2021
AnnualReport
your Partner, your Choice, your Bank
Pacific City Bank Headquarters
Welcome
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.
Moving Forward
These tough times
showcased our resilience
and brought out the best of
PCB, prompting us to
actively seek and identify
new opportunities.
Growing with Our Customers
and Communities
Dear Shareholders:
We are pleased to share with you how we successfully
operated to benefit our customers, employees, shareholders,
and the communities we serve with emphasis on keeping
everyone’s health safe, while achieving record financial
performance during the past year. During the past two years
of global pandemic, we drastically enhanced our ability to
work with more flexibility, forged stronger bonds amongst
co-workers and with our valued customers. These tough
times showcased our resilience and brought out the best
of PCB, prompting us to actively seek and identify new
opportunities.
In 2021, our strength was displayed in various forms as we
continued to deliver unmatched services to our customers.
2021 • ANNUAL REPORT / 01
We will continue to make smart
investments in technology to enhance
digital banking and cyber-security,
expand our branch network, and retain
and hire talented professionals.
During the past two years
of global pandemic,
we drastically enhanced our
ability to work with more
flexibility, forged stronger bonds
amongst co-workers and with
our valued customers.
Henry Kim President & Chief Executive Officer
In addition to providing the convenience of digital
banking, we also earnestly accommodated our
customers who preferred face-to-face meetings through
our branch network and even on-site client visits by
our dedicated professionals. As the pandemic-related
shutdowns declined, and consumer and business
sentiment gradually improved during the year, we
experienced an increase in business activity that
resulted in more deposit inflows and an increase in loan
demands. Regarding our credit costs, our conservative
and vigilance in overall credit monitoring at the peak
of global pandemic in 2020 has provided us with an
opportunity to release $4.6 million in provision for loan
losses during 2021 as the economic outlook improved
and our credit quality maintained a historically low
problem loans.
Our conservative and vigilance
in overall credit monitoring in
2020 has provided us with
an opportunity to release $4.6
million in provision for loan
losses during 2021 as the
economic outlook improved and
our credit quality maintained a
historically low problem loans.
2021 • ANNUAL REPORT / 02
2021 • ANNUAL REPORT / 03
≠≠–≠≠
Even with a global pandemic on our
backdrop, we earned a record
$40.1 million
11.8%
increased
17.1%
increased
9.8%
increased
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In all aspects of financial performance, 2021 was a
tremendous year. Even with a global pandemic on our
backdrop, we earned a record $40.1 million, or $2.62
per diluted share, and our return on assets was 1.96%.
We increased total assets by $226.9 million, or 11.8%, to
$2,149.7 million and grew our deposits by $272.3 million,
or 17.1%, to $1,867.1 million, and our net loan portfolio
increased by $152.8 million, or 9.8%, to $1,709.8 million.
For the year, our stock price increased by 117%, and we
increased our quarterly cash dividend by 20%. Including
the share repurchase, we returned $17.5 million in capital
back to our shareholders in 2021. Despite such a
significant capital return
to our shareholders, we
maintained an extremely strong capital position with a
total-capital-ratio of 16.04% at 2021 year-end.
(Left to Right) Sang Young Lee Chairman of the Board / Henry Kim President & Chief Executive Officer
2021 • ANNUAL REPORT / 04
2021 • ANNUAL REPORT / 05
Additionally, compared to the 2020 year-end figure,
our book value increased by 13.5% to $17.24 at 2021
year-end compared with 2020 year-end.
As we head into 2022, our top priority is disciplined
growth. We will continue to make smart investments
in technology to enhance digital banking and cyber-
security, expand our branch network, and retain and
hire talented professionals. As we move forward
to the post-pandemic “new normal,” we are well-
positioned to deliver unmatched growth and benefit
to our shareholders for the next several years.
We are delighted by our accomplishments, and our
Delivering
Consistently
Strong Financial
Performance
In all aspects of financial
performance, 2021 was a
tremendous year.
Looking Forward to a Greater Tomorrow
goals are clear. We will be relentless in striving for the success of our customers,
be socially responsible to the communities in our marketplace, keep investing in the
resources our professionals need to better serve our customers, and always make
decisions that benefit our shareholders in the long term. We are well-positioned to
make the right moves for disciplined growth ahead and have the right professionals to
make it possible.
On behalf of our professionals, our management, and the board of directors, we thank
you for your partnership and investing in us.
Sincerely,
Sang Young Lee
Chairman of the Board
Henry Kim
President & Chief Executive Officer
Enhancing
Stockholder
Returns
Our stock price increased
by 117%, and we increased
our quarterly cash dividend
by 20%.
2021 • ANNUAL REPORT / 06
2021 • ANNUAL REPORT / 07
Financial
Highlights
AS OF OR FOR THE YEARS ENDED DECEMBER 31,
(dollars in thousands except share and per share data)
2021
2020
2019
2018
2017
BALANCE SHEET DATA
Total assets
Net loans*
Total deposits
Shareholders’ equity
STATEMENT OF INCOME DATA
$ 2,149,735
$ 1,922,853
1,746,328
$ 1,697,028
$ 1,441,999
1,746,850
1,559,047
1,438,426
1,331,296
1,183,072
1,867,134
1,594,851
1,479,307
1,443,753
1,251,290
256,286
233,788
226,834
210,296
142,184
Interest income
$ 81,472
$ 79,761
$ 92,945
$ 83,699
$ 65,267
Interest expense
Net interest income
Provision (reverse) for loan losses
Noninterest income
Noninterest expenses
Income tax expense
Net income
PER SHARE DATA
4,335
77,137
(4,596)
18,434
43,208
16,856
13,572
66,189
13,219
11,740
41,699
6,836
23,911
69,034
4,237
11,869
42,315
10,243
17,951
65,748
1,231
10,454
40,226
10,444
10,097
55,170
1,827
13,894
35,895
14,939
$ 40,103
$ 16,175
$ 24,108
$ 24,301
$ 16,403
Book value per common share at year end
$ 17.24
$ 15.19
$ 14.44
$ 13.16
$ 10.60
Basic earnings per common share
Diluted earnings per common share
2.66
2.62
1.05
1.04
1.52
1.49
1.69
1.65
1.22
1.21
Weighted-average shares outstanding - basic
15,017,637
15,384,231
15,873,383
14,397,075
13,408,030
Weighted-average shares outstanding - diluted
15,253,820
15,448,892
16,172,282
14,691,370
13,540,293
Shares of common stock outstanding
14,865,825
15,385,878
15,707,016
15,977,754
13,417,899
* includes loans held-for-sale
Net Loans*
$ in millions
7
4
7
1
$
,
9
5
5
1
$
,
1
3
3
1
$
,
8
3
4
1
$
,
3
8
1
1
$
,
2017
2018
2019
2020
2021
* Includes loans held for sale
Total Assets
$ in millions
0
5
1
2
$
,
3
2
9
1
$
,
7
9
6
1
$
,
6
4
7
1
$
,
2
4
4
1
$
,
2017
2018
2019
2020
2021
Net Income
$ in thousands
3
0
1
0
4
$
,
1
0
3
4
2
$
,
,
8
0
1
4
2
$
,
3
0
4
6
1
$
5
7
1
6
1
$
,
2017
2018
2019
2020
2021
Total Deposits
$ in millions
7
6
8
1
$
,
5
9
5
1
$
,
4
4
4
1
$
,
9
7
4
1
$
,
2
5
2
1
$
,
2017
2018
2019
2020
2021
Financial
Highlights
2021 • ANNUAL REPORT / 08
2021 • ANNUAL REPORT / 09
Corporate Information
Branches & Loan Production Offices
Board of Directors
Executive Officers
Corporate Offices
Regional Offices
Shareholder Information
Branches
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
Janice Chung
President & CEO
BIC Technologies Group
Sarah Jun
Attorney
Law Offices of Sarah Jun, Inc.
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
Brian Bang
Executive Vice President
& Chief Credit Officer
David W. Kim
Executive Vice President
& Chief Banking Officer
John Ju
Executive Vice President
& Chief Lending Officer
Justin Chon
Executive Vice President
& Chief Consumer Lending Officer
Michael A. Kwon
Senior Vice President
& Chief Technology 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 409
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
Warehouse Lending Division
3550 George Busbee Pkwy.
Kennesaw, GA 30144
425.519.3736
• Joy Beam-Bums
Senior Vice President & 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
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
Cerritos
17709 Pioneer Blvd.
Artesia, CA 90701
562.207.3060
• Woo Young Choung
Senior Vice President & OC Regional Manager
Little Tokyo
333 S. Alameda St., Suite 109
Los Angeles, CA 90013
213.694.4360
• Michael Cho
Senior Vice President & Branch Manager
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
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
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
Loan Production Offices
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
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
Georgia LPO
11555 Medlock Bridge Rd., Suite 100
Johns Creek, GA 30097
678.458.4420
• Karl Chang
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
Los Angeles LPO
3701 Wilshire Blvd., Suite 310
Los Angeles, CA 90010
213.210.2027
• Peter Han
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
2021 • ANNUAL REPORT / 10
2021 • ANNUAL REPORT / 11
Kijun Ahn
Project Manager
Moffatt & Nichol
Daniel Cho
President & CEO
Maya Tech.
Board
Board
of
of
Directors
Directors
Haeyoung Cho
Former President & CEO
PCB Bancorp & Pacific City Bank
Branches &
Loan Production Office
(As of March 31, 2022)
• Washington Bellevue LPO
Sarah Jun
Attorney
Law Offices of Sarah Jun, Inc.
Sang Young Lee
Chairman of the Board
President & CEO
Lee’s Gold &
Diamond Import, Inc.
Don Rhee
President & CEO
Active USA, Inc.
Henry Kim
President & Chief Executive Officer
PCB Bancorp & Pacific City Bank
Hong Kyun “Daniel” Park
Partner
KNP, LLP
Janice Chung
President & CEO
BIC Technologies Group
• Denver LPO
• Chicago LPO
• Bayside, New York
• Englewood Cliffs,
New Jersey
• Virginia LPO
The complete PCB 2021 Form 10-K is
saved in the attached USB
(64GB USB)
• 11 Southern
California Branches
• Los Angeles LPO
• Orange County LPO
• Texas LPO
• Georgia LPO
2021 • ANNUAL REPORT / 12
2021 • ANNUAL REPORT / 13
3701 Wilshire Blvd., Suite 900, Los Angeles, CA 90010
Tel: (213)210-2000 / www.paccitybank.com