AnnualReport
2020
your Partner, your Choice, your Bank
Pacific City Bank Headquarters
Company Profile
PCB Bancorp (“PCB”) is the parent company of Pacific City
Bank, (the “Bank”) a community bank founded in 2003 with
a mission to help first generation Asian-American immigrants
realize the American dream through business ownership.
The Bank is a full-service bank that offers a broad range of
loans along with deposit products focused on individuals,
professionals, and small-to-medium sized businesses.
The Bank serves a diverse customer base through its thirteen
branch locations, 11 full-service branches in the Greater Los
Angeles Area, one full-service branch in each of Englewood
Cliffs, New Jersey and Bayside, New York, as well as nine
loan production offices (“LPOs”) in seven states serving a
diverse ethnic background. The Bank is one of the leading
banks in the Korean-American community.
(Left to Right)
Sang Young Lee Chairman of the Board
Henry Kim President & Chief Executive Officer
PCB ensured the safety of our employees
and customers while successfully managing
our business and helping our customers
navigate the pandemic.
Dear Shareholders:
At PCB, we believe our success is dependent on the prosperity of
our customers, employees, and the communities we serve. Looking
back on an unprecedented year, it is clear that this belief is more
important now than ever. We are proud of our swift and decisive
pandemic responses, which have resulted in positive economic
impact. Throughout 2020, PCB ensured the safety of our employees
and customers while successfully managing our business and
We rapidly adapted to the new normal by remaining flexible and developing
helping our customers navigate the pandemic. Specifically, we
new procedures shaped by the constantly changing environment. Together,
provided our customers with access to much needed capital by
we emerged stronger than before. Looking ahead, our dedicated employees,
quickly assisting them with the Paycheck Protection Program
loyal customers, and strong financial foundation will enable us to continue
(“PPP”) loans and by strategically deferring loan payments.
to execute on our long-term strategy in these “new normal.” Our hearts
2020 • ANNUAL REPORT / 01
OUR FOUNDING MEMBERS’
COMMITMENT TO IMPARTIALLY/
FAIRLY / EQUITABLY IDENTIFY AND HELP
THOSE IN NEED WILL CONTINUE TO LIVE ON.
continue to be with all those impacted by the
we earned a net income of $16.2 million,
our capital ratios remained stronger than ever.
COVID-19 pandemic, and our sacred goal
or $1.04 per diluted share, and our return
As of December 31, 2020, PCB’s total capital
of our founding members to indiscriminately
on assets was 0.84%. Our deposit balance
ratio increased to 17.2% compared with 16.9%
identify and help those in need will continue
increased by $116 million, or 7.8%, to $1,595
at the end of 2019 and the Bank’s increased
to live on.
million, and our net loan portfolio increased
to 17.0% compared with 16.7%, respectively.
by $121 million, or 8.4%, to $1,557 million.
With greater optimism than the previous year,
Financial Performance
Additionally, our total assets increased by
we began 2021 stronger than ever before.
PCB completed the year with unprecedented
$177 million, or 10.1%, to $1,923 million
The sound groundwork established to expand
strength. In 2020, despite recognizing $13.2
at the end of 2020 compared with $1,746
and the gradual reopening of our economy
million in loan loss provisions due to the
million in 2019. In addition to our robust
have prepared PCB well for what is to come
pandemic-induced economic shutdowns,
allowance for losses balance at the year-end,
in 2021.
2020 • ANNUAL REPORT / 02
2020 • ANNUAL REPORT / 03
Henry Kim President & Chief Executive Officer
WE WILL STAY NIMBLE, MOVE QUICKLY, AND
STRATEGICALLY MOVE FORWARD WITH PRECISION.
Moving Forward
more digitally enabled and resilient to meet
particularly with processing the tremendous
For the past several years, we invested our
the needs of our customers and employees.
volume of PPP loans. In fact, customers’ digital
time and resources on tackling the challenges
transactions on our mobile and online platform
and opportunities created by the unprec-
Our improved digital capabilities have en-
have increased to record-levels. Moving for-
edented pace of change and disruption in
abled us to switch from in-person meetings to
ward, we are dedicated to seamlessly adopt
community banking. We integrated advancing
online or virtual ones. It has also allowed us
new technologies to better serve our customers.
technologies, build new and maintain
to maintain business continuity at the height
The opportunities we see in making changes
relationships, as well as anticipate and meet
of the COVID-19 pandemic and provide
to our branch network reflect this changing
the needs of customers. As a result, we are
solutions to meet the needs of our customers,
environment. We know many of our customers
2020 • ANNUAL REPORT / 04
2020 • ANNUAL REPORT / 05
will continue to evolve. Banking industry
reputations among our peers and remain
disruptions will continue as customers dictate
vigilant in upholding our business ethics. Our
how transactions are executed. Work and
balance sheet and capital levels are stronger
workplace environments will continue to
than ever, and we are more motivated than ever
transform as well. Even with such changes,
to help our customers succeed. We thank our
relationships remain as
the key
to our
employees for their dedication, commitment,
success. We are committed to stand by
and professionalism; we thank our customers
enjoy visiting our branch network and traffic
and support our customers, employees, and
for their resiliency and loyalty; and we thank our
remains high, validating our belief that they
communities. We will stay nimble, agile,
shareholders for their continued partnership.
are an integral part of our operations. We even
and strategically move forward with precision.
have plans on expanding our branch network
in marketplaces by strengthening existing
In Closing
Be safe,
locations and entering areas where we do not
Although the past year has brought
have any physical presence.
uncertainties and unexpected changes, we
Sang Young Lee
Chairman of the Board
are proud of our efforts and achievements.
We anticipate that many of the changes we
We believe we are on a course for an even
have experienced, as a result of the pandemic,
stronger future. We have one of the best
Henry Kim
President & Chief Executive Officer
2020 • ANNUAL REPORT / 06
2020 • ANNUAL REPORT / 07
AS OF OR FOR THE YEARS ENDED DECEMBER 31,
(dollars in thousands except share and per share data)
2020
2019
2018
2017
2016
Total Assets $ in millions
Net Loans* $ in millions
Financial Highlights
BALANCE SHEET DATA
Total assets
Net loans*
Total deposits
Shareholders’ equity
STATEMENT OF INCOME DATA
Interest income
Interest expense
Net interest income before
provision for loan losses
Provision for loan losses
Noninterest income
Noninterest expenses
Income tax expense
Net income
PER SHARE DATA**
$ 1,922,853
1,746,328
$ 1,697,028
$ 1,441,999
$ 1,226,642
1,559,047
1,438,426
1,331,296
1,183,072
1,021,942
1,594,851
1,479,307
1,443,753
1,251,290
1,091,812
233,788
226,834
210,296
142,184
127,007
7
9
6
1
$
,
6
4
7
1
$
,
3
2
9
1
$
,
2
4
4
1
$
,
7
2
2
1
$
,
1
3
3
1
$
,
8
3
4
1
$
,
9
5
5
1
$
,
3
8
1
1
$
,
2
2
0
1
$
,
$ 79,761
$ 92,945
$ 83,699
$ 65,267
$ 52,595
13,572
23,911
17,951
10,097
7,014
66,189
13,219
11,740
41,699
6,836
69,034
4,237
11,869
42,315
10,243
65,748
1,231
10,454
40,226
10,444
55,170
1,827
13,894
35,895
14,939
45,581
2,283
13,619
32,514
10,401
$ 16,175
$ 24,108
$ 24,301
$ 16,403
$ 14,002
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
* Includes loans held for sale
Total Deposits $ in millions
Net Income $ in thousands
• Denver LPO
• Chicago LPO
1
5
5
2
9
5
1
$
1
$
,
,
4
4
4
1
$
,
9
7
4
1
$
,
2
5
2
1
$
,
2
9
0
1
$
,
1
0
3
4
2
$
,
8
0
1
4
2
$
,
5
7
1
6
1
$
,
3
0
4
6
1
$
,
2
0
0
4
1
$
,
• 11 Southern
California Branches
• Los Angeles LPO
• Orange County LPO
• Artesia LPO
• Texas LPO
• Washington Bellevue LPO
Branches &
Loan Production Office
Book value per common share at year end
$ 15.19
$ 14.44
$ 13.16
$ 10.60
$ 9.48
Basic earnings per common share
Diluted earnings per common share
1.05
1.04
1.52
1.49
1.69
1.65
1.22
1.21
1.12
1.11
Weighted-average shares outstanding - basic
15,384,231
15,873,383
14,397,075
13,408,030
12,532,807
Weighted-average shares outstanding - diluted
15,448,892
16,172,282
14,691,370
13,540,293
12,607,990
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Shares of common stock outstanding
15,385,878
15,707,016
15,977,754
13,417,899
13,391,222
* Include loans held for sale
** Adjusted for stock dividend retroactively
2020 • ANNUAL REPORT / 08
• New York LPO
• Bayside, New York
• Englewood Cliffs,
New Jersey
• Virginia LPO
2020 • ANNUAL REPORT / 09
Board of Directors
Corporate Information
Daniel Cho
President & CEO
Maya Tech.
Haeyoung Cho
Former President & CEO
PCB Bancorp & Pacific City Bank
Kijun Ahn
Project Manager
Moffatt & Nichol
Sarah Jun
Attorney
Law Office of Sarah Jun
Sang Young Lee
Chairman of the Board
President & CEO
Lee’s Gold &
Diamond Import, Inc.
Don Rhee
President & CEO
Active USA, Inc.
Hong Kyun “Daniel” Park
Partner
KNP, LLP
Henry Kim
President & Chief Executive Officer
PCB Bancorp & Pacific City Bank
Board of Directors
Executive Officers
Corporate Offices
Regional Offices
Shareholder Information
LA Regional Office
3701 Wilshire Blvd., Suite 650
Los Angeles, CA 90010
213.201.5405
• Michael Kang
Senior Vice President &
LA Regional Manager
Orange County Regional Office
17100 Pioneer Blvd., Suite 470
Artesia, CA 90701
562.207.3060
• Woo Young Choung
Senior Vice President &
OC Regional Manager
Independent Public Accountant
Crowe LLP
Sherman Oaks, CA 91403
Registar and Transfer Agent
Computershare
Canton, MA
Legal Counsel
STUART | MOORE | STAUB
San Luis Obispo, CA
Listing of Common Stock
PCB Bancorp’s common stock
is traded on the Nasdaq.
Its symbol is “PCB”.
Kijun Ahn
Project Manager
Moffatt & Nichol
Daniel Cho
President & CEO
Maya Tech.
Haeyoung Cho
Former President and CEO
PCB Bancorp & Pacific City Bank
Sarah Jun
Attorney
Law Office of Sarah Jun
Sang Young Lee
Chairman of the Board
President & CEO
Lee’s Gold & Diamond Import, Inc.
Hong Kyun “Daniel” Park
Partner
KNP, LLP
Don Rhee
President & CEO
Active USA, Inc.
Henry Kim
President & Chief Executive Officer
PCB Bancorp & Pacific City Bank
Henry Kim
President
& Chief Executive Officer
Timothy Chang
Executive Vice President
& Chief Financial Officer
Andrew Chung
Executive Vice President
& Chief Risk Officer
Corporate Secretary
John Ju
Executive Vice President
& Chief Lending Officer
Brian Bang
Senior Vice President
& Chief Credit Officer
Justin Chon
Senior Vice President
& Chief Consumer Lending Officer
Mimi Lee
Senior Vice President
& Chief Operations Administrator
Headquarters
3701 Wilshire Blvd., Suite 900
Los Angeles, CA 90010
213.210.2000
Consumer Loan Department
3701 Wilshire Blvd., Suite 100
Los Angeles, CA 90010
213.210.2077
• Joon Hee Lee
Senior Vice President & Manager
Commercial Loan Center
3701 Wilshire Blvd., Suite 409
Los Angeles, CA 90010
213.210.2069
• Brian Kim
Senior Vice President & Manager
Residential Mortgage Center
3701 Wilshire Blvd., Suite 402
Los Angeles, CA 90010
213.355.8899
• Jay Lee
Senior Vice President & RMC Manager
SBA Department
3701 Wilshire Blvd., Suite 310
Los Angeles, CA 90010
213.210.2070
• Eunice Kwak
Senior Vice President & SBA Manager
2020 • ANNUAL REPORT / 10
2020 • ANNUAL REPORT / 11
Branches & Loan Production Offices
Branches
Branches
Branches
Loan Production Offices
Loan Production Offices
Torrance
2505 Torrance Blvd.
Torrance, CA 90503
310.755.6900
• Joanne Oh
Senior Vice President & Branch Manager
Western
450 S. Western Ave., Suite 213
Los Angeles, CA 90010
213.915.5266
• Young Hoon Jang
Senior Vice President & Branch Manager
Wilshire
3701 Wilshire Blvd., Suite 100
Los Angeles, CA 90010
213.210.2001
• Annie Jo
Senior Vice President &
Wilshire Regional Manager
Bayside
220-34 Northern Blvd.
Bayside, NY 11361
347.220.0001
• Jennifer Kim
First Vice President & Branch Manager
Buena Park
5400 Beach Blvd., Suite 101
Buena Park, CA 90621
714.367.7990
• Joanne Kim
Senior Vice President & Branch Manager
Cerritos
17709 Pioneer Blvd.
Artesia, CA 90701
562.207.3060
• Michael Cho
Senior Vice President & Branch Manager
Downtown Fashion District
777 E. 12th St., Suite 200
Los Angeles, CA 90021
213.342.2800
• Thomas Kim
Senior Vice President &
Downtown Regional Manager
Englewood Cliffs
45-47 Sylvan Ave.
Englewood Cliffs, NJ 07632
201.849.6000
• Jungwhan Ryu
Senior Vice President &
NJ/NY Regional Manager
Fullerton
5301 Beach Blvd.
Buena Park, CA 90621
714.860.7100
• Joanne Kim
Senior Vice President & Branch Manager
Irvine
13140 Yale Ave.
Irvine, CA 92620
714.263.1800
• Kyoung Soo Yim
Senior Vice President & Branch Manager
Little Tokyo
333 S. Alameda St., Suite 109
Los Angeles, CA 90013
213.694.4360
• Young Hoon Jang
Senior Vice President & Branch Manager
Olympic
2730 W. Olympic Blvd.
Los Angeles, CA 90006
213.201.5600
• Yeon Ho Lee
Senior Vice President & Branch Manager
Rowland Heights
18160 Colima Rd.
Rowland Heights, CA 91748
626.363.6730
• Hyun Hee “Connie” Kim
Senior Vice President & Branch Manager
Orange County LPO
13140 Yale Ave.
Irvine, CA 92620
714.263.1810
• Taeho Kim
Senior Vice President & Manager
Texas LPO
2625 Old Denton Rd., Suite 404-A
Carrollton, TX 75007
214.908.8638
• Simon Lee
Senior Vice President & Manager
Virginia LPO
7535 Little River Tpke., Suite 204
Annandale, VA 22003
703.256.0119
• Yong Jae Park
Senior Vice President & Manager
Washington/Bellevue LPO
14205 SE 36th St., Suite 100
Bellevue, WA 98006
425.519.3736
• Steven Yang
Senior Vice President & Manager
Artesia LPO
17100 Pioneer Blvd., Suite 470
Artesia, CA 90701
562.207.3060
• Woo Young Choung
Senior Vice President &
OC Regional Manager
Chicago LPO
2454 E Dempster St., Suite 402
Des Plaines, IL 60016
847.768.9500
• Seikeun Ahn
Senior Vice President & Manager
Denver LPO
2851 S. Parker Rd., Suite 540
Aurora, CO 80014
303.905.1181
• Kelvin Huh
Senior Vice President & Manager
Los Angeles LPO
3701 Wilshire Blvd., Suite 310
Los Angeles, CA 90010
213.210.2027
• Peter Han
Senior Vice President & Manager
New York LPO
220-34 Northern Blvd.
Bayside, NY 11361
917.565.7055
• Seung Jun Lee
First Vice President & Manager
The complete PCB 2020 Form 10-K is
saved in the attached USB
2020 • ANNUAL REPORT / 12
2020 • ANNUAL REPORT / 13
3701 Wilshire Blvd., Suite 900, Los Angeles, CA 90010
Tel: (213)210-2000 / www.paccitybank.com