3701 Wilshire Blvd., Suite 900, Los Angeles, CA 90010 Tel: (213)210-2000 / www.mypcbbank.com ANNUAL REPORT 2023 SINCE 2003 SINCE 2003 A N N I V E R S A R Y A N N I V E R S A R Y 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 seven 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. 20 YEARS Anniversary As we celebrate 20 years of impact, We can look to our future together. 2023 • ANNUAL REPORT / 01 In September 2023, we celebrated our 20th anniversary of serving the financial needs of our customers and communities that we operate in. Sang Young Lee Chairman of the Board 2023 • ANNUAL REPORT / 02 We are bankers connecting people with their dreams. Dear Shareholders: 2023 was marked with significant challenges to the banking industry that included the unforeseen failures of three high-profile regional banks, the run-up of interest rates by the Fed to address the high inflation rate, and the geopolitical turmoil in Ukraine and the Middle East. Notwithstanding these challenges, we are proud of our bank’s resiliency and our resolve to keep delivering beyond our customers’ expectations and supporting the needs of the communities we serve as their trusted business partner. By working together as a single unit, the PCB team accomplished numerous achievements in 2023 that we believe pave a path for continued progress on our strategic initiatives and provide a solid platform from which our bank will be able to navigate through the uncertainties in the years ahead: • New Vision and Mission Statements: After much deliberation, we unveiled our new Vision Statement of “We are bankers connecting people with their dreams” and Mission Statements “Focusing on partnering with our business clients,” “Cultivating and empowering our employees,” and “Being a responsible corporate citizen in building the communities we serve”. • 20‐year Anniversary Celebration: In September 2023, we celebrated our 20th anniversary of serving the financial needs of our customers and communities that we operate in. 2023 • ANNUAL REPORT / 03 Henry Kim President & Chief Executive Officer • New and Improved Bank Website: In December 2023, we rolled The participation of nearly 40% of our teammates is a testament to out a completely upgraded website with improved usability our employees’ embracement of this corporate mission. and advanced features that enhance the user experience and provide swift, pertinent information. Despite several years of pandemic-related turbulence, our strong • Upgraded Core System: Our new core system conversion the ongoing uncertainties in the macroeconomic environment. We is scheduled for 2024 and will continue to strengthen our are prepared to confront the challenges of moderated asset growth balance sheet and robust capital levels position us well to navigate technology infrastructure with greater capabilities designed to improve the user experience and deliver enhanced banking services to both our commercial and retail customers. This significant investment underscores our commitment to consistently improve upon our digital banking platform. • Double‐Digit Growth in Loans and Deposits: Our loans outstanding balance increased $260 million year-over-year, or 12.6%, to $2.33 billion, and our total expectations and prolonged elevated inflation. In spite of the prevailing economic sentiment, we will remain vigilant and proactive in tackling the challenged and extremely competitive market conditions in the coming years. With that in mind, we summarize our key strategic initiatives as follows: • Talent Development and Retention: Our track record over the past 20 years has proven that the foundation of success rests on a talented team of individuals working deposits increased $306 million, or 14.9%, to $2.35 billion at in unison to build a formidable bank franchise. We will continue to year-end 2023, all the while we maintained strong asset quality develop the talent of our teammates and augment our programs for and robust capital ratios. professional growth and personal success. • Commitment to Community Service: One of our missions is to • Total Relationship Banking: One of our missions is to “Partner with our “Build strong and thriving communities together by embracing business clients for success by providing total relationship banking”. our corporate and social responsibilities”. In 2023, the PCB Our focus is to build great business banking client relationships team provided more than 1,000 hours of community service. based on trust over the long run, meeting all their banking needs, 2023 • ANNUAL REPORT / 04 2023 • ANNUAL REPORT / 05 20 YEARS Anniversary PCB Bank is a Los Angeles-based bank, California state-chartered in 2003 by a small team of Korean Americans with expertise in business banking. and mutually benefiting by prospering together. Statement. “We are bankers connecting people with their dreams” is more than a simple cliché. Our Vision Statement is our commitment • Middle-Market Customer Growth: We will capitalize on our and a promise we make to our community, valued customers, asset growth, enhanced technology platform, and strong and shareholders. We are committed to instilling it as our core corporate brand image to expand our services to middle-market professional value and to firmly ingrain it as part of our corporate companies and to penetrate more subsidiaries of Korean national culture. conglomerates operating in the United States. We believe our new Core system conversion scheduled for 2024 with improved Time-after-time, we have proven our ability to effectively adapt online banking platform and cash management capabilities will to rapidly changing conditions and capitalize on new and unique better enable us to capture and retain such valuable customers. opportunities with the ultimate goal of better serving our customers • Technology and Risk Management: We will continue to prudently invest in technologies to enhance our digital On behalf of our Board of Directors and employees, thank you for infrastructure and in-training to improve our operational your continued support, trust, and confidence in PCB as we continue efficiencies and to better enable us to timely detect and mitigate our journey to a greater tomorrow. and maximizing the value for our shareholders. risks to our franchise. In addition to our new Core system upgrade, we expect other planned automation, cybersecurity and regulatory-related technology tools will lead to process improvements and strengthened risk management capabilities. Sincerely, • Geographic Market Expansion: Although we expect to moderate our expansion into new markets in the near term relative to our more recent history due to the uncertain market conditions, we will not relent on our strategic expansion into those markets where we already have a presence through loan production offices. In closing, we want to emphasize our thoughts on our new Vision Sang Young Lee Chairman of the Board Henry Kim President & Chief Executive Officer Left to Right Andrew Chung Executive Vice President & Chief Risk Officer, David W. Kim Executive Vice President & Chief Banking Officer, Henry Kim President & Chief Executive Officer, Timothy Chang Executive Vice President & Chief Financial Officer 2023 • ANNUAL REPORT / 06 2023 • ANNUAL REPORT / 07 Financial Highlights AS OF OR FOR THE YEARS ENDED DECEMBER 31, Financial Highlights (dollars in thousands except share and per share data) 2023 2022 2021 2020 2019 (dollars in thousands except share and per share data) 2023 2022 2021 2020 2019 PER SHARE DATA BALANCE SHEET DATA Total assets $ 2,789,506 $ 2,420,036 $ 2,149,735 $ 1,922,853 $ 1,746,328 Net loans * Total deposits 2,301,074 2,043,932 1,746,850 1,559,047 1,438,426 2,351,612 2,045,983 1,867,134 1,594,851 1,479,307 Shareholders’ equity 348,872 335,442 256,286 233,788 226,834 STATEMENT OF INCOME DATA Interest income $ 151,177 $ 101,751 $ 81,472 $ 79,761 $ 92,945 Interest expense Net interest income Provision (reverse) for loan losses Noninterest income Noninterest expenses Income tax expense 62,673 12,119 4,335 88,504 89,632 (132) 10,683 56,057 12,557 3,602 14,499 51,126 14,416 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 Net income $ 30,705 $ 34,987 $ 40,103 $ 16,175 $ 24,108 (In Millions) , 0 9 7 2 0 $ 2 4 2 0 $ 5 1 2 $ , , 3 2 9 1 $ , 6 4 7 1 $ , Book value per common share at year end $ 24.46 $ 22.94 $ 17.24 $ 15.19 $ 14.44 Tangible common equity per common share ** $ 19.62 $ 18.21 $ 17.24 $ 15.19 $ 14.44 Basic earnings per common share Diluted earnings per common share 2.14 2.12 2.35 2.31 2.66 2.62 1.05 1.04 1.52 1.49 Weighted-average shares outstanding - basic 14,301,691 14,833,191 15,017,637 15,384,231 15,873,383 Weighted-average shares outstanding - diluted 14,417,938 15,076,348 15,253,820 15,448,892 16,172,282 Shares of common stock outstanding 14,260,440 14,625,474 14,865,825 15,385,878 15,707,016 * 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. (In Millions) (In Millions) (In Thousands) , 7 6 8 1 5 $ 9 5 1 $ , 9 7 4 1 $ , 2 5 3 2 $ , 6 4 0 2 $ , 1 0 3 2 $ , 4 4 0 2 $ , 7 4 7 1 $ , 9 5 5 1 $ , 8 3 4 1 $ , 3 0 1 0 4 $ , , 7 8 9 4 3 $ 5 0 7 0 3 $ , 8 0 1 4 2 $ , , 5 7 1 6 1 $ 2019 2020 2021 2022 2023 Total Aseet 2023 • ANNUAL REPORT / 08 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Total Deposit Net Loans* Net Income 2023 • 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 Don Rhee President & CEO Active USA, Inc. 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. Haeyoung Cho Former President & CEO PCB Bancorp & PCB Bank Janice Chung President & CEO BIC Technologies Group Kijun Ahn Former Project Manager Moffatt & Nichol Henry Kim President & Chief Executive Officer PCB Bancorp & PCB Bank 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 Former Project Manager Moffatt & Nichol Sang Young Lee Chairman of the Board President & CEO Lee’s Gold & Diamond Import, 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 Aragon Executive Vice President & Chief Information Officer John Ju Executive Vice President & Chief Lending Officer Justin Chon Executive 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 Commercial Loan Center 3701 Wilshire Blvd., Suite 600 Los Angeles, CA 90010 213.210.2069 • Brian Kim Senior Vice President & Manager Residential Mortgage Center 3701 Wilshire Blvd., Suite 600 Los Angeles, CA 90010 213.355.8899 • Jay Lee Senior Vice President & Manager SBA Department 3701 Wilshire Blvd., Suite 600 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 Mortgage Warehouse Lending Department 3550 George Busbee Pkwy., NW Suite 110 Kennesaw, GA 30144 770.212.3020 • Joy Beam-Bums Senior Vice President & Manager Regional Offices Regional Office- Los Angeles 3701 Wilshire Blvd., Suite 600 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 Shareholder Information Independent Public Accountant Crowe LLP Sherman Oaks, CA 91403 Registar and Transfer Agent Computershare Canton, MA Legal Counsel SheppardMullin San Francisco, CA Listing of Common Stock PCB Bancorp’s common stock is traded on the Nasdaq. Its symbol is “PCB”. 2023 • ANNUAL REPORT / 10 2023 • ANNUAL REPORT / 11 • Washington LPO • Colorado LPO • 11 Southern California Branches - Buena Park - Cerritos - Downtown Fashion District - Fullerton - Irvine - Little Tokyo - Olympic - Rowland Heights - Torrance - Western - Wilshire • Los Angeles LPO • Orange County LPO • 1 New York Branch - Bayside •2 New Jersey Branches - Englewood Cliffs - Palisades Park • Virginia LPO • 2 Texas Branches - Carrolltonk - Dallas • Texas LPO • Georgia LPO Branches & Loan Production Offices Broader branch network and convenient services 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 • Yun Hee Kang 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 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 Loan Production Offices Colorado LPO 7887 East Belleview Ave., Suite 1100 Denver, CO 80111 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 600 Los Angeles, CA 90010 213.210.2027 • Peter Han Senior Vice President & Manager Bayside 220-34 Northern Blvd. Bayside, NY 11361 347.220.0001 • Jennifer Kim First Vice President & Branch 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 • Chloe Lee First Vice President & Deputy Branch Manager Texas Carrollton 2630 Old Denton Rd., Suite 120 Carrollton, TX 75007 469.557.8330 • Young Hoon Kim Vice President & Branch Manager Dallas 2144 Royal Ln., Suite 102 Dallas, TX 75229 214.550.7660 • Lois Kim Senior Vice President & Texas Regional Manager Orange County LPO 13140 Yale Ave. Irvine, CA 92620 714.263.1810 • Taeho Kim Senior Vice President & Manager Texas LPO 2630 Old Denton Rd., Suite 100 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 The complete PCB 2023 Form 10-K is saved in the attached USB (64GB USB) Branches & Loan Production Office 2023 • ANNUAL REPORT / 12 2023 • ANNUAL REPORT / 13