2022
ANNUAL REPORT
3701 Wilshire Blvd., Suite 900, Los Angeles, CA 90010
Tel: (213)210-2000 / www.mypacbank.com
New Name
PEOPLE
We invest in each customer’s
unlimited possibilties
and vision
COMMUNITY
We are rooted in our community.
We embrace our responsibilities as
a member of the community.
BUSINESS
we design our products and services
to help our customers achieve their
business goals in the ever-changing
financial environments.
2022 • ANNUAL REPORT / 01
2022 • ANNUAL REPORT / 01
Company Profile
PCB Bank Headquarters
PCB Bancorp (“PCB”) is the parent company of PCB 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 16
branch locations, 11 full-service branches in Los Angeles
and Orange counties, California, three full-service branches
on the East Coast (Bayside, New York, and Englewood
Cliffs and Palisade Park, New Jersey), two full-service
branches in Texas (Carrollton and Dallas), as well as nine
loan production offices (“LPOs”) in six states serving a
diverse ethnic background. The Bank is one of the leading
banks in the Korean-American community.
Dear Shareholders:
Year 2022 has been a busy and challenging time for all of us. In spite of the
lingering aftermath of the global pandemic and recent turmoil in the regional
banking sector, we are pleased to share some of our notable accomplishments
we achieved during the year.
• Recognition as the Best Performing Bank – In 2022, PCB was recognized as the
#1 performing bank among the 300 largest publicly-traded banks in the U.S. by
BankDirector based on our overall fiscal year 2021 performance.
• Rebranding – We unveiled our new name “PCB BANK” along with a new logo.
Our former name “Pacific City Bank” served its purpose over the past 19 years,
but given our strategic plans to expand in multiple states and go beyond our
current marketplaces, we believed it was the optimal time to demonstrate our
commitment to “People, Community, and Business banking” and expand
beyond our West Coast footprint.
• Strong Financial Performance - We earned a $35.0 million, or $2.31 per diluted
share, for 2022, and our return on assets was 1.54%. Our total assets increased
by $270.3 million, or 12.6%, to $2,420.0 million and our deposits increased by
2022 • ANNUAL REPORT / 02
2022 • ANNUAL REPORT / 03
Left to Right Justin Chon Executive Vice President & Chief Consumer Lending Officer, Andrew Chung Executive Vice President, Chief Risk Officer & Corporate Secretary, David W. Kim Executive Vice
President & Chief Banking Officer, John Ju Executive Vice President & Chief Lending Officer, Henry Kim President & Chief Executive Officer, Michael A. Kwon Senior Vice President & Chief Technology
Officer, Mimi Lee Senior Vice President & Chief Operations Administrator , Timothy Chang Executive Vice President & Chief Financial Officer, Brian Bang Executive Vice President & Chief Credit Officer
We have never wavered on our pledge to strive for the success of our clients,
be socially responsible to the communities in our marketplace, invest generously
in the resources to better serve our customers, and always make decisions that
benefit our shareholders in the long term.
$178.8 million, or 9.6%, to $2,046.0 million, and our net loan
This has increased our Bank’s Total Capital to Risk-Weighted
portfolio increased by $311.3 million, or 18.2%, to $2,021.1 million.
Assets ratio to 17.5%, a robust position that is providing
assurances to our deposit customers who are concerned from
• Full-Service Branch Expansion – After opening our second
the recent instability surrounding certain regional banks. This
New Jersey branch in Palisades Park in August, we entered
additional level of substantial capital buffer will help us safely
the Texas market with two new full-service branches; one in
navigate through turbulent economic periods and provide us
Dallas and the other in Carrollton.
with significant growth opportunities during and after such
• Establishment of Mortgage Warehouse Lending Division in
economic downturn.
Georgia – We launched a new mortgage warehouse lending
• Social Responsibility to Our Community – In addition to the
division in Georgia that specializes in providing credit to home
numerous volunteering hours we have generously contributed
mortgage lenders nationwide. In spite of the recent slowdown
to our community, we awarded $75,000 in scholarships to 25
in overall home mortgage volume, we experienced a steady
students to assist them in their pursuit of higher education.
increase in lending activity in this new division. When the
This was our 5th continuous year of generously awarding
cycles of home mortgage market improve, we anticipate this
scholarships to such qualified and well deserving students.
division will take full advantage of improving market conditions
in the coming years.
2023 is expected to be another difficult and challenging year
for us. In fact, most economists are predicting some level of a
• Robust Capital Levels – In May 2022, we received $69.1
recession. It is rather difficult for us to disagree with such an
million in new capital from the holding company, as part of the
assessment based on the economic indicators. However, based
U.S. Treasury’s Emergency Capital Investment Program (“ECIP”).
on our solid balance sheet and robust capital levels, we believe that
(Left to Right) Sang Young Lee Chairman of the Board / Henry Kim President & Chief Executive Officer
2022 • ANNUAL REPORT / 04
2022 • ANNUAL REPORT / 05
PCB Bancorp
1st Rank
In 2022, BankDirector selected
“PCB Bancorp” as the 1st Rank.
Over the years, our dedicated and resilient PCB
professional members have repeatedly proven to
quickly adapt to changing circumstances and rise
above difficult challenges.
the difficult challenges ahead may provide us with
a strong relationship banking philosophy will remain
unique opportunities to take advantage of and
absolutely critical during these times, and it will be
elevate us to the next level by uncovering rare and
more than ever obvious that community banks
outstanding business prospects our competitors
with a solid diversified relationship banking
may be unable to see.
platform will continue to flourish.
With inflation reaching its highest levels of the
The rising interest rates will drive our net interest
past 40 years, the Fed has implemented a series
margins higher over the long term, but the current
of aggressive interest rate hikes from 2022 as a
economic uncertainty and the extraordinary speed
measure to slow the economy and bring inflation
of rate hikes will pressure our margins in the short
under control. With such a dreary backdrop, we will,
term. To remain competitive and thrive in this
more than ever, be disciplined, methodical, and
economic environment, we will continue to focus
decisive in executing our 2023 strategic initiatives.
on adopting the latest technology and financial
innovations to stay ahead of our competition, to
In times of economic uncertainties and growing
improve efficiencies from automations, and to
pessimistic outlook, we will be vigilant and remain
enhance our digital capabilities.
proactive
in monitoring our
loan portfolio to
maintain our exceptional asset quality. Maintaining
The successful execution of our strategic initiatives
Palisades Park, Dallas,
Carrollton Branch
Opening We will provide
more convenient services
through a wider branch network.
The global pandemic and the recent turmoil in the regional banking
sector has brought out the best in PCB. We are stronger now than
before the start of the pandemic.
largely depends on our dedicated employees.
regional banking sector has brought out the best
Over the years, our dedicated and resilient PCB
in PCB. We are stronger now than before the start
professional members have repeatedly proven to
of the pandemic. We have never wavered on our
quickly adapt to changing circumstances and rise
pledge to strive for the success of our clients, be
above difficult challenges. We take great pride in
socially responsible to the communities in our
the tenacious characteristics of our employees
marketplace, invest generously in the resources
and corporate culture that promotes the spirit of
to better serve our customers, and always make
teamwork to provide the exceptional customer
decisions that benefit our shareholders in the long
experience. This has separated us from our
term.
competitors. We will continue to invest in our
people by attracting and retaining talented
On behalf of our Board of Directors and employees,
professionals and challenge all of our employees
thank you for your continued support, trust, and
to be diligent and persistent in the pursuit of
confidence in PCB.
improving professional skills and subject matter
expertise to respond quickly with creative and
Sincerely,
flexible solutions in satisfying all of our customers’
financial needs.
The global pandemic and the recent turmoil in the
Sang Young Lee
Chairman of the Board
Henry Kim
President & Chief Executive Officer
Scholarship
Awarded
Scholarships are awarded along
with community development.
2022 • ANNUAL REPORT / 06
2022 • ANNUAL REPORT / 07
Financial Highlights
AS OF OR FOR THE YEARS ENDED DECEMBER 31,
(dollars in thousands except share and per share data)
2022
2021
2020
2019
2018
BALANCE SHEET DATA
Total assets
$ 2,420,036 $ 2,149,735 $ 1,922,853 $ 1,746,328
$ 1,697,028
Net loans *
Total deposits
2,043,932
1,746,850
1,559,047
1,438,426
1,331,296
2,045,983
1,867,134
1,594,851
1,479,307
1,443,753
Shareholders’ equity
335,442
256,286
233,788
226,834
210,296
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2018
2019
2020
2021
2022
Total Aseet
2018
2019
2020
2021
2022
2018
2019
2020
2021
2022
2018
2019
2020
2021
2022
Total Deposit
Net Loans*
Net Income
Financial Highlights
AS OF OR FOR THE YEARS ENDED DECEMBER 31,
(dollars in thousands except share and per share data)
2022
2021
2020
2019
2018
STATEMENT OF INCOME DATA
Interest income
$ 101,751
$ 81,472
$ 79,761
$ 92,945
$ 83,699
Interest expense
Net interest income
Provision (reverse) for loan losses
Noninterest income
Noninterest expenses
Income tax expense
12,119
89,632
3,602
14,499
51,126
14,416
4,335
13,572
77,137
(4,596)
18,434
43,208
16,856
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
Net income
$ 34,987
$ 40,103
$ 16,175
$ 24,108
$ 24,301
PER SHARE DATA
Book value per common share at year end
$ 22.94
$ 17.24
$ 15.19
$ 14.44
$ 13.16
Tangible common equity per common share ** $ 18.21
$ 17.24
$ 15.19
$ 14.44
$ 13.16
Basic earnings per common share
Diluted earnings per common share
2.35
2.31
2.66
2.62
1.05
1.04
1.52
1.49
1.69
1.65
Weighted-average shares outstanding - basic
14,822,018
15,017,637
15,384,231
15,873,383
14,397,075
Weighted-average shares outstanding - diluted
15,065,175
15,253,820
15,448,892
16,172,282
14,691,370
Shares of common stock outstanding
14,625,474
14,865,825
15,385,878
15,707,016
15,977,754
* includes loans held-for-sale
** Non-GAAP ratio. See See “Non-GAAP Measures” in the accompanying Annual Report on Form 10-K for reconciliation of this measure to its most comparable GAAP measure.
2022 • ANNUAL REPORT / 08
2022 • ANNUAL REPORT / 09
Sang Young Lee
Chairman of the Board
President & CEO
Lee’s Gold & Diamond Import, Inc.
Daniel Cho
President & CEO
Maya Tech.
Daniel Park
Partner
KNP, LLP
Branches &
Loan Production Offices
Broader branch network and
convenient services
Board
of
Directors
PCB Bancorp’s Board of Directors is supported
by a distinguished group of leaders and
corporate professionals from various market
sectors and industry groups.
Don Rhee
President & CEO
Active USA, Inc.
Haeyoung Cho
Former President & CEO
PCB Bancorp & PCB Bank
Janice Chung
President & CEO
BIC Technologies Group
Kijun Ahn
Project Manager
Moffatt & Nichol
Henry Kim
President & Chief Executive Officer
PCB Bancorp & PCB Bank
• 1 New York Branch
- Bayside
•2 New Jersey Branches
- Englewood Cliffs
- Palisades Park
• Virginia LPO
The complete PCB
2022 Form 10-K is
saved in the
attached USB
(64GB USB)
• Colorado LPO
• 2 Texas Branches
- Carrolltonk
- Dallas
• Texas LPO
• Georgia LPO
• Washington LPO
• Los Angeles LPO
• Orange County LPO
• 11 Southern
California Branches
- Buena Park
- Cerritos
- Downtown Fashion District
- Fullerton
- Irvine
- Little Tokyo
- Olympic
- Rowland Heights
- Torrance
- Western
- Wilshire
2022 • ANNUAL REPORT / 10
2022 • ANNUAL REPORT / 11
Board of Directors
Executive Officers
Corporate Offices
Daniel Cho
President & CEO
Maya Tech.
Daniel Park
Partner
KNP, LLP
Don Rhee
President & CEO
Active USA, Inc.
Haeyoung Cho
Former President and CEO
PCB Bancorp & PCB Bank
Henry Kim
President & Chief Executive Officer
PCB Bancorp & PCB Bank
Janice Chung
President & CEO
BIC Technologies Group
Kijun Ahn
Project Manager
Moffatt & Nichol
Sang Young Lee
Chairman of the Board
President & CEO
Lee’s Gold & Diamond Import, Inc.
Sarah Jun
Attorney
Law Offices of Sarah Jun, Inc.
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
Commercial Loan Center
3701 Wilshire Blvd., Suite 409
Los Angeles, CA 90010
213.210.2069
• Brian Kim
Senior Vice President & Manager
Consumer Loan Department
3701 Wilshire Blvd., Suite 409
Los Angeles, CA 90010
213.210.2077
• Joon Hee Lee
Senior Vice President & Manager
Residential Mortgage Center
3701 Wilshire Blvd., Suite 401
Los Angeles, CA 90010
213.355.8899
• Jay Lee
Senior Vice President & Manager
SBA Department
3701 Wilshire Blvd., Suite 310
Los Angeles, CA 90010
213.210.2070
• Eunice Kwak
Senior Vice President & Manager
Trade Finance Department
777 E. 12th St., Suite 200
Los Angeles, CA 90021
213.210.2025
• Yoo Sun Song
First Vice President & Trade Finance
Operations Officer
Corporate
Information
Regional Offices
Shareholder Information
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”.
Regional Office- Los Angeles
3701 Wilshire Blvd., Suite 650
Los Angeles, CA 90010
213.201.5405
• Michael Kang
Senior Vice President &
LA Regional Manager
Regional Office- Orange County
17100 Pioneer Blvd., Suite 440
Artesia, CA 90701
562.207.3060
• Woo Young Choung
Senior Vice President &
OC Regional Manager
Mortgage Warehouse Lending
Department
3550 George Busbee Pkwy., NW Suite 110
Kennesaw, GA 30144
770.212.3020
• Joy Beam-Bums
Senior Vice President & Manager
Englewood Cliffs
45-47 Sylvan Ave.
Englewood Cliffs, NJ 07632
201.849.6000
• Jungwhan Ryu
Senior Vice President &
NJ/NY Regional Manager
Palisades Park
201 Broad Ave., Suite 1S
Palisades Park, NJ 07650
201.849.4240
• Marie Lee
First Vice President & Branch Manager
Texas
Carrollton
2630 Old Denton Rd., Suite 120
Carrollton, TX 75007
469.557.8330
• Young Hoon Kim
Assistant Vice President & Deputy
Branch Manager
Dallas
2144 Royal Ln., Suite 102
Dallas, TX 75229
214.550.7660
• Lois Kim
Senior Vice President & Texas
Regional Manager
Branches
California
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
• Woo Young Choung
Senior Vice President & OC 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
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
• Michael Cho
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
Torrance
21303 Hawthorne Blvd.
Torrance, CA 90503
310.755.6900
• Joanne Oh
Senior Vice President & Branch Manager
Western
450 S. Western Ave., Suite 213
Los Angeles, CA 90020
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
New York/New Jersey
Bayside
220-34 Northern Blvd.
Bayside, NY 11361
347.220.0001
• Jennifer Kim
First Vice President & Branch Manager
Branches &
Loan Production
Offices
Texas LPO
2625 Old Denton Rd., Suite 404-A
Carrollton, TX 75007
214.908.8638
• Simon Lee
Senior Vice President & Manager
Virginia LPO
4000 Legato Rd., Suite 1100
Fairfax, VA 22033
703.314.0301
• Yong Jae Park
Senior Vice President & Manager
Washington LPO
14205 SE 36th St., Suite 100
Bellevue, WA 98006
425.519.3736
• Steven Yang
Senior Vice President & Manager
Loan Production Offices
Colorado LPO
2851 S. Parker Rd., Suite 540
Aurora, CO 80014
303.905.1181
• Kelvin Huh
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
678.541.3333
• Seikeun Ahn
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
Orange County LPO
13140 Yale Ave.
Irvine, CA 92620
714.263.1810
• Taeho Kim
Senior Vice President & Manager
2022 • ANNUAL REPORT / 12
2022 • ANNUAL REPORT / 13
3701 Wilshire Blvd., Suite 900, Los Angeles, CA 90010
Tel: (213)210-2000 / www.mypacbank.com