PCB Bancorp Reports Earnings for Q3 2024

LOS ANGELES–(BUSINESS WIRE)–PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of PCB Bank (the “Bank”), today reported net income available to common shareholders of $7.5 million, or $0.52 per diluted common share, for the third quarter of 2024, compared with $6.1 million, or $0.43 per diluted common share, for the previous quarter and $7.0 million, or $0.49 per diluted common share, for the year-ago quarter.

Q3 2024 Highlights

• Net income available to common shareholders totaled $7.5 million, or $0.52 per diluted common share;
• Recorded a provision for credit losses of $50 thousand for the current quarter compared with $259 thousand for the previous quarter and $751 thousand for the year-ago quarter;
• Allowance for Credit Losses (“ACL”) on loans to loans held-for-investment ratio was 1.17% at September 30, 2024 compared with 1.17% at June 30, 2024, 1.19% at December 31, 2023 and 1.18% at September 30, 2023;
• Net interest income was $22.7 million for the current quarter compared with $21.7 million for the previous quarter and $22.4 million for the year-ago quarter. Net interest margin was 3.25% for the current quarter compared with 3.16% for the previous quarter and 3.57% for the year-ago quarter;
• Gain on sale of loans was $750 thousand for the current quarter compared with $763 thousand for the previous quarter and $689 thousand for the year-ago quarter;
• Total assets were $2.89 billion at September 30, 2024, an increase of $36.9 million, or 1.3%, from $2.85 billion at June 30, 2024, an increase of $100.3 million, or 3.6%, from $2.79 billion at December 31, 2023 and an increase of $321.9 million, or 12.5%, from $2.57 billion at September 30, 2023;
• Loans held-for-investment were $2.47 billion at September 30, 2024, an increase of $17.1 million, or 0.7%, from $2.45 billion at June 30, 2024, an increase of $142.7 million, or 6.1% from $2.32 billion at December 31, 2023, and an increase of $298.6 million, or 13.8%, from $2.17 billion at September 30, 2023; and
• Total deposits were $2.46 billion at September 30, 2024, an increase of $53.4 million, or 2.2%, from $2.41 billion at June 30, 2024, an increase of $108.1 million, or 4.6%, from $2.35 billion at December 31, 2023, and an increase of $267.6 million, or 12.2%, from $2.19 billion at September 30, 2023.

“PCB’s third quarter was another solid quarter for us, highlighted by a 21.6% increase in net income available to common shareholders to $7.5 million that was benefited from our solid year-over-year loan growth combined with our expanded net interest margin,” said Henry Kim, President and Chief Executive Officer. “Additionally, we continue to maintain strong credit metrics, solid ACL, and robust capital ratios.”

“During the third quarter, our loan balance increased 0.8% to $2.5 billion, deposits increased 2.2% to $2.5 billion, and we maintained our ACL to loan ratio at 1.17%, while reducing our non-performing assets and classified assets to total assets ratios to 0.24% and 0.32%, respectively.”

Mr. Kim added, “As we look ahead to the fourth quarter and next year, our strategic expansion of our footprint and branch network optimizations will provide us with continued strong balance sheet growth with solid financial results.”

Financial Highlights (Unaudited)

($ in thousands, except per share data)		Three Months Ended																		Nine Months Ended
		9/30/2024				6/30/2024				% Change			9/30/2023				% Change			9/30/2024				9/30/2023				% Change
Net income		$	7,814			$	6,281			24.4	%		$	7,023			11.3	%		$	18,780			$	24,797			(24.3	)%
Net income available to common shareholders		$	7,468			$	6,139			21.6	%		$	7,023			6.3	%		$	18,292			$	24,797			(26.2	)%
Diluted earnings per common share		$	0.52			$	0.43			20.9	%		$	0.49			6.1	%		$	1.27			$	1.71			(25.7	)%
Net interest income		$	22,719			$	21,735			4.5	%		$	22,449			1.2	%		$	65,453			$	66,580			(1.7	)%
Provision (reversal) for credit losses			50				259			(80.7	)%			751			(93.3	)%			1,399				(1,830	)		NM
Noninterest income			2,620				2,485			5.4	%			2,502			4.7	%			8,050				8,180			(1.6	)%
Noninterest expense			14,602				15,175			(3.8	)%			14,207			2.8	%			46,129				41,588			10.9	%
Return on average assets (1)			1.08	%			0.89	%						1.09	%						0.88	%			1.32	%
Return on average shareholders’ equity (1)			8.70	%			7.19	%						8.12	%						7.11	%			9.77	%
Return on average tangible common equity (“TCE”) (1),(2)			10.31	%			8.75	%						10.17	%						8.61	%			12.27	%
Net interest margin (1)			3.25	%			3.16	%						3.57	%						3.17	%			3.63	%
Efficiency ratio (3)			57.63	%			62.65	%						56.94	%						62.76	%			55.63	%

($ in thousands, except per share data)		9/30/2024				6/30/2024				% Change			12/31/2023				% Change			9/30/2023				% Change
Total assets		$	2,889,833			$	2,852,964			1.3	%		$	2,789,506			3.6	%		$	2,567,974			12.5	%
Net loans held-for-investment			2,437,244				2,420,327			0.7	%			2,295,919			6.2	%			2,142,006			13.8	%
Total deposits			2,459,682				2,406,254			2.2	%			2,351,612			4.6	%			2,192,129			12.2	%
Book value per common share (4)		$	25.39			$	24.80						$	24.46						$	23.87
TCE per common share (2)		$	20.55			$	19.95						$	19.62						$	19.05
Tier 1 leverage ratio (consolidated)			12.79	%			12.66	%						13.43	%						13.76	%
Total shareholders’ equity to total assets			12.54	%			12.39	%						12.51	%						13.31	%
TCE to total assets (2), (5)			10.14	%			9.97	%						10.03	%						10.62	%

(1)		Ratios are presented on an annualized basis.
(2)		Non-GAAP. See “Non-GAAP Measures” for reconciliation of this measure to its most comparable GAAP measure.
(3)		Calculated by dividing noninterest expense by the sum of net interest income and noninterest income.
(4)		Calculated by dividing total shareholders’ equity by the number of outstanding common shares.
(5)		The Company did not have any intangible asset component for the presented periods.

Result of Operations (Unaudited)

Net Interest Income and Net Interest Margin

The following table presents the components of net interest income for the periods indicated:

		Three Months Ended																		Nine Months Ended
($ in thousands)		9/30/2024				6/30/2024				% Change			9/30/2023				% Change			9/30/2024				9/30/2023				% Change
Interest income/expense on
Loans		$	42,115			$	40,626			3.7	%		$	34,651			21.5	%		$	121,992			$	98,840			23.4	%
Investment securities			1,384				1,310			5.6	%			1,170			18.3	%			3,940				3,408			15.6	%
Other interest-earning assets			2,499				3,009			(16.9	)%			3,031			(17.6	)%			8,566				7,978			7.4	%
Total interest-earning assets			45,998				44,945			2.3	%			38,852			18.4	%			134,498				110,226			22.0	%
Interest-bearing deposits			23,057				22,536			2.3	%			16,403			40.6	%			67,560				43,437			55.5	%
Borrowings			222				674			(67.1	)%			—			NM				1,485				209			610.5	%
Total interest-bearing liabilities			23,279				23,210			0.3	%			16,403			41.9	%			69,045				43,646			58.2	%
Net interest income		$	22,719			$	21,735			4.5	%		$	22,449			1.2	%		$	65,453			$	66,580			(1.7	)%
Average balance of
Loans		$	2,456,015			$	2,414,824			1.7	%		$	2,137,184			14.9	%		$	2,413,777			$	2,102,600			14.8	%
Investment securities			147,528				141,816			4.0	%			138,993			6.1	%			143,283				141,057			1.6	%
Other interest-earning assets			175,711				213,428			(17.7	)%			219,115			(19.8	)%			201,951				206,720			(2.3	)%
Total interest-earning assets		$	2,779,254			$	2,770,068			0.3	%		$	2,495,292			11.4	%		$	2,759,011			$	2,450,377			12.6	%
Interest-bearing deposits		$	1,893,006			$	1,863,623			1.6	%		$	1,561,582			21.2	%		$	1,861,395			$	1,500,523			24.0	%
Borrowings			15,848				48,462			(67.3	)%			—			NM				35,427				5,212			579.7	%
Total interest-bearing liabilities		$	1,908,854			$	1,912,085			(0.2	)%		$	1,561,582			22.2	%		$	1,896,822			$	1,505,735			26.0	%
Total funding (1)		$	2,443,615			$	2,447,593			(0.2	)%		$	2,188,320			11.7	%		$	2,434,504			$	2,152,993			13.1	%
Annualized average yield/cost of
Loans			6.82	%			6.77	%						6.43	%						6.75	%			6.29	%
Investment securities			3.73	%			3.72	%						3.34	%						3.67	%			3.23	%
Other interest-earning assets			5.66	%			5.67	%						5.49	%						5.67	%			5.16	%
Total interest-earning assets			6.58	%			6.53	%						6.18	%						6.51	%			6.01	%
Interest-bearing deposits			4.85	%			4.86	%						4.17	%						4.85	%			3.87	%
Borrowings			5.57	%			5.59	%						—	%						5.60	%			5.36	%
Total interest-bearing liabilities			4.85	%			4.88	%						4.17	%						4.86	%			3.88	%
Net interest margin			3.25	%			3.16	%						3.57	%						3.17	%			3.63	%
Cost of total funding (1)			3.79	%			3.81	%						2.97	%						3.79	%			2.71	%
Supplementary information
Net accretion of discount on loans		$	773			$	791			(2.3	)%		$	775			(0.3	)%		$	2,137			$	2,197			(2.7	)%
Net amortization of deferred loan fees		$	246			$	339			(27.4	)%		$	226			8.8	%		$	919			$	648			41.8	%

(1)

Total funding is the sum of interest-bearing liabilities and noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

Loans. The increase in average yield for the current quarter was primarily due to a higher average loan rate throughout the current quarter, partially offset by a decrease in net amortization of deferred loan fees. The increase for the current year-to-date period was primarily due to increases in overall interest rates on loans and net amortization of deferred loan fees.

The following table presents a composition of total loans by interest rate type accompanied with the weighted-average contractual rates as of the dates indicated:

		9/30/2024						6/30/2024						12/31/2023						9/30/2023
		% to Total Loans			Weighted-Average Contractual Rate			% to Total Loans			Weighted-Average Contractual Rate			% to Total Loans			Weighted-Average Contractual Rate			% to Total Loans			Weighted-Average Contractual Rate
Fixed rate loans		18.3	%		5.06	%		18.8	%		5.04	%		21.2	%		4.86	%		22.4	%		4.75	%
Hybrid rate loans		37.6	%		5.14	%		37.2	%		5.04	%		39.0	%		4.93	%		38.8	%		4.71	%
Variable rate loans		44.1	%		8.10	%		44.0	%		8.45	%		39.8	%		8.51	%		38.8	%		8.52	%

On September 18, 2024, the Federal Open Market Committee decreased the Fed Funds rate by 50 bps and this change resulted in an overall decrease in weighted-average contractual rates on variable rate loans in September 2024.

Investment Securities. The increases in average yield for the current quarter and year-to-date periods were primarily due to higher yield on newly purchased investment securities.

Other Interest-Earning Assets. The increases in average yield for the current quarter and year-to-date period compared with the same periods of 2023 were primarily due to increases in interest rate on cash held at the Federal Reserve Bank and dividends received on Federal Home Loan Bank stock.

Interest-Bearing Deposits. The increases in average cost for the current quarter and year-to-date period compared with the same periods of 2023 were primarily due to an increase in market rates.

Provision (Reversal) for Credit Losses

The following table presents a composition of provision (reversal) for credit losses for the periods indicated:

		Three Months Ended																		Nine Months Ended
($ in thousands)		9/30/2024				6/30/2024				% Change			9/30/2023				% Change			9/30/2024				9/30/2023				% Change
Provision (reversal) for credit losses on loans		$	193			$	329			(41.3	)%		$	822			(76.5	)%		$	1,444			$	(1,438	)		NM
Provision (reversal) for credit losses on off-balance sheet credit exposure			(143	)			(70	)		104.3	%			(71	)		101.4	%			(45	)			(392	)		(88.5	)%
Total provision (reversal) for credit losses		$	50			$	259			(80.7	)%		$	751			(93.3	)%		$	1,399			$	(1,830	)		NM

The provision for credit losses on loans for the current quarter was primarily due to an increase in loans held-for-investment.

Noninterest Income

The following table presents the components of noninterest income for the periods indicated:

		Three Months Ended															Nine Months Ended
($ in thousands)		9/30/2024			6/30/2024			% Change			9/30/2023			% Change			9/30/2024			9/30/2023			% Change
Gain on sale of loans		$	750		$	763		(1.7	)%		$	689		8.9	%		$	2,591		$	2,767		(6.4	)%
Service charges and fees on deposits			399			364		9.6	%			371		7.5	%			1,141			1,084		5.3	%
Loan servicing income			786			799		(1.6	)%			851		(7.6	)%			2,504			2,579		(2.9	)%
Bank-owned life insurance income			239			236		1.3	%			187		27.8	%			703			551		27.6	%
Other income			446			323		38.1	%			404		10.4	%			1,111			1,199		(7.3	)%
Total noninterest income		$	2,620		$	2,485		5.4	%		$	2,502		4.7	%		$	8,050		$	8,180		(1.6	)%

Gain on Sale of Loans. The following table presents information on gain on sale of loans for the periods indicated:

		Three Months Ended															Nine Months Ended
($ in thousands)		9/30/2024			6/30/2024			% Change			9/30/2023			% Change			9/30/2024			9/30/2023			% Change
Gain on sale of SBA loans
Sold loan balance		$	13,506		$	13,619		(0.8	)%		$	17,697		(23.7	)%		$	46,539		$	61,592		(24.4	)%
Premium received			1,185			1,056		12.2	%			1,112		6.6	%			3,837			4,362		(12.0	)%
Gain recognized			750			763		(1.7	)%			689		8.9	%			2,591			2,767		(6.4	)%
Gain on sale of residential mortgage loans
Sold loan balance		$	676		$	—		NM			$	—		NM			$	676		$	—		NM
Gain recognized			—			—		—	%			—		—	%			—			—		—	%

Loan Servicing Income. The following table presents information on loan servicing income for the periods indicated:

		Three Months Ended										Nine Months Ended
($ in thousands)		9/30/2024		6/30/2024		% Change		9/30/2023		% Change		9/30/2024		9/30/2023		% Change
Loan servicing income
Servicing income received		$ 1,264		$ 1,318		(4.1) %		$ 1,321		(4.3) %		$ 3,875		$ 3,922		(1.2) %
Servicing assets amortization		(478)		(519)		(7.9) %		(470)		1.7 %		(1,371)		(1,343)		2.1 %
Loan servicing income		$ 786		$ 799		(1.6) %		$ 851		(7.6) %		$ 2,504		$ 2,579		(2.9) %
Underlying loans at end of period		$ 527,062		$ 527,458		(0.1) %		$ 536,424		(1.7) %		$ 527,062		$ 536,424		(1.7) %

The Company services SBA loans and certain residential property loans sold to the secondary market.

Noninterest Expense

The following table presents the components of noninterest expense for the periods indicated:

		Three Months Ended															Nine Months Ended
($ in thousands)		9/30/2024			6/30/2024			% Change			9/30/2023			% Change			9/30/2024			9/30/2023			% Change
Salaries and employee benefits		$	8,801		$	9,225		(4.6	)%		$	8,572		2.7	%		$	27,244		$	26,175		4.1	%
Occupancy and equipment			2,261			2,300		(1.7	)%			1,964		15.1	%			6,919			5,779		19.7	%
Professional fees			599			973		(38.4	)%			685		(12.6	)%			2,656			2,189		21.3	%
Marketing and business promotion			667			318		109.7	%			980		(31.9	)%			1,304			1,555		(16.1	)%
Data processing			397			495		(19.8	)%			367		8.2	%			1,294			1,159		11.6	%
Director fees and expenses			226			221		2.3	%			152		48.7	%			679			549		23.7	%
Regulatory assessments			309			327		(5.5	)%			281		10.0	%			934			818		14.2	%
Other expense			1,342			1,316		2.0	%			1,206		11.3	%			5,099			3,364		51.6	%
Total noninterest expense		$	14,602		$	15,175		(3.8	)%		$	14,207		2.8	%		$	46,129		$	41,588		10.9	%

Salaries and Employee Benefits. The decrease for the current quarter compared with the previous quarter was primarily due to decreases in bonus and vacation accruals. The increase for the current year-to-date period was primarily due to increases in salaries, bonus accrual, incentives tied to sales of SBA loans originated at loan production offices, and other employee benefits, partially offset by a decrease in vacation accrual. The number of full-time equivalent employees was 264, 265 and 270 as of September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

Occupancy and Equipment. The increases for the current quarter and year-to-date period compared with the same periods of 2023 were primarily due to an expansion of headquarters location in the second half of 2023 and a relocation of a regional office and two branches into one location in Orange County, California.

Professional Fees. During the first half of 2024, the Company incurred additional professional fees related to a core system conversion, which was completed in April 2024.

Marketing and Business Promotion. The increase for the current quarter compared with the previous quarter was primarily due to an increase in advertisements. The decrease for the current quarter and year-to-date period compared with the same periods of 2023 was primarily due to an increase in advertisements in 2023 periods for the Company’s 20th anniversary celebration.

Other Expense. The increase for the year-to-date period was primarily due to a termination charge for the legacy core system of $508 thousand and an expense of $815 thousand for a reimbursement for an SBA loan guarantee previously paid by the SBA on a loan originated in 2014 that subsequently defaulted and was ultimately determined to be ineligible for the SBA guaranty during the previous quarter. The Company has retained a law firm specializing in SBA recovery demands to seek that SBA reconsider the evidence and allow the Company to recoup all or part of the reimbursement.

Balance Sheet (Unaudited)

Total assets were $2.89 billion at September 30, 2024, an increase of $36.9 million, or 1.3%, from $2.85 billion at June 30, 2024, an increase of $100.3 million, or 3.6%, from $2.79 billion at December 31, 2023, and an increase of $321.9 million, or 12.5%, from $2.57 billion at September 30, 2023. The increases for the current quarter and year-to-date period were primarily due to increases in loans held-for-investment and other assets. During the current quarter, the Company invested $5.0 million in a qualified affordable housing project for lower income tenants in California. The recorded investment amount of the investment is included in Other Assets on the Consolidated Balance Sheets (unaudited).

Loans

The following table presents a composition of total loans (includes both loans held-for-sale and loans held-for-investment) as of the dates indicated:

($ in thousands)		9/30/2024			6/30/2024			% Change			12/31/2023			% Change			9/30/2023			% Change
Commercial real estate:
Commercial property		$	874,824		$	852,677		2.6	%		$	855,270		2.3	%		$	814,547		7.4	%
Business property			579,461			572,643		1.2	%			558,772		3.7	%			537,351		7.8	%
Multifamily			185,485			177,657		4.4	%			132,500		40.0	%			132,558		39.9	%
Construction			21,150			28,316		(25.3	)%			24,843		(14.9	)%			19,246		9.9	%
Total commercial real estate			1,660,920			1,631,293		1.8	%			1,571,385		5.7	%			1,503,702		10.5	%
Commercial and industrial			407,024			417,333		(2.5	)%			342,002		19.0	%			279,608		45.6	%
Consumer:
Residential mortgage			383,377			384,905		(0.4	)%			389,420		(1.6	)%			363,369		5.5	%
Other consumer			14,853			15,543		(4.4	)%			20,645		(28.1	)%			20,926		(29.0	)%
Total consumer			398,230			400,448		(0.6	)%			410,065		(2.9	)%			384,295		3.6	%
Loans held-for-investment			2,466,174			2,449,074		0.7	%			2,323,452		6.1	%			2,167,605		13.8	%
Loans held-for-sale			5,170			2,959		74.7	%			5,155		0.3	%			6,693		(22.8	)%
Total loans		$	2,471,344		$	2,452,033		0.8	%		$	2,328,607		6.1	%		$	2,174,298		13.7	%
SBA loans included in:
Loans held-for-investment		$	142,819		$	144,440		(1.1	)%		$	145,603		(1.9	)%		$	129,866		10.0	%
Loans held-for-sale		$	5,170		$	2,959		74.7	%		$	5,155		0.3	%		$	16,272		(68.2	)%

The increase in loans held-for-investment for the current quarter was primarily due to new funding and advances on lines of credit of $764.7 million, partially offset by pay-downs and pay-offs of $746.8 million. The increase for the current year-to-date period was primarily due to new funding and advances on lines of credit of $1.83 billion, partially offset by pay-downs and pay-offs of $1.69 billion.

The increase in loans held-for-sale for the current quarter was primarily due to new funding of $15.9 million and a loan transferred from loan held-for-investment of $676 thousand, partially offset by sales of $14.2 million, and pay-downs and pay-offs of $174 thousand. The increase for the current year-to-date period was primarily due to new funding of $48.3 million and a loan transferred from loan held-for-investment of $676 thousand, partially offset by sales of $47.2 million, and pay-downs and pay-offs of $1.8 million.

The following table presents a composition of off-balance sheet credit exposure as of the dates indicated:

($ in thousands)		9/30/2024			6/30/2024			% Change			12/31/2023			% Change			9/30/2023			% Change
Commercial property		$	3,291		$	6,309		(47.8	)%		$	11,634		(71.7	)%		$	9,827		(66.5	)%
Business property			12,441			11,607		7.2	%			9,899		25.7	%			8,388		48.3	%
Multifamily			—			1,800		(100.0	)%			1,800		(100.0	)%			1,800		(100.0	)%
Construction			17,810			22,030		(19.2	)%			23,739		(25.0	)%			29,293		(39.2	)%
Commercial and industrial			394,428			336,121		17.3	%			351,025		12.4	%			283,119		39.3	%
Other consumer			5,590			5,192		7.7	%			3,421		63.4	%			271		1,962.7	%
Total commitments to extend credit			433,560			383,059		13.2	%			401,518		8.0	%			332,698		30.3	%
Letters of credit			6,673			6,808		(2.0	)%			6,583		1.4	%			6,083		9.7	%
Total off-balance sheet credit exposure		$	440,233		$	389,867		12.9	%		$	408,101		7.9	%		$	338,781		29.9	%

Credit Quality

The following table presents a summary of non-performing loans and assets, and classified assets as of the dates indicated:

($ in thousands)		9/30/2024				6/30/2024				% Change			12/31/2023				% Change			9/30/2023				% Change
Nonaccrual loans
Commercial real estate:
Commercial property		$	1,633			$	1,804			(9.5	)%		$	958			70.5	%		$	686			138.0	%
Business property			2,367				2,440			(3.0	)%			2,865			(17.4	)%			2,964			(20.1	)%
Multifamily			2,038				2,038			—	%			—			NM				—			NM
Total commercial real estate			6,038				6,282			(3.9	)%			3,823			57.9	%			3,650			65.4	%
Commercial and industrial			124				112			10.7	%			68			82.4	%			72			72.2	%
Consumer:
Residential mortgage			414				1,100			(62.4	)%			—			NM				—			NM
Other consumer			38				6			533.3	%			25			52.0	%			8			375.0	%
Total consumer			452				1,106			(59.1	)%			25			1,708.0	%			8			5,550.0	%
Total nonaccrual loans held-for-investment			6,614				7,500			(11.8	)%			3,916			68.9	%			3,730			77.3	%
Loans past due 90 days or more and still accruing			—				—			—	%			—			—	%			—			—	%
Non-performing loans (“NPLs”)			6,614				7,500			(11.8	)%			3,916			68.9	%			3,730			77.3	%
NPLs held-for-sale			—				—			—	%			—			—	%			—			—	%
Total NPLs			6,614				7,500			(11.8	)%			3,916			68.9	%			3,730			77.3	%
Other real estate owned (“OREO”)			466				—			NM				2,558			(81.8	)%			—			NM
Non-performing assets (“NPAs”)		$	7,080			$	7,500			(5.6	)%		$	6,474			9.4	%		$	3,730			89.8	%
Loans past due and still accruing
Past due 30 to 59 days		$	2,973			$	2,245			32.4	%		$	1,394			113.3	%		$	654			354.6	%
Past due 60 to 89 days			21				41			(48.8	)%			34			(38.2	)%			54			(61.1	)%
Past due 90 days or more			—				—			—	%			—			—	%			—			—	%
Total loans past due and still accruing		$	2,994			$	2,286			31.0	%			1,428			109.7	%		$	708			322.9	%
Special mention loans		$	5,057			$	5,080			(0.5	)%		$	5,156			(1.9	)%		$	5,281			(4.2	)%
Classified assets
Classified loans held-for-investment		$	8,860			$	9,752			(9.1	)%		$	7,000			26.6	%		$	6,742			31.4	%
Classified loans held-for-sale			—				—			—	%			—			—	%			—			—	%
OREO			466				—			NM				2,558			(81.8	)%			—			NM
Classified assets		$	9,326			$	9,752			(4.4	)%		$	9,558			(2.4	)%		$	6,742			38.3	%
NPLs to loans held-for-investment			0.27	%			0.31	%						0.17	%						0.17	%
NPAs to total assets			0.24	%			0.26	%						0.23	%						0.15	%
Classified assets to total assets			0.32	%			0.34	%						0.34	%						0.26	%

Contacts

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000

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