PCB Bancorp reported net income available to common shareholders of $7.7 million, or $0.53 per diluted common share, for the first quarter of 2025. This represents a 15.1% increase from the previous quarter and a 64.2% increase from the year-ago quarter.
The company achieved a net interest income of $24.3 million, up 4.8% sequentially and 15.6% year-over-year, with the net interest margin expanding to 3.28%. The efficiency ratio improved to 53.88% from 53.02% in the prior quarter and 68.29% in the year-ago quarter, reflecting enhanced operational efficiency.
Total assets grew to $3.18 billion, a 3.9% increase from December 31, 2024, driven by a 3.7% increase in loans held-for-investment to $2.73 billion and a 3.8% increase in deposits to $2.71 billion. The provision for credit losses was $1.6 million, a decrease from the previous quarter but an increase from the year-ago quarter.
However, the company disclosed an identified material weakness in internal control over financial reporting related to the evaluation of unusual or infrequent derivative contracts. This weakness led management to conclude that disclosure controls and procedures were ineffective as of March 31, 2025, which is a significant concern for financial reporting integrity.
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