PCB Bancorp reports Q1 2023 net income of $10.3M ($0.70 EPS); deposits up 4.7%

PCB BANCORP

2023-Q1 EPS reported $0.70 revenue$609,000

Net income $10.3M, $0.70 diluted EPS vs $0.58 in Q4 2022 and $0.67 in Q1 2022.
Net interest margin 3.79%, down from 4.15%; net interest income $22.4M, down 7.6% QoQ.
Total deposits $2.14B, up 4.7% QoQ; no significant outflows after regional bank failures.
Provision reversal of $2.8M driven by net recoveries of $1.1M and lower classified loans.
Completed share repurchase of 747,938 shares at weighted-average price of $18.15.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PCB BANCORP reported first quarter of 2023 results: net income $10.3 million, EPS $0.70 per diluted common share.

Period: first quarter of 2023
Net income: $10.3 million
EPS: $0.70 per diluted common share
Result: reported results

Exact text from the filing

PCB Bancorp Reports Earnings of $10.3 million for Q1 2023 Los Angeles, California - April 21, 2023 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income of $10.3 million, or $0.70 per diluted common share, for the first quarter of 2023, compared with $8.7 million, or $0.58 per diluted common share, for the previous quarter and $10.2 million, or $0.67 per diluted common share, for the year-ago quarter.

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Source: SEC EDGAR

accession 0001423869-23-000018

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