PCB Bancorp announced net income available to common shareholders of $7.5 million, or $0.52 per diluted common share, for the third quarter of 2024. This represents a 21.6% increase from the previous quarter and a 6.3% increase from the year-ago quarter, demonstrating solid growth in profitability.
The company's net interest income rose to $22.7 million in Q3 2024, marking a 4.5% increase from the prior quarter and a 1.2% increase year-over-year. This growth was supported by a 0.8% increase in the loan balance to $2.5 billion and a 2.2% increase in deposits to $2.5 billion.
PCB Bancorp also reported an improved efficiency ratio of 57.63% for the quarter, down from 62.65% in the previous quarter, indicating better cost control. The Board of Directors declared a quarterly cash dividend of $0.18 per common share, payable on or about November 15, 2024, to shareholders of record as of November 8, 2024.
The provision for credit losses was $50 thousand for the quarter, a significant decrease from $259 thousand in the previous quarter and $751 thousand in the year-ago quarter. This reflects a more favorable assessment of credit risk during the period. The Federal Open Market Committee decreased the Fed Funds rate by 50 basis points on September 18, 2024, which influenced the weighted-average contractual rates on variable rate loans.
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