Three Months Ended September 30,						Nine Months Ended September 30,
	Three Months Ended March 31,
($ in thousands)	~~2024~~2025			~~2023~~2024			~~2024~~			~~2023~~
Average total shareholders' equity	$	~~357~~397,~~376~~009		$	~~343~~349,~~144~~644		$	~~352,866~~		$	~~339,423~~
Less: average preferred stock	69,141			69,141			~~69,141~~			~~69,141~~
Average tangible common equity	$	~~288~~327,~~235~~868		$	~~274~~280,~~003~~503		$	~~283,725~~		$	~~270,282~~
Net income	$	7,~~814~~735		$	74,~~023~~685		$	~~18,780~~		$	~~24,797~~
Annualized return on average shareholders’ equity	87.7090		%	85.1239		%	~~7.11~~		%	~~9.77~~		%
Net income available to common shareholders	$	7,~~468~~695		$	74,~~023~~685		$	~~18,292~~		$	~~24,797~~
Annualized return on average tangible common equity	109.3152		%	106.1772		%	~~8.61~~		%	~~12.27~~		%

($ in thousands, except per share data)	~~September~~March 3031, ~~2024~~2025			December 31, ~~2023~~2024			~~September~~March 3031, ~~2023~~2024
Total shareholders' equity	$	~~362~~406,~~300~~642		$	~~348~~363,~~872~~814		$	~~341~~350,~~852~~005
Less: preferred stock	69,141			69,141			69,141
Tangible common equity	$	~~293~~337,~~159~~501		$	~~279~~294,~~731~~673		$	~~272~~280,~~711~~864
Outstanding common shares	14,~~266~~387,~~725~~176			14,~~260~~380,~~440~~651			14,~~319~~263,~~014~~791
Book value per common share	$	2528.3926		$	2425.4630		$	2324.8754
Tangible common equity per common share	$	2023.5546		$	1920.6249		$	19.0569
Total assets	$	23,~~889~~219,~~833~~536		$	23,~~789~~063,~~506~~971		$	2,~~567~~854,~~974~~292
Total shareholders' equity to total assets	12.5463		%	1211.5187		%	1312.3126		%
Tangible common equity to total assets	10.1448		%	109.0362		%	109.6284		%

4243

Selected Financial Data

The following table presents certain selected financial data as of the dates or for the periods indicated:

As of or For the Three Months Ended September 30,

As of or For the Nine Months Ended September 30,

As of or For the Three Months Ended March 31,

($ in thousands, except per share data)

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

Selected balance sheet data:

Cash and cash equivalents

~~193~~214,~~064~~348

~~192~~239,~~350~~791

~~193,064~~

~~192,350~~

Securities available-for-sale

~~147~~148,~~635~~190

~~139~~138,~~218~~170

~~147,635~~

~~139,218~~

Loans held-for-sale

512,~~170~~101

63,~~693~~256

~~5,170~~

~~6,693~~

Loans held-for-investment

2,~~466~~727,~~174~~610

2,~~167~~397,~~605~~964

~~2,466,174~~

~~2,167,605~~

ACL on loans

(2831,~~930~~942)

(2528,~~599~~332)

~~(28,930)~~

~~(25,599)~~

Total assets

23,~~889~~219,~~833~~536

2,~~567~~854,~~974~~292

~~2,889,833~~

~~2,567,974~~

Total deposits

2,~~459~~714,~~682~~399

2,~~192~~402,~~129~~840

~~2,459,682~~

~~2,192,129~~

Shareholders’ equity

~~362~~406,~~300~~642

~~341~~350,~~852~~005

~~362,300~~

~~341,852~~

Selected income statement data:

Interest income

4546,~~998~~892

3843,~~852~~555

~~134,498~~

~~110,226~~

Interest expense

2322,~~279~~609

1622,~~403~~556

~~69,045~~

~~43,646~~

Net interest income

2224,~~719~~283

2220,~~449~~999

~~65,453~~

~~66,580~~

Provision (reversal) for credit losses

751

1,399

(1,830)

Provision for credit losses

1,598

1,090

Noninterest income

2,~~620~~580

2,~~502~~945

~~8,050~~

~~8,180~~

Noninterest expense

14,~~602~~474

1416,~~207~~352

~~46,129~~

~~41,588~~

Income before income taxes

10,~~687~~791

96,~~993~~502

~~25,975~~

~~35,002~~

Income tax expense

23,~~873~~056

21,~~970~~817

~~7,195~~

~~10,205~~

Net income

7,~~814~~735

74,~~023~~685

~~18,780~~

~~24,797~~

Preferred stock dividends

~~346~~40

—

~~488~~

—

Net income available to common shareholders

7,~~468~~695

74,~~023~~685

~~18,292~~

~~24,797~~

Per share data:

Earnings per common share, basic

0.5253

0.4933

~~1.28~~

~~1.73~~

Earnings per common share, diluted

0.5253

0.4933

~~1.27~~

~~1.71~~

Book value per common share (1)

2528.3926

2324.8754

~~25.39~~

~~23.87~~

Tangible common equity per common share (9)

2023.5546

19.0569

~~20.55~~

~~19.05~~

Cash dividends declared per common share

0.1820

0.18

~~0.54~~

~~0.51~~

Outstanding share data:

Number of common shares outstanding

14,~~266~~387,~~725~~176

14,~~319~~263,~~014~~791

~~14,266,725~~

~~14,319,014~~

Weighted-average common shares outstanding, basic

14,~~241~~272,~~014~~267

14,~~294~~235,~~802~~419

~~14,237,851~~

~~14,327,930~~

Weighted-average common shares outstanding, diluted

14,~~356~~403,~~384~~769

14,~~396~~330,~~216~~204

~~14,328,510~~

~~14,441,960~~

Selected performance ratios:

Return on average assets (2)

1.0800

10.0967

~~0.88~~

~~1.32~~

Return on average shareholders’ equity (2)

87.7090

85.1239

~~7.11~~

~~9.77~~

Dividend payout ratio (3)

3437.6274

3654.7355

~~42.19~~

~~29.48~~

Efficiency ratio (4)

5753.6388

5668.9429

~~62.76~~

~~55.63~~

Yield on average interest-earning assets (2)

6.5833

6.1842

~~6.51~~

~~6.01~~

Cost of average interest-bearing liabilities (2)

4.8528

4.1785

~~4.86~~

~~3.88~~

Net interest spread (2)

12.7305

21.0157

~~1.65~~

~~2.13~~

Net interest margin (2), (5)

3.2528

3.5710

~~3.17~~

~~3.63~~

Total loans to total deposits ratio (6)

100.4793

99.1993

~~100.47~~

~~99.19~~

4344

	As of or For the Three Months Ended September 30,						As of or For the Nine Months Ended September 30,
	As of or For the Three Months Ended March 31,
($ in thousands, except per share data)	~~2024~~2025			~~2023~~2024			~~2024~~			~~2023~~
Asset quality:
Loans 30 to 89 days past due and still accruing	$	25,~~994~~337		$	~~708~~4,515		$	~~2,994~~		$	~~708~~
Nonperforming loans (7)	6,~~614~~248			34,~~730~~940			~~6,614~~			~~3,730~~
Nonperforming assets (8)	76,~~080~~248			34,~~730~~940			~~7,080~~			~~3,730~~
Net charge-offs (recoveries)	10			90			47			(1,028)
Net charge-offs	277			123
Loans 30 to 89 days past due and still accruing to loans held-for-investment	0.1220		%	0.0319		%	~~0.12~~		%	~~0.03~~		%
Nonperforming loans to loans held-for-investment	0.2723		%	0.1721		%	~~0.27~~		%	~~0.17~~		%
Nonperforming loans to ACL on loans	2219.8656		%	1417.5744		%	~~22.86~~		%	~~14.57~~		%
Nonperforming assets to total assets	0.2419		%	0.1517		%	~~0.24~~		%	~~0.15~~		%
ACL on loans to loans held-for-investment	1.17		%	1.18		%	~~1.17~~		%	~~1.18~~		%
ACL on loans to nonperforming loans	~~437~~511.4124		%	~~686~~573.3052		%	~~437.41~~		%	~~686.30~~		%
Net charge-offs (recoveries) to average loans held-for-investment (2)	0.0104		%	0.0102		%	~~0.01~~		%	~~(0.07)~~		%
Capital ratios:
Shareholders’ equity to total assets	12.5463		%	1312.3126		%	~~12.54~~		%	~~13.31~~		%
Tangible common equity to total assets (9)	10.1448		%	109.6284		%	~~10.14~~		%	~~10.62~~		%
Average shareholders’ equity to average total assets	12.4770		%	1312.3944		%	~~12.41~~		%	~~13.48~~		%
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)	1112.9252		%	1311.0788		%	~~11.92~~		%	~~13.07~~		%
Total capital (to risk-weighted assets)	1516.8825		%	1715.4893		%	~~15.88~~		%	~~17.48~~		%
Tier 1 capital (to risk-weighted assets)	1415.6804		%	1614.2471		%	~~14.68~~		%	~~16.24~~		%
Tier 1 capital (to average assets)	1213.7916		%	1312.7673		%	~~12.79~~		%	~~13.76~~		%
PCB Bank
Common tier 1 capital (to risk-weighted assets)	1413.3342		%	1514.8737		%	~~14.33~~		%	~~15.87~~		%
Total capital (to risk-weighted assets)	1514.5463		%	1715.1159		%	~~15.54~~		%	~~17.11~~		%
Tier 1 capital (to risk-weighted assets)	1413.3342		%	1514.8737		%	~~14.33~~		%	~~15.87~~		%
Tier 1 capital (to average assets)	1211.4982		%	1312.44		%	~~12.49~~		%	~~13.44~~		%

(1) Shareholders’ equity divided by common shares outstanding.

(2) Annualized.

(3) Dividends declared per common share divided by basic earnings per common share.

(4) Noninterest expenses divided by the sum of net interest income and noninterest income.

(5) Net interest income divided by average total interest-earning assets.

(6) Total loans include both loans held-for-sale and loans held-for-investment.

(7) Nonperforming loans include nonaccrual loans and loans past due 90 days or more and still accruing.

(8) Nonperforming assets include nonperforming loans and other real estate owned.

(9) Non-GAAP measure. See "Non-GAAP Measures" for a reconciliation to its most comparable GAAP measure.

4445

Executive Summary

Q3Q1 ~~2024~~2025 Financial Highlights

•~~Net~~The ~~income~~Company ~~available~~recorded ~~for common shareholders was $7.5 million for the three months ended September 30, 2024,~~ an ~~increase~~option derivative of $~~445 thousand, or 6~~35.~~3%,~~8 ~~from $7.0~~ million ~~for the three months ended September 30, 2023;~~.

~~▪Recorded~~•Net aincome ~~provision~~available for ~~credit~~common ~~losses~~shareholders ofwas $507.7 ~~thousand~~million for the three months ended ~~September~~March 3031, ~~2024~~2025, ~~compared~~an ~~with~~increase of $~~751~~3.0 ~~thousand~~million, or 64.2%, from $4.7 million for the three months ended ~~September~~March 3031, ~~2023.~~2024;

▪~~ACL~~Recorded ona ~~loan~~provision ~~to loans held-~~for~~-investment~~ ~~ratio~~credit ~~was~~losses of $1.~~17%~~6 atmillion ~~September~~for the three months ended March 3031, ~~2024~~2025 compared with $1.~~19%~~1 atmillion ~~December~~for the three months ended March 31, ~~2023~~2024.

~~•Net~~▪ACL ~~interest~~on ~~income~~loans ~~was~~to ~~$22.7~~loans ~~million~~ held-for-investment ~~the~~ratio ~~three months ended September 30, 2024 compared with $22.4 million for the three months ended September 30, 2023. Net interest margin~~ was 31.2517% ~~for~~at ~~the three months ended September~~March 3031, ~~2024~~2025 compared with 31.5716% ~~for~~at ~~the three months ended September~~December 3031, ~~2023~~2024.

•~~Gain~~Net oninterest ~~sale~~income ~~of loans~~ was $~~750~~24.3 ~~thousand~~million for the three months ended ~~September~~March 3031, ~~2024~~2025 compared with $~~689~~21.0 ~~thousand~~million for the three months ended ~~September~~March 3031, ~~2023~~2024. Net interest margin was 3.28% for the three months ended March 31, 2025 compared with 3.10% for the three months ended March 31, 2024.

•~~Total~~Gain ~~assets~~on ~~were~~sale of loans was $~~2.89~~887 ~~billion~~thousand atfor ~~September~~the three months ended March 3031, ~~2024,~~2025 ancompared ~~increase~~with of $~~100~~1.31 million, orfor ~~3.6%,~~the ~~from~~three ~~$2.79~~months ~~billion~~ended ~~at December~~March 31, ~~2023;~~2024.

•~~Loans~~Total ~~held-for-investment~~assets were $23.4722 billion at ~~September~~March 3031, ~~2024~~2025, an increase of $~~142~~155.76 million, or 65.1%, from $23.3206 billion at December 31, ~~2023~~2024; ~~and~~

•~~Total~~Loans ~~deposits~~held-for-investment were $2.4673 billion at ~~September~~March 3031, ~~2024~~2025, an increase of $~~108~~98.12 million, or 43.67%, from $2.3563 billion at December 31, ~~2023.~~2024; and

•Total deposits were $2.71 billion at March 31, 2025, an increase of $98.6 million, or 3.8%, from $2.62 billion at December 31, 2024.

Results of Operations

Net Interest Income

A principal component of the Company’s earnings is net interest income, which is the difference between the interest and fees earned on loans and investments and the interest paid on deposits and borrowed funds. Net interest income expressed as a percentage of average interest earning assets is referred to as the net interest margin. The net interest spread is the yield on average interest earning assets less the cost of average interest bearing liabilities. Net interest income is affected by changes in the balances of interest earning assets and interest bearing liabilities and changes in the yields earned on interest earning assets and the rates paid on interest bearing liabilities.

The following table presents interest income, average interest-earning assets, interest expense, average interest-bearing liabilities, and their corresponding yields and costs expressed both in dollars and rates, on a consolidated operations basis, for the periods indicated:

	Three Months Ended September 30,
	2024						2023
($ in thousands)	Average Balance		Interest		Yield/ Cost (6)		Average Balance		Interest		Yield/ Cost (6)
Interest-earning assets:
Total loans (1)	$	2,456,015	$	42,115	6.82	%	$	2,137,184	$	34,651	6.43	%
Mortgage backed securities	111,350		1,000		3.57	%	98,534		750		3.02	%
Collateralized mortgage obligation	22,661		244		4.28	%	24,959		262		4.16	%
SBA loan pool securities	6,571		69		4.18	%	7,842		81		4.10	%
Municipal bonds - tax exempt (2)	2,698		24		3.54	%	3,602		30		3.30	%
Corporate bonds	4,248		47		4.40	%	4,056		47		4.60	%
Interest-bearing deposits in other financial institutions	161,669		2,202		5.42	%	206,399		2,798		5.38	%
FHLB and other bank stock	14,042		297		8.41	%	12,716		233		7.27	%
Total interest-earning assets	2,779,254		45,998		6.58	%	2,495,292		38,852		6.18	%
Noninterest-earning assets:
Cash and due from banks	24,098						21,298
Allowance for credit losses on loans	(28,797)						(24,869)
Other assets	92,152						71,512
Total noninterest earning assets	87,453						67,941
Total assets	$	2,866,707					$	2,563,233
Interest-bearing liabilities:
Deposits:
NOW and money market accounts	$	496,158	5,129		4.11	%	$	481,341	4,398		3.62	%
Savings	6,204		4		0.26	%	7,197		4		0.22	%
Time deposits	1,390,644		17,924		5.13	%	1,073,044		12,001		4.44	%
Borrowings	15,848		222		5.57	%	—		—		—	%
Total interest-bearing liabilities	1,908,854		23,279		4.85	%	1,561,582		16,403		4.17	%
Noninterest-bearing liabilities:
Demand deposits	534,761						626,738
Other liabilities	65,716						31,769
Total noninterest-bearing liabilities	600,477						658,507
Total liabilities	2,509,331						2,220,089
Shareholders’ equity	357,376						343,144
Total liabilities and shareholders’ equity	$	2,866,707					$	2,563,233
Net interest income			$	22,719					$	22,449
Net interest spread (3)					1.73	%					2.01	%
Net interest margin (4)					3.25	%					3.57	%
Cost of deposits					3.78	%					2.97	%
Cost of funds (5)					3.79	%					2.97	%

(1) Average balance includes both loans held-for-sale and loans held-for-investment, as well as nonaccrual loans. Net amortization of deferred loan fees of $246 thousand and $226 thousand, respectively, and net accretion of discount on loans of $773 thousand and $775 thousand, respectively, are included in the interest income for the three months ended September 30, 2024 and 2023.

(2) The yield on municipal bonds has not been computed on a tax-equivalent basis.

(3) Net interest spread is calculated by subtracting average rate on interest-bearing liabilities from average yield on interest-earning assets.

(4) Net interest margin is calculated by dividing net interest income by average interest-earning assets.

(5) Cost of funds is calculated by dividing annualized interest expense on total interest-bearing liabilities by the sum of average total interest-bearing liabilities and noninterest-bearing demand deposits.

(6) Annualized.

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2024						2023
	2025						2024
($ in thousands)	Average Balance		Interest		Yield/ Cost (6)		Average Balance		Interest		Yield/ Cost (6)
Interest-earning assets:
Total loans (1)	$	2,~~413~~649,~~777~~037	$	~~121~~43,~~992~~026	6.7559	%	$	2,~~102~~370,~~600~~027	$	9839,~~840~~251	6.2966	%
Mortgage backed securities	~~105~~112,~~933~~825		21,~~750~~075		3.4786	%	98101,~~364~~852		~~2,146~~839		23.9231	%
Collateralized mortgage obligation	2321,~~137~~028		~~747~~210		4.3105	%	2523,~~970~~763		~~780~~254		4.0230	%
SBA loan pool securities	65,~~925~~927		~~221~~54		43.2669	%	87,~~406~~317		~~244~~78		34.8829	%
Municipal bonds - tax exempt (2)	32,~~077~~424		8122		3.5268	%	43,~~017~~300		9728		3.2341	%
Corporate bonds	4,~~211~~336		~~141~~47		4.4740	%	4,~~300~~227		~~141~~47		4.3847	%
Interest-bearing deposits in other financial institutions	~~188~~195,~~432~~333		72,~~714~~148		54.4746	%	~~195~~204,~~016~~286		72,~~391~~776		5.0747	%
FHLB and other bank stock	1314,~~519~~042		~~852~~310		8.4295	%	1112,~~704~~716		~~587~~282		68.7192	%
Total interest-earning assets	23,~~759~~004,~~011~~952		~~134~~46,~~498~~892		6.5133	%	2,~~450~~727,~~377~~488		~~110~~43,~~226~~555		6.0142	%
Noninterest-earning assets:
Cash and due from banks	2224,~~845~~656						21,~~069~~365
Allowance for credit losses on loans	(2830,~~251~~676)						(2527,~~438~~577)
Other assets	89127,~~784~~875						7288,~~616~~532
Total noninterest earning assets	84121,~~378~~855						6882,~~247~~320
Total assets	$	23,~~843~~126,~~389~~807					$	2,~~518~~809,~~624~~808
Interest-bearing liabilities:
Deposits:
NOW and money market accounts	$	~~474~~483,~~584~~927	144,~~670~~297		43.1360	%	$	~~477~~453,~~605~~801	114,~~772~~665

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