PCB BANCORP (PCB): auditor change — 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 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

PCB BANCORP reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Crowe LLP

Exact text from the filing

On July 22, 2025, the management of PCB Bancorp (the “Company”), after discussions with and among the Audit Committee of the Board of Directors and the Company’s independent registered public accounting firm, Crowe LLP, concluded that the Company’s unaudited consolidated financial statements as of and for the interim period ended March 31, 2025 (the “Affected Interim Financial Statements”) should no longer be relied upon because of an error identified in such financial statements

View on SEC.gov

Browse all auditor changes →

PCB BANCORP filing history →

Source: SEC EDGAR

accession 0001423869-25-000036

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.