PCB Bancorp says Q1 2025 financials unreliable; restatement reduces assets by $35.8M

PCB BANCORP

Accounting error in fair value of preferred stock purchase option; original $35.8M asset deemed immaterial.
Restatement reduces total assets and shareholders' equity by $35.8M; no impact on net income or EPS.
Material weakness in internal control over financial reporting identified; remediation plan to be disclosed in Q2 10-Q.
Company will amend Q1 2025 Form 10-Q to reflect restated financials.

item 4.02item 9.01

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