PCB Bancorp 2024年度报告

ABOUTPCB PCB Bancorp is the parent company ofPCB Bank (the “Bank”), a community bankfounded in 2003 with a mission to help firstgenerationAsian-American immigrantsrealize the American dream through businessownership. The Bank is a full-service bankthat offers a broad range of loans alongwith deposit products focused on individuals,professionals, and small-to-medium sizedbusinesses. Table of Contents About PCB............................Inside Front CoverVinion Statement .............................................. 1Letter to Shareholders......................................2Financial Highlights........................................... 5Corporate Information...................................... 7Form 10-KLocations.............................. Inside Back Cover VISION STATEMENT We are bankers connecting people with their dreams. MISSION STATEMENT Partner with our business clients for success by providingtotal relationship banking. Cultivate and empower our people to deliverexceptional service with innovative financial solutions. Build strong and thriving communitiestogether by embracing our corporate andsocial responsibilities. Dear Shareholders: The year 2024 presented formidablechallenges that tested the resilience,adaptability, and commitment of PCBBank.Thepersistentgeopoliticalturmoilin Ukraine and Middle East,coupledwith inflationary pressures,led to heightened funding costs andincreased liquidity volatility across thebanking industry. Yet, despite theseheadwinds,our steadfast dedicationremained resolute to our customers,the communities we serve, and to ourvalued shareholders, which enabled usto, for the first time, cross the milestoneof surpassing the $3 billion mark in totalassets during the year. It is through thetireless efforts of our exceptional teammembers that we successfully navigatedthese complexities while being true toourmission statements.We deeplyappreciate your trust and confidencein PCB Bank, and we are pleased tosharethe achievements that definethis past year. Strong Financial Performance Forthe 2024 full year,we earned$25.8 million in net income, or $1.74per diluted share.Our total assetsincreased by $274.5 million, or 9.8%,year-over-year to $3,064.0 million, andour deposits increased by $264.2 million,or 11.2%, to $2,615.8 million. Our totalloan portfolio at December 31, 2024,increased by $307.1 million, or 13.2%,to $2,635.7 million from a year ago.Tangiblebookvaluepershareincreased4.4%year-over-year to$20.49, and our cash dividend payoutratio was 41%. New Products and Services Wesuccessfully launched a creditcard program tailored to both personalandbusiness needs,offering cashbackand reward options designedtoalign with customer preference.Additionally, we launched a merchantcardprocessing referral program, furtherenhancing our commitmenttoprovidingfull-servicebankingsolutions. Our existing customers nowhavethe convenience of openingadditionalaccounts online,and weareexcited to extend this onlineaccountopening feature to new Branch Network Expansion andOptimization Aswe continue to evaluate ourbranch network, our goal is to expandstrategicallywhileconsistentlyidentifyingopportunities to optimizeournetwork to better serve our COMMUNITY We are rooted in our community.We embrace our responsibilitiesas a member of the community. customers.In 2024,we developedaplan to enter new markets andrelocate or consolidate select branch-es to enhance overall efficiency. In thefirst quarter of 2025, we successfullyrelocated a branch in Orange County,California,to a new location withsignificantlyhigherfoottraffic.Additionally, we merged two branchesin Orange County and two branches inLos Angeles. We are also set to openour first full-service branch in Georgiain the second quarter of 2025. We areconfidentthat these initiatives willimprove operational effectiveness andreduce overhead expenses, ultimatelybenefitting the PCB franchise in thelong term. customers in the near future as part ofour ongoing digital expansion. Improvements to our Technologyand Infrastructure Afterathoroughplanningandpreparationprocess,we successfullyconvertedto a new core operatingsystemto enhance efficiency andcapabilities.Thisupgradeallowsusto deliver more timely servicesandan enhanced online bankingexperience for our customers.We arecommittedto ongoing investmentsintechnology to further improvereal-timecollaboration,boostproductivitythroughcloud-basedworkflows, provide mobile access, andstrengthen security. BUSINESS we design our products and servicesto help our customers achieve theirbusiness goals in the ever-changingfinancial environments. played a role in helpingus organicallysurpassthe$3 billion milestone intotalassets.As we celebrate thisachievement,we recognize this isjustthe beginning of our journey.Our aspirations are set even higher,driving us to innovate with purpose,fostercollaborationamongteammembers and customers, and establishleadership in our marketplace. Theseeffortsare aimed a