PCB Bancorp Q1 Net Income Up 15.5% to $10.6M; NIM Hits 3.36%
PCB Bancorp's Q1 net income rose 15.5% q/q to $10.6 million, or $0.74 per diluted share, as net interest income increased to $26.8 million and NIM widened eight basis points to 3.36%. Assets reached $3.40 billion with loans +1.9% and deposits +3.3%, and a $0.22 dividend was declared.
1. First-Quarter Profit and EPS
PCB Bancorp reported Q1 net income of $10.6 million, up 15.5% from Q4, translating to $0.74 per diluted share, up 15.6% sequentially and 39.6% year-over-year.
2. Improved Net Interest Income and Margin
Net interest income rose modestly to $26.8 million, and net interest margin expanded eight basis points to 3.36%, driven by higher yields on loans and investment securities.
3. Asset, Loan, Deposit Growth and Credit Quality
Total assets increased 3.5% quarter-over-quarter to $3.40 billion, loans held-for-investment grew 1.9% to $2.84 billion, and deposits climbed 3.3% to $2.89 billion; provision for credit losses fell to $467 thousand while the ACL ratio held at 1.18%.
4. Quarterly Cash Dividend
The board approved a $0.22 per share cash dividend for Q1, underscoring the company’s commitment to returning capital to shareholders.