EX-99.1 2 pcbpr20260129earnings.htm EX-99.1 Document

Exhibit 99.1
pcbbancorpa.jpg
PCB Bancorp Reports Earnings for Q4 2025 and Full Year 2025
Los Angeles, California - January 29, 2026 - PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income available to common shareholders of $9.1 million, or $0.64 per diluted common share, for the fourth quarter of 2025, compared with $11.3 million, or $0.78 per diluted common share, for the previous quarter and $6.7 million, or $0.46 per diluted common share, for the year-ago quarter. For 2025, net income available to common shareholders was $37.2 million, or $2.58 per diluted common share, compared with $25.0 million, or $1.74 per diluted common share, for the previous year.
Q4 2025 and Full Year Highlights
•Net income available to common shareholders totaled $9.1 million, or $0.64 per diluted common share, for the current quarter and $37.2 million, or $2.58 per diluted common share, for the current year;
•Provision (reversal) for credit losses was $1.0 million for the current quarter compared with $(381) thousand for the previous quarter and $2.0 million for the year-ago quarter. For the current year, provision for credit losses was $4.0 million compared with $3.4 million for the previous year;
•Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment ratio was 1.18% at December 31, 2025 compared with 1.20% at September 30, 2025, and 1.16% at December 31, 2024;
•Net interest income was $26.6 million for the current quarter compared with $27.0 million for the previous quarter and $23.2 million for the year-ago quarter. Net interest margin was 3.28% for the current quarter compared with 3.28% for the previous quarter and 3.18% for the year-ago quarter. For the current year, net interest income and net interest margin were $103.9 million and 3.29%, respectively, compared with $88.6 million and 3.17%, respectively, for the previous year;
•Gain on sale of loans was $648 thousand for the current quarter compared with $1.6 million for the previous quarter and $1.2 million for the year-ago quarter. For the current year, gain on sale of loans was $4.6 million compared with $3.8 million for the previous year;
•Total assets were $3.28 billion at December 31, 2025, a decrease of $81.7 million, or 2.4%, from $3.36 billion at September 30, 2025, but an increase of $217.8 million, or 7.1%, from $3.06 billion at December 31, 2024;
•Loans held-for-investment were $2.82 billion at December 31, 2025, an increase of $67.9 million, or 2.5%, from $2.75 billion at September 30, 2025, and an increase of $191.0 million, or 7.3%, from $2.63 billion at December 31, 2024; and
•Total deposits were $2.80 billion at December 31, 2025, a decrease of $118.1 million, or 4.1%, from $2.91 billion at September 30, 2025, but an increase of $179.6 million, or 6.9%, from $2.62 billion at December 31, 2024.
Henry Kim, President and CEO, commented, “We are pleased to report fourth quarter net income of $9.1 million or $0.64 per diluted share and for the full year 2025, net income of $37.2 million or $2.58 per diluted share.
Our total loan growth for the quarter was $70 million or 10% on an annualized basis as we continue to experience strong loan demand. Deposit decreased $118 million for the quarter due to a reduction of $100 million in brokered deposits and $18 million in retail deposits. Retail deposit balance decreased primarily because we intentionally did not compete with marketplace deposit rates that remain elevated despite recent FOMC rate cuts.
However, despite the elevated deposit rates in our marketplace and recent interest rate cuts that decreased the yield on our variable loan portfolio, we effectively maintained our net interest margin at 3.28% during the fourth quarter. Additionally, expenses were well-controlled, and the credit quality remained solid.”
Mr. Kim continued, “Heading into 2026, even with the backdrop of ongoing geopolitical tensions and domestic conflicts, our loan pipeline remains strong.”
1

Financial Highlights (Unaudited)
($ in thousands, except per share data)
Three Months Ended
Year Ended
12/31/20259/30/2025
% Change
12/31/2024
% Change
12/31/202512/31/2024% Change
Net income$9,235 $11,412 (19.1)%$7,030 31.4 %$37,453 $25,810 45.1 %
Net income available to common shareholders$9,148 $11,326 (19.2)%$6,684 36.9 %$37,153 $24,976 48.8 %
Diluted earnings per common share (“EPS”)$0.64 $0.78 (17.9)%$0.46 39.1 %$2.58 $1.74 48.3 %
Net interest income$26,627 $26,978 (1.3)%$23,164 14.9 %$103,878 $88,617 17.2 %
Provision (reversal) for credit losses1,024 (381)NA2,002 (48.9)%4,028 3,401 18.4 %
Noninterest income2,545 3,414 (25.5)%3,043 (16.4)%11,836 11,093 6.7 %
Noninterest expense15,026 14,869 1.1 %13,894 8.1 %59,198 60,023 (1.4)%
Return on average assets (“ROAA”) (1)
1.11 %1.35 %0.94 %1.15 %0.90 %
Return on average shareholders’ equity (“ROAE”) (1)
9.45 %11.92 %7.69 %9.93 %7.26 %
Return on average tangible common equity (“ROATCE”) (1),(2)
11.40 %14.46 %9.02 %12.07 %8.72 %
Net interest margin (1)
3.28 %3.28 %3.18 %3.29 %3.17 %
Efficiency ratio (3)
51.51 %48.92 %53.02 %51.16 %60.20 %
($ in thousands, except per share data)12/31/20259/30/2025% Change12/31/2024% Change
Total assets
$3,281,771 $3,363,506 (2.4)%$3,063,971 7.1 %
Net loans held-for-investment
2,787,019 2,719,554 2.5 %2,598,759 7.2 %
Total deposits
2,795,412 2,913,502 (4.1)%2,615,791 6.9 %
Book value per common share (4)
$27.41 $26.93 $25.30 
TCE per common share (2)
$22.55 $22.09 $20.49 
Tier 1 leverage ratio (consolidated)
11.89 %11.57 %12.45 %
Total shareholders’ equity to total assets11.88 %11.43 %11.87 %
TCE to total assets (2), (5)
9.78 %9.38 %9.62 %
(1)Ratios for the three months ended periods are presented on an annualized basis.
(2)Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.
(3)Calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
(4)Calculated by dividing total shareholders’ equity by the number of outstanding common shares.
(5)The Company had no intangible asset component for the presented periods.

2

Result of Operations (Unaudited)
Net Interest Income and Net Interest Margin
The following table presents the components of net interest income for the periods indicated:
Three Months Ended
Year Ended
($ in thousands)12/31/20259/30/2025
% Change
12/31/2024% Change12/31/202512/31/2024% Change
Interest income/expense on
Loans
$45,648 $46,193 (1.2)%$42,309 7.9 %$180,345 $164,301 9.8 %
Investment securities
1,516 1,474 2.8 %1,388 9.2 %5,860 5,328 10.0 %
Other interest-earning assets
2,701 3,804 (29.0)%2,622 3.0 %11,331 11,188 1.3 %
Total interest-earning assets
49,865 51,471 (3.1)%46,319 7.7 %197,536 180,817 9.2 %
Interest-bearing deposits
23,197 23,995 (3.3)%22,927 1.2 %92,261 90,487 2.0 %
Borrowings
41 498 (91.8)%228 (82.0)%1,397 1,713 (18.4)%
Total interest-bearing liabilities
23,238 24,493 (5.1)%23,155 0.4 %93,658 92,200 1.6 %
Net interest income
$26,627 $26,978 (1.3)%$23,164 14.9 %$103,878 $88,617 17.2 %
Average balance of
Loans
$2,810,897 $2,784,148 1.0 %$2,538,310 10.7 %$2,757,090 $2,445,080 12.8 %
Investment securities
156,819 152,084 3.1 %147,943 6.0 %151,653 144,455 5.0 %
Other interest-earning assets
250,215 327,637 (23.6)%207,234 20.7 %247,358 203,279 21.7 %
Total interest-earning assets
$3,217,931 $3,263,869 (1.4)%$2,893,487 11.2 %$3,156,101 $2,792,814 13.0 %
Interest-bearing deposits
$2,311,423 $2,326,170 (0.6)%$1,986,901 16.3 %$2,241,953 $1,892,944 18.4 %
Borrowings
4,011 43,109 (90.7)%17,946 (77.6)%30,619 31,033 (1.3)%
Total interest-bearing liabilities
$2,315,434 $2,369,279 (2.3)%$2,004,847 15.5 %$2,272,572 $1,923,977 18.1 %
Total funding (1)
$2,853,402 $2,910,522 (2.0)%$2,548,818 12.0 %$2,804,998 $2,463,240 13.9 %
Annualized average yield/cost of 
Loans
6.44 %6.58 %6.63 %6.54 %6.72 %
Investment securities
3.84 %3.85 %3.73 %3.86 %3.69 %
Other interest-earning assets
4.28 %4.61 %5.03 %4.58 %5.50 %
Total interest-earning assets6.15 %6.26 %6.37 %6.26 %6.47 %
Interest-bearing deposits
3.98 %4.09 %4.59 %4.12 %4.78 %
Borrowings
4.06 %4.58 %5.05 %4.56 %5.52 %
Total interest-bearing liabilities3.98 %4.10 %4.59 %4.12 %4.79 %
Net interest margin3.28 %3.28 %3.18 %3.29 %3.17 %
Cost of total funding (1)
3.23 %3.34 %3.61 %3.34 %3.74 %
Supplementary information
Net accretion of discount on loans$746 $563 32.5 %$645 15.7 %$2,791 $2,782 0.3 %
Net amortization of deferred loan fees$255 $433 (41.1)%$295 (13.6)%$1,368 $1,214 12.7 %
(1)Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

3

Loans. The decreases in average yield for the current quarter compared with the previous and year-ago quarters were primarily due to decreases in market rates and net amortization of deferred loan fees, partially offset by an increase in net accretion of discount on loans. The decrease in average yield for the current year compared with the previous year was primarily due to a decrease in market rates, partially offset by an increase in net amortization of deferred loan fees.
The following table presents a composition of total loans by interest rate type accompanied by the weighted-average contractual rates as of the dates indicated:
12/31/20259/30/202512/31/2024
% to Total LoansWeighted-Average Contractual Rate% to Total LoansWeighted-Average Contractual Rate% to Total LoansWeighted-Average Contractual Rate
Fixed rate loans
17.5 %5.60 %18.2 %5.60 %17.4 %5.23 %
Hybrid rate loans
39.7 %5.57 %39.5 %5.51 %37.3 %5.27 %
Variable rate loans
42.8 %6.93 %42.3 %7.38 %45.3 %7.63 %
Investment Securities. The increases for the current quarter and year compared with the same periods of 2024 were primarily due to higher yields on newly purchased investment securities.
Other Interest-Earning Assets. The decreases for the current quarter and year were primarily due to a decrease in average interest rate on cash held at the Federal Reserve Bank, partially offset by an increase in dividends received on Federal Home Loan Bank (“FHLB”) stock.
Interest-Bearing Deposits. The decreases in average cost for the current quarter and year were primarily due to a decrease in market rates.
Provision (reversal) for credit losses
The following table presents a composition of provision for credit losses for the periods indicated:
Three Months Ended
Year Ended
($ in thousands)12/31/20259/30/2025
% Change
12/31/2024
% Change
12/31/202512/31/2024
% Change
Provision (reversal) for credit losses on loans$791 $(428)NA$2,044 (61.3)%$3,675 $3,488 5.4 %
Provision (reversal) for credit losses on off-balance sheet credit exposure233 47 395.7 %(42)NA353 (87)NA
Total provision (reversal) for credit losses$1,024 $(381)NA$2,002 (48.9)%$4,028 $3,401 18.4 %
The provision for credit losses on loans for the current quarter was primarily due to an increase in loans held-for-investment.
4

Noninterest Income
The following table presents the components of noninterest income for the periods indicated:
Three Months Ended
Year Ended
($ in thousands)12/31/20259/30/2025
% Change
12/31/2024
% Change
12/31/202512/31/2024
% Change
Gain on sale of loans
$648 $1,617 (59.9)%$1,161 (44.2)%$4,617 $3,752 23.1 %
Service charges and fees on deposits
416 377 10.3 %404 3.0 %1,540 1,545 (0.3)%
Loan servicing income
741 719 3.1 %861 (13.9)%2,945 3,365 (12.5)%
Bank-owned life insurance (“BOLI”) income271 259 4.6 %246 10.2 %1,030 949 8.5 %
Other income
469 442 6.1 %371 26.4 %1,704 1,482 15.0 %
Total noninterest income
$2,545 $3,414 (25.5)%$3,043 (16.4)%$11,836 $11,093 6.7 %
Gain on Sale of Loans. The following table presents information on gain on sale of loans for the periods indicated:
Three Months Ended
Year Ended
($ in thousands)12/31/20259/30/2025% Change12/31/2024% Change12/31/202512/31/2024% Change
Gain on sale of SBA loans
Sold loan balance
$13,201 $29,017 (54.5)%$24,518 (46.2)%$85,770 $71,057 20.7 %
Premium received
769 1,852 (58.5)%1,910 (59.7)%5,579 5,747 (2.9)%
Gain recognized
648 1,617 (59.9)%1,161 (44.2)%4,617 3,752 23.1 %
Gain on sale of residential mortgage loans
Sold loan balance
$— $— — %$— — %$— $676 (100.0)%
Gain recognized
— — — %— — %— — — %
Loan Servicing Income. The Company services SBA loans and certain residential property loans sold to the secondary market. The following table presents information on loan servicing income for the periods indicated:
Three Months Ended
Year Ended
($ in thousands)12/31/20259/30/2025
% Change
12/31/2024
% Change
12/31/202512/31/2024
% Change
Loan servicing income
Servicing income received
$1,254 $1,247 0.6 %$1,255 (0.1)%$5,025 $5,130 (2.0)%
Servicing assets amortization
(513)(528)(2.8)%(394)30.2 %(2,080)(1,765)17.8 %
Loan servicing income$741 $719 3.1 %$861 (13.9)%$2,945 $3,365 (12.5)%
Underlying loans at end of period
$502,408 $518,309 (3.1)%$523,797 (4.1)%$502,408 $523,797 (4.1)%

5

Noninterest Expense
The following table presents the components of noninterest expense for the periods indicated:
Three Months Ended
Year Ended
($ in thousands)12/31/20259/30/2025% Change12/31/2024% Change12/31/202512/31/2024% Change
Salaries and employee benefits
$9,339 $9,293 0.5 %$8,417 11.0 %$36,551 $35,661 2.5 %
Occupancy and equipment
2,202 2,372 (7.2)%2,198 0.2 %9,242 9,117 1.4 %
Professional fees
834 541 54.2 %752 10.9 %2,808 3,408 (17.6)%
Marketing and business promotion
607 669 (9.3)%582 4.3 %2,116 1,886 12.2 %
Data processing
351 333 5.4 %205 71.2 %1,334 1,499 (11.0)%
Director fees and expenses
224 223 0.4 %227 (1.3)%898 906 (0.9)%
Regulatory assessments
389 373 4.3 %322 20.8 %1,464 1,256 16.6 %
Other expense1,080 1,065 1.4 %1,191 (9.3)%4,785 6,290 (23.9)%
Total noninterest expense
$15,026 $14,869 1.1 %$13,894 8.1 %$59,198 $60,023 (1.4)%
Salaries and Employee Benefits. The increase for the current quarter compared with the year-ago quarter was primarily due to increases in salaries, bonus accrual, group insurance and stock compensation expenses. The increase for the current year compared with the previous year was primarily due to increases in bonus accrual, group insurance and stock compensation expenses, partially offset by an increase in direct loan origination cost, which offsets and defers the recognition of salaries and benefits expense. The number of full-time equivalent employees was 264, 270 and 262 as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively.
Professional Fees. The increase for the current quarter compared with the previous quarter was primarily due to increases in professional fees related internal audit and loan review. The decrease for the current year compared with the previous year was primarily due to other professional fees related to a core system conversion that was completed in April 2024 for the previous year, partially offset by professional fees related to evaluating the accounting for a preferred stock purchase option for the current year.
Marketing and Business Promotion. The increase for the current quarter and year compared with the same periods of 2024 were primarily due to an increase in advertising.
Data Processing. The increase for the current quarter compared with the year-ago quarter was primarily due to one-time new relationship credit recognized during the year-ago quarter from the core system conversion completed in April 2024. The decrease for the current year compared with the previous year was primarily due to a decrease in overall service charges after the core system conversion, partially offset by the one-time new relationship credit recognized during the previous year.
Other Expense. The decrease for the current year compared with the previous year was primarily due to a termination charge for the legacy core system of $508 thousand and an expense of $815 thousand for a reimbursement for an SBA loan guarantee previously paid by the SBA on a loan originated in 2014 that subsequently defaulted and was ultimately determined to be ineligible for the SBA guaranty during the previous year, partially offset by the impairment on operating lease assets of $238 thousand and contingent accrual for legal settlements of $217 thousand for the current year.
6

Balance Sheet (Unaudited)
Total assets were $3.28 billion at December 31, 2025, a decrease of $81.7 million, or 2.4%, from $3.36 billion at September 30, 2025, but an increase of $217.8 million, or 7.1%, from $3.06 billion at December 31, 2024. The decrease for the current quarter was primarily due to a decrease in cash and cash equivalents, partially offset by an increases in loans held-for-investment. The increase for the current year was primarily due to increases in loans held-for-investment and cash and cash equivalents.
Loans
The following table presents a composition of total loans (includes both loans held-for-sale and loans held-for-investment) as of the dates indicated:
($ in thousands)12/31/20259/30/2025% Change12/31/2024% Change
Commercial real estate:
Commercial property$1,071,396 $1,039,965 3.0 %$940,931 13.9 %
Business property638,063 639,596 (0.2)%595,547 7.1 %
Multifamily175,579 172,098 2.0 %194,220 (9.6)%
Construction18,561 25,911 (28.4)%21,854 (15.1)%
Total commercial real estate1,903,599 1,877,570 1.4 %1,752,552 8.6 %
Commercial and industrial508,662 465,424 9.3 %472,763 7.6 %
Consumer:
Residential mortgage401,337 401,653 (0.1)%392,456 2.3 %
Other consumer6,802 7,867 (13.5)%11,616 (41.4)%
Total consumer408,139 409,520 (0.3)%404,072 1.0 %
Loans held-for-investment2,820,400 2,752,514 2.5 %2,629,387 7.3 %
Loans held-for-sale12,077 9,634 25.4 %6,292 91.9 %
Total loans$2,832,477 $2,762,148 2.5 %$2,635,679 7.5 %
SBA loans included in:
Loans held-for-investment$146,549 $151,766 (3.4)%$146,940 (0.3)%
Loans held-for-sale$12,077 $9,634 25.4 %$6,292 91.9 %
ACL on loans$33,381 $32,960 1.3 %$30,628 9.0 %
ACL on loans to loans held-for-investment1.18 %1.20 %1.16 %
The increase in loans held-for-investment for the current quarter was primarily due to new funding of term loans of $209.3 million and net increase of lines of credit of $3.1 million, partially offset by pay-downs and pay-offs of term loans of $144.1 million and charge-offs of $381 thousand. The increase for the current year was primarily due to new funding of term loans of $652.4 million, partially offset by pay-downs and pay-offs of term loans of $443.9 million, net decrease of lines of credit of $16.2 million, and charge-offs of $1.3 million.
The increase in loans held-for-sale for the current quarter was primarily due to new funding of $16.0 million, partially offset by sales of $13.2 million and pay-downs of $395 thousand. The increase for the current year period was primarily due to new funding of $92.2 million, partially offset by sales of $85.8 million and pay-downs of $643 thousand.

The following table presents a composition of off-balance sheet credit exposure as of the dates indicated:
($ in thousands)12/31/20259/30/2025% Change12/31/2024% Change
Commercial property$11,344 $13,772 (17.6)%$8,888 27.6 %
Business property7,569 10,740 (29.5)%11,058 (31.6)%
Construction5,229 7,688 (32.0)%14,423 (63.7)%
Commercial and industrial342,593 373,560 (8.3)%364,731 (6.1)%
Other consumer1,347 1,357 (0.7)%1,475 (8.7)%
Total commitments to extend credit368,082 407,117 (9.6)%400,575 (8.1)%
Letters of credit7,330 7,074 3.6 %6,795 7.9 %
Total off-balance sheet credit exposure$375,412 $414,191 (9.4)%$407,370 (7.8)%

7

Credit Quality
The following table presents a summary of non-performing loans and assets, and classified assets as of the dates indicated:
($ in thousands)12/31/20259/30/2025% Change12/31/2024% Change
Nonaccrual loans
Commercial real estate:
Commercial property$1,403 $1,448 (3.1)%$1,851 (24.2)%
Business property938 962 (2.5)%2,336 (59.8)%
Total commercial real estate2,341 2,410 (2.9)%4,187 (44.1)%
Commercial and industrial161 378 (57.4)%79 103.8 %
Consumer:
Residential mortgage5,403 5,370 0.6 %403 1,240.7 %
Other consumer5 — NA24 (79.2)%
Total consumer5,408 5,370 0.7 %427 1,166.5 %
Total nonaccrual loans held-for-investment
7,910 8,158 (3.0)%4,693 68.5 %
Loans past due 90 days or more and still accruing
— — — %— — %
Non-performing loans (“NPLs”) 7,910 8,158 (3.0)%4,693 68.5 %
NPLs held-for-sale— — — %— — %
Total NPLs7,910 8,158 (3.0)%4,693 68.5 %
Other real estate owned (“OREO”)
— — — %— — %
Non-performing assets (“NPAs”)
$7,910 $8,158 (3.0)%$4,693 68.5 %
Loans past due and still accruing
Past due 30 to 59 days
$943 $1,548 (39.1)%$4,599 (79.5)%
Past due 60 to 89 days
12 — NA303 (96.0)%
Past due 90 days or more
— — — %— — %
Total loans past due and still accruing
$955 $1,548 (38.3)%4,902 (80.5)%
Special mention loans$6,435 $6,477 (0.6)%$5,034 27.8 %
Classified assets
Classified loans held-for-investment$9,159 $10,172 (10.0)%$6,930 32.2 %
Classified loans held-for-sale— — — %— — %
OREO
— — — %— — %
Classified assets
$9,159 $10,172 (10.0)%$6,930 32.2 %
NPLs to loans held-for-investment0.28 %0.30 %0.18 %
NPAs to total assets
0.24 %0.24 %0.15 %
Classified assets to total assets
0.28 %0.30 %0.23 %
Allowance for Credit Losses
The following table presents activity in ACL for the periods indicated:
Three Months Ended
Year Ended
($ in thousands)12/31/20259/30/2025% Change12/31/2024% Change12/31/202512/31/2024% Change
ACL on loans
Balance at beginning of period$32,960 $33,554 (1.8)%$28,930 13.9 %$30,628 $27,533 11.2 %
Charge-offs(381)(454)(16.1)%(395)(3.5)%(1,308)(691)89.3 %
Recoveries11 288 (96.2)%49 (77.6)%386 298 29.5 %
Provision (reversal) for credit losses on loans791 (428)NA2,044 (61.3)%3,675 3,488 5.4 %
Balance at end of period$33,381 $32,960 1.3 %$30,628 9.0 %$33,381 $30,628 9.0 %
ACL on off-balance sheet credit exposure
Balance at beginning of period$1,310 $1,263 3.7 %$1,232 6.3 %$1,190 $1,277 (6.8)%
Provision (reversal) for credit losses on off-balance sheet credit exposure233 47 395.7 %(42)NA353 (87)NA
Balance at end of period$1,543 $1,310 17.8 %$1,190 29.7 %$1,543 $1,190 29.7 %
8

Investment Securities
Total investment securities were $160.0 million at December 31, 2025, an increase of $9.7 million, or 6.5%, from $150.3 million at September 30, 2025 and an increase of $13.7 million, or 9.3%, from $146.3 million at December 31, 2024.
The increase for the current quarter was primarily due to purchases of $16.8 million and a fair value increase of $759 thousand, partially offset by principal pay-downs of $7.8 million and net premium amortization of $38 thousand. The increase for the current year was primarily due to purchases of $31.7 million and a fair value increase of $6.3 million, partially offset by principal pay-downs of $24.2 million and net premium amortization of $146 thousand.
Deposits
The following table presents the Company’s deposit mix as of the dates indicated:
12/31/20259/30/202512/31/2024
($ in thousands)Amount% to TotalAmount% to TotalAmount% to Total
Noninterest-bearing demand deposits
$555,645 19.9 %$551,312 18.9 %$547,853 20.9 %
Interest-bearing deposits
Savings
6,077 0.2 %5,287 0.2 %5,765 0.2 %
NOW
13,928 0.5 %13,411 0.5 %13,761 0.5 %
Retail money market accounts
656,069 23.4 %650,675 22.2 %447,360 17.1 %
Brokered money market accounts
1 0.1 %1 0.1 %1 0.1 %
Retail time deposits of
$250,000 or less
574,519 20.6 %580,300 19.9 %493,644 18.9 %
More than $250,000
648,633 23.1 %671,516 23.1 %605,124 23.1 %
State and brokered time deposits
340,540 12.2 %441,000 15.1 %502,283 19.2 %
Total interest-bearing deposits
2,239,767 80.1 %2,362,190 81.1 %2,067,938 79.1 %
Total deposits
$2,795,412 100.0 %$2,913,502 100.0 %$2,615,791 100.0 %
Estimated total deposits not covered by deposit insurance$1,270,159 45.4 %$1,275,127 43.8 %$1,036,451 39.6 %
Total retail deposits were $2.45 billion at December 31, 2025, a decrease of $17.6 million, or 0.7%, from $2.47 billion at September 30, 2025, but an increase of $341.4 million, or 16.2%, from $2.11 billion at December 31, 2024.
The decrease in retail time deposits for the current quarter was primarily due to matured and closed accounts of $433.7 million, partially offset by new accounts of $65.8 million, renewals of the matured accounts of $328.0 million and balance increases of $11.3 million. The increase for the current year was primarily due to new accounts of $460.6 million, renewals of the matured accounts of $1.17 billion and balance increases of $43.1 million, partially offset by matured and closed accounts of $1.55 billion.
Liquidity
The following table presents a summary of the Company’s liquidity position as of the dates indicated:
($ in thousands)12/31/202512/31/2024% Change
Cash and cash equivalents
$207,142 $198,792 4.2 %
Cash and cash equivalents to total assets
6.3 %6.5 %
Available borrowing capacity
FHLB advances
$840,607 $722,439 16.4 %
Federal Reserve Discount Window
841,563 586,525 43.5 %
Overnight federal funds lines
65,000 50,000 30.0 %
Total
$1,747,170 $1,358,964 28.6 %
Total available borrowing capacity to total assets
53.2 %44.4 %
9

Shareholders’ Equity
Shareholders’ equity was $390.0 million at December 31, 2025, an increase of $5.5 million, or 1.4%, from $384.5 million at September 30, 2025, and an increase of $26.2 million, or 7.2%, from $363.8 million at December 31, 2024. The increase for the current quarter was primarily due to net income, a decrease in accumulated other comprehensive loss of $553 thousand and proceeds from stock option exercises of $611 thousand, partially offset by repurchases of common stock of $2.1 million, cash dividends declared on common stock of $2.9 million and preferred stock dividends of $87 thousand. The increase for the current year was primarily due to net income, a decrease in accumulated other comprehensive loss of $4.5 million and proceeds from stock option exercises of $2.3 million, partially offset by repurchases of common stock of $7.1 million, cash dividends declared on common stock of $11.5 million and preferred stock dividends of $300 thousand.
Stock Repurchases
During the current year, the Company repurchased and retired 358,251 shares of common stock at a weighted-average price of $19.82, totaling $7.1 million. During the previous year, the Company repurchased and retired 14,947 shares of common stock at a weighted-average price of $14.88, totaling $222 thousand. As of December 31, 2025, the Company is authorized to purchase 219,526 additional shares under its current stock repurchase program, which expires on July 31, 2026.
Series C Preferred Stock
The Company began paying quarterly dividends on the Series C Preferred Stock in the second quarter of 2024. Preferred stock dividends were $87 thousand and $300 thousand for the current quarter and year, respectively. For the year-ago quarter and previous year, preferred stock dividends were $346 thousand and $834 thousand, respectively.
Capital Ratios
The following table presents capital ratios for the Company and the Bank as of the dates indicated:
12/31/20259/30/202512/31/2024Well Capitalized Minimum Requirements
PCB Bancorp
Common tier 1 capital (to risk-weighted assets)
11.46 %11.52 %11.44 %6.50 %
Total capital (to risk-weighted assets)
15.13 %15.24 %15.24 %10.00 %
Tier 1 capital (to risk-weighted assets)
13.89 %14.00 %14.04 %8.00 %
Tier 1 capital (to average assets)
11.89 %11.57 %12.45 %5.00 %
PCB Bank
Common tier 1 capital (to risk-weighted assets)
13.49 %13.61 %13.72 %6.5 %
Total capital (to risk-weighted assets)
14.72 %14.85 %14.92 %10.0 %
Tier 1 capital (to risk-weighted assets)
13.49 %13.61 %13.72 %8.0 %
Tier 1 capital (to average assets)
11.55 %11.25 %12.16 %5.0 %
10

About PCB Bancorp
PCB Bancorp is the bank holding company for PCB Bank, a California state chartered bank, offering a full suite of commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control, including but not limited to the health of the national and local economies including the impact on the Company and its customers resulting from any adverse developments in real estate markets, inflation levels and interest rates; the impact of governmental monetary policy; any material weaknesses in the Company’s internal control over financial reporting that we have identified or may identify; the impacts of sanctions, tariffs and other trade policies of the United States and its global trading partners and tensions related to the same; the Company’s ability to maintain and grow its deposit base; loan demand and continued portfolio performance; the impact of adverse developments at other banks, including bank failures; changes to valuations of the Company’s assets and liabilities including the allowance for credit losses, earning assets, and intangible assets; the ability of the Company to manage liquidity; changes in the availability of liquidity sources including borrowing lines and the ability to pledge or sell certain assets; the Company's ability to attract and retain skilled employees; customers' service expectations; cyber-security risks; the Company's ability to successfully deploy new technology; acquisitions and branch and loan production office expansions; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company’s enterprise risk management framework; litigation costs and outcomes; changes in laws, rules, regulations, or interpretations to which the Company is subject; the effects of severe weather events, pandemics, wildfires and other disasters, other public health crises, acts of war or terrorism, and other external events on our business. These and other important factors are detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and other filings the Company makes with the SEC, which are available without charge at the SEC’s website (http://www.sec.gov) and on the investor relations section of the Company’s website at www.mypcbbank.com. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.
Contact:
Timothy Chang
Executive Vice President & Chief Financial Officer
213-210-2000

11

PCB Bancorp and Subsidiary
Consolidated Balance Sheets (Unaudited)
($ in thousands, except share and per share data)
12/31/20259/30/2025% Change12/31/2024% Change
Assets
Cash and due from banks
$25,319 $24,366 3.9 %$27,100 (6.6)%
Interest-bearing deposits in other financial institutions181,823 345,132 (47.3)%171,692 5.9 %
Total cash and cash equivalents
207,142 369,498 (43.9)%198,792 4.2 %
Securities available-for-sale, at fair value
160,009 150,279 6.5 %146,349 9.3 %
Loans held-for-sale
12,077 9,634 25.4 %6,292 91.9 %
Loans held-for-investment2,820,400 2,752,514 2.5 %2,629,387 7.3 %
Allowance for credit losses on loans(33,381)(32,960)1.3 %(30,628)9.0 %
Net loans held-for-investment
2,787,019 2,719,554 2.5 %2,598,759 7.2 %
Premises and equipment, net
8,194 8,604 (4.8)%8,280 (1.0)%
Federal Home Loan Bank and other bank stock
14,978 14,978 — %14,042 6.7 %
Bank-owned life insurance32,796 32,525 0.8 %31,766 3.2 %
Deferred tax assets, net
9,210 7,164 28.6 %7,249 27.1 %
Servicing assets
5,627 5,883 (4.4)%5,837 (3.6)%
Operating lease assets
17,158 17,136 0.1 %17,254 (0.6)%
Accrued interest receivable
10,669 10,829 (1.5)%10,466 1.9 %
Other assets
16,892 17,422 (3.0)%18,885 (10.6)%
Total assets
$3,281,771 $3,363,506 (2.4)%$3,063,971 7.1 %
Liabilities
Deposits
Noninterest-bearing demand
$555,645 $551,312 0.8 %$547,853 1.4 %
Savings, NOW and money market accounts
676,075 669,374 1.0 %466,887 44.8 %
Time deposits of $250,000 or less
855,059 961,299 (11.1)%935,927 (8.6)%
Time deposits of more than $250,000
708,633 731,517 (3.1)%665,124 6.5 %
Total deposits
2,795,412 2,913,502 (4.1)%2,615,791 6.9 %
Other short-term borrowings— — — %15,000 (100.0)%
Federal Home Loan Bank advances
34,000 — NA— NA
Operating lease liabilities
18,996 18,961 0.2 %18,671 1.7 %
Accrued interest payable and other liabilities
43,337 46,542 (6.9)%50,695 (14.5)%
Total liabilities
2,891,745 2,979,005 (2.9)%2,700,157 7.1 %
Commitments and contingent liabilities
Shareholders’ equity
Preferred stock69,141 69,141 — %69,141 — %
Common stock139,256 140,580 (0.9)%143,195 (2.8)%
Retained earnings
186,485 180,189 3.5 %160,797 16.0 %
Accumulated other comprehensive loss, net(4,856)(5,409)(10.2)%(9,319)(47.9)%
Total shareholders’ equity
390,026 384,501 1.4 %363,814 7.2 %
Total liabilities and shareholders’ equity
$3,281,771 $3,363,506 (2.4)%$3,063,971 7.1 %
Outstanding common shares
14,230,428 14,277,164 14,380,651 
Book value per common share (1)
$27.41 $26.93 $25.30 
TCE per common share (2)
$22.55 $22.09 $20.49 
Total loan to total deposit ratio
101.33 %94.81 %100.76 %
Noninterest-bearing deposits to total deposits
19.88 %18.92 %20.94 %
(1)The ratios are calculated by dividing total shareholders’ equity by the number of outstanding common shares. The Company had no intangible equity components for the presented periods.
(2)Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.
12

PCB Bancorp and Subsidiary
Consolidated Statements of Income (Unaudited)
($ in thousands, except share and per share data)
Three Months Ended
Year Ended
12/31/20259/30/2025% Change12/31/2024% Change12/31/202512/31/2024% Change
Interest and dividend income
Loans, including fees$45,648 $46,193 (1.2)%$42,309 7.9 %$180,345 $164,301 9.8 %
Investment securities1,516 1,474 2.8 %1,388 9.2 %5,860 5,328 10.0 %
Other interest-earning assets2,701 3,804 (29.0)%2,622 3.0 %11,331 11,188 1.3 %
Total interest income49,865 51,471 (3.1)%46,319 7.7 %197,536 180,817 9.2 %
Interest expense
Deposits23,197 23,995 (3.3)%22,927 1.2 %92,261 90,487 2.0 %
Other borrowings41 498 (91.8)%228 (82.0)%1,397 1,713 (18.4)%
Total interest expense
23,238 24,493 (5.1)%23,155 0.4 %93,658 92,200 1.6 %
Net interest income
26,627 26,978 (1.3)%23,164 14.9 %103,878 88,617 17.2 %
Provision (reversal) for credit losses1,024 (381)NA2,002 (48.9)%4,028 3,401 18.4 %
Net interest income after provision (reversal) for credit losses25,603 27,359 (6.4)%21,162 21.0 %99,850 85,216 17.2 %
Noninterest income
Gain on sale of loans
648 1,617 (59.9)%1,161 (44.2)%4,617 3,752 23.1 %
Service charges and fees on deposits
416 377 10.3 %404 3.0 %1,540 1,545 (0.3)%
Loan servicing income
741 719 3.1 %861 (13.9)%2,945 3,365 (12.5)%
BOLI income271 259 4.6 %246 10.2 %1,030 949 8.5 %
Other income
469 442 6.1 %371 26.4 %1,704 1,482 15.0 %
Total noninterest income
2,545 3,414 (25.5)%3,043 (16.4)%11,836 11,093 6.7 %
Noninterest expense
Salaries and employee benefits
9,339 9,293 0.5 %8,417 11.0 %36,551 35,661 2.5 %
Occupancy and equipment
2,202 2,372 (7.2)%2,198 0.2 %9,242 9,117 1.4 %
Professional fees
834 541 54.2 %752 10.9 %2,808 3,408 (17.6)%
Marketing and business promotion607 669 (9.3)%582 4.3 %2,116 1,886 12.2 %
Data processing
351 333 5.4 %205 71.2 %1,334 1,499 (11.0)%
Director fees and expenses
224 223 0.4 %227 (1.3)%898 906 (0.9)%
Regulatory assessments
389 373 4.3 %322 20.8 %1,464 1,256 16.6 %
Other expense1,080 1,065 1.4 %1,191 (9.3)%4,785 6,290 (23.9)%
Total noninterest expense
15,026 14,869 1.1 %13,894 8.1 %59,198 60,023 (1.4)%
Income before income taxes
13,122 15,904 (17.5)%10,311 27.3 %52,488 36,286 44.7 %
Income tax expense
3,887 4,492 (13.5)%3,281 18.5 %15,035 10,476 43.5 %
Net income
9,235 11,412 (19.1)%7,030 31.4 %37,453 25,810 45.1 %
Preferred stock dividends87 86 1.2 %346 (74.9)%300 834 (64.0)%
Net income available to common shareholders$9,148 $11,326 (19.2)%$6,684 36.9 %$37,153 $24,976 48.8 %
Earnings per common share
Basic
$0.64 $0.79 $0.47 $2.59 $1.75 
Diluted
$0.64 $0.78 $0.46 $2.58 $1.74 
Average common shares
Basic
14,133,086 14,201,054 14,254,584 14,204,468 14,242,057 
Diluted
14,235,867 14,325,956 14,406,756 14,279,130 14,342,361 
Dividend paid per common share
$0.20 $0.20 $0.18 $0.80 $0.72 
ROAA (1)
1.11%1.35%0.94 %1.15 %0.90 %
ROAE (1)
9.45%11.92%7.69 %9.93 %7.26 %
ROATCE (1), (2)
11.40%14.46%9.02 %12.07 %8.72 %
Efficiency ratio (3)
51.51%48.92%53.02 %51.16 %60.20 %
(1)Ratios are presented on an annualized basis.
(2)Non-GAAP. See “Non-GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure.
(3)The ratios are calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
13

PCB Bancorp and Subsidiary
Average Balance, Average Yield, and Average Rate (Unaudited)
($ in thousands)
Three Months Ended
12/31/20259/30/202512/31/2024
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Average BalanceInterest Income/ Expense
Avg. Yield/Rate(6)
Assets
Interest-earning assets
Total loans (1)
$2,810,897 $45,648 6.44%$2,784,148 $46,193 6.58 %$2,538,310 $42,309 6.63 %
Mortgage-backed securities
126,147 1,227 3.86%120,226 1,167 3.85 %113,231 1,030 3.62 %
Collateralized mortgage obligation
19,064 184 3.83%19,957 197 3.92 %21,819 228 4.16 %
SBA loan pool securities
4,338 36 3.29%4,686 41 3.47 %6,253 62 3.94 %
Municipal bonds (2)
2,480 22 3.52%2,411 22 3.62 %2,440 21 3.42 %
Corporate bonds4,790 47 3.89%4,804 47 3.88 %4,200 47 4.45 %
Other interest-earning assets
250,215 2,701 4.28%327,637 3,804 4.61 %207,234 2,622 5.03 %
Total interest-earning assets
3,217,931 49,865 6.15%3,263,869 51,471 6.26 %2,893,487 46,319 6.37 %
Noninterest-earning assets
Cash and due from banks24,539 23,539 23,639 
ACL on loans(32,873)(33,548)(28,833)
Other assets
98,231 100,728 92,348 
Total noninterest-earning assets
89,897 90,719 87,154 
Total assets
$3,307,828 $3,354,588 $2,980,641 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts
$683,325 6,073 3.53%$612,527 5,698 3.69 %$479,238 4,479 3.72 %
Savings
5,329 3 0.22%5,519 3 0.22 %5,952 4 0.27 %
Time deposits
1,622,769 17,121 4.19%1,708,124 18,294 4.25 %1,501,711 18,444 4.89 %
Total interest-bearing deposits
2,311,423 23,197 3.98%2,326,170 23,995 4.09 %1,986,901 22,927 4.59 %
Other borrowings4,011 41 4.06%43,109 498 4.58 %17,946 228 5.05 %
Total interest-bearing liabilities
2,315,434 23,238 3.98%2,369,279 24,493 4.10 %2,004,847 23,155 4.59 %
Noninterest-bearing liabilities
Noninterest-bearing demand
537,968 541,243 543,971 
Other liabilities
66,886 64,232 67,995 
Total noninterest-bearing liabilities
604,854 605,475 611,966 
Total liabilities
2,920,288 2,974,754 2,616,813 
Total shareholders’ equity
387,540 379,834 363,828 
Total liabilities and shareholders’ equity
$3,307,828 $3,354,588 $2,980,641 
Net interest income
$26,627 $26,978 $23,164 
Net interest spread (3)
2.17%2.16 %1.78 %
Net interest margin (4)
3.28%3.28 %3.18 %
Total deposits
$2,849,391 $23,197 3.23%$2,867,413 $23,995 3.32 %$2,530,872 $22,927 3.60 %
Total funding (5)
$2,853,402 $23,238 3.23%$2,910,522 $24,493 3.34 %$2,548,818 $23,155 3.61 %
(1)Total loans include both loans held-for-sale and loans held-for-investment.
(2)The yield on municipal bonds has not been computed on a tax-equivalent basis.
(3)Net interest spread is calculated by subtracting average rate on interest-bearing liabilities from average yield on interest-earning assets.
(4)Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.
(5)Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.
(6)Annualized.

14

PCB Bancorp and Subsidiary
Average Balance, Average Yield, and Average Rate (Unaudited)
($ in thousands)
Year Ended
12/31/202512/31/2024
Average BalanceInterest Income/ ExpenseAvg. Yield/RateAverage BalanceInterest Income/ ExpenseAvg. Yield/Rate
Assets
Interest-earning assets
Total loans (1)
$2,757,090 $180,345 6.54%$2,445,080 $164,301 6.72 %
Mortgage-backed securities
119,335 4,614 3.87%107,768 3,780 3.51 %
Collateralized mortgage obligation
20,160 794 3.94%22,806 975 4.28 %
SBA loan pool securities
5,074 177 3.49%6,756 283 4.19 %
Municipal bonds (2)
2,424 87 3.59%2,917 102 3.50 %
Corporate bonds4,660 188 4.03%4,208 188 4.47 %
Other interest-earning assets
247,358 11,331 4.58%203,279 11,188 5.50 %
Total interest-earning assets
3,156,101 197,536 6.26%2,792,814 180,817 6.47 %
Noninterest-earning assets
Cash and due from banks23,999 23,044 
ACL on loans(32,267)(28,397)
Other assets
99,631 90,425 
Total noninterest-earning assets
91,363 85,072 
Total assets
$3,247,464 $2,877,886 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities
Deposits
NOW and money market accounts
$578,796 20,840 3.60%$475,754 19,149 4.02 %
Savings
5,448 13 0.24%6,312 16 0.25 %
Time deposits
1,657,709 71,408 4.31%1,410,878 71,322 5.06 %
Total interest-bearing deposits
2,241,953 92,261 4.12%1,892,944 90,487 4.78 %
Other borrowings30,619 1,397 4.56%31,033 1,713 5.52 %
Total interest-bearing liabilities
2,272,572 93,658 4.12%1,923,977 92,200 4.79 %
Noninterest-bearing liabilities
Noninterest-bearing demand
532,426 539,263 
Other liabilities
65,476 59,026 
Total noninterest-bearing liabilities
597,902 598,289 
Total liabilities
2,870,474 2,522,266 
Total shareholders’ equity
376,990 355,620 
Total liabilities and shareholders’ equity
$3,247,464 $2,877,886 
Net interest income
$103,878 $88,617 
Net interest spread (3)
2.14%1.68 %
Net interest margin (4)
3.29%3.17 %
Total deposits
$2,774,379 $92,261 3.33%$2,432,207 $90,487 3.72 %
Total funding (5)
$2,804,998 $93,658 3.34%$2,463,240 $92,200 3.74 %
(1)Total loans include both loans held-for-sale and loans held-for-investment.
(2)The yield on municipal bonds has not been computed on a tax-equivalent basis.
(3)Net interest spread is calculated by subtracting average rate on interest-bearing liabilities from average yield on interest-earning assets.
(4)Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.
(5)Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.


15

PCB Bancorp and Subsidiary
Non-GAAP Financial Measures
($ in thousands)
Return on average tangible common equity, tangible common equity per common share and tangible common equity to total assets ratios
The Company's TCE is calculated by subtracting preferred stock from shareholders’ equity. The Company had no intangible assets for the presented periods. ROATCE, TCE per common share, and TCE to total assets constitute supplemental financial information determined by methods other than in accordance with Generally Accepted Accounting Principles, or GAAP. These non-GAAP financial measures are used by management in its analysis of the Company's performance. These non-GAAP financial measures should not be viewed as substitutes for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. The following tables provide reconciliations of the non-GAAP financial measures with financial measures defined by GAAP.

($ in thousands)
Three Months Ended
Year Ended
12/31/20259/30/202512/31/202412/31/202512/31/2024
Average total shareholders' equity(a)$387,540 $379,834 $363,828 $376,990 $355,620 
Less: average preferred stock(b)69,141 69,141 69,141 69,141 69,141 
Average TCE(c)=(a)-(b)318,399 310,693 294,687 307,849 286,479 
Net income(d)$9,235 $11,412 $7,030 $37,453 $25,810 
ROAE (1)
(d)/(a)9.45 %11.92 %7.69 %9.93 %7.26 %
Net income available to common shareholders(e)9,148 11,326 6,684 37,153 24,976 
ROATCE (1)
(e)/(c)11.40 %14.46 %9.02 %12.07 %8.72 %
(1) Annualized.
($ in thousands, except per share data)12/31/20259/30/202512/31/2024
Total shareholders' equity(a)$390,026 $384,501 $363,814 
Less: preferred stock(b)69,141 69,141 69,141 
TCE(c)=(a)-(b)320,885 315,360 294,673 
Outstanding common shares
(d)14,230,428 14,277,164 14,380,651 
Book value per common share(a)/(d)$27.41 $26.93 $25.30 
TCE per common share(c)/(d)22.55 22.09 20.49 
Total assets(e)$3,281,771 $3,363,506 $3,063,971 
Total shareholders' equity to total assets(a)/(e)11.88 %11.43 %11.87 %
TCE to total assets(c)/(e)9.78 %9.38 %9.62 %
16