PCB Bancorp reported net income available to common shareholders of $6.7 million, or $0.46 per diluted common share, for the fourth quarter of 2024. This represents a 10.5% decrease from the previous quarter but a 13.1% increase from the year-ago quarter.
For the full year 2024, net income available to common shareholders was $25.0 million, or $1.74 per diluted common share, which is an 18.7% decrease compared to $30.7 million, or $2.12 per diluted common share, for the full year 2023.
Net interest income for Q4 2024 was $23.2 million, a 2.0% increase from the previous quarter and a 5.7% increase from the year-ago quarter. The efficiency ratio improved to 53.02% from 57.63% in the prior quarter, indicating continued cost management.
The provision for credit losses significantly increased to $2.0 million in Q4 2024 from $50 thousand in Q3 2024, primarily due to an increase in loans held-for-investment. Total assets grew to $3.06 billion, a 6.0% increase from September 30, 2024, with loans held-for-investment reaching $2.60 billion and total deposits increasing to $2.62 billion.
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