PCBMEDIUM SIGNALOPERATIONAL10-K

PCB consolidated its branch network from 11 to 9 full-service California locations while converting loan production offices to branches in other markets and increasing lending capacity.

The branch restructuring suggests PCB is optimizing its California footprint while expanding physical presence in growth markets like Georgia, where a former loan production office became a full-service branch. The increased lending limit to $61.8 million per borrower (from $57.9 million) indicates improved regulatory capital position and ability to serve larger commercial clients.

Comparing 2026-03-16 vs 2025-03-13View on EDGAR →
FINANCIAL ANALYSIS

PCB delivered meaningfully higher net income of $37.5 million compared to $25.8 million in the prior year, demonstrating strong profitability growth. However, operating cash flow declined to $26.6 million from $39.0 million, while capital expenditures decreased to $2.2 million from $4.1 million, suggesting reduced investment spending. The combination of strong earnings growth with lower operating cash flow warrants monitoring of working capital dynamics and cash conversion efficiency.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-46.2%
$4.1M→$2.2M

Capex reduced 46.2% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Net Income
P&L
+45.1%
$25.8M→$37.5M

Net income grew 45.1% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
-31.8%
$39.0M→$26.6M

Operating cash flow fell 31.8% — earnings quality concerns; investigate working capital changes and non-cash items.

LANGUAGE CHANGES
NEW — 2026-03-16
PRIOR — 2025-03-13
ADDED
As of February 28, 2026, the registrant had outstanding 14,225,579 shares of common stock.
) and its global trading partners and trade tensions related to the same; the impact of any claims or legal actions to which we may be subject, including any effect on our reputation; our ability to satisfy the lending and other conditions necessary to repurchase our Series C Preferred Stock under our Option Agreement with the U.S.
Treasury and to qualify to pay a lower rate of dividends on such preferred stock; and 3 changes in federal tax laws or policies.
As of December 31, 2025, the Bank is a single operating segment that operates nine 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 Palisades Park, New Jersey), two full-service branches in Texas (Carrollton and Dallas), and one full-service branch in Georgia (Suwanee).
The Bank also has loan originators of primarily SBA loans in Washington.
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REMOVED
As of February 28, 2025, the registrant had outstanding 14,380,651 shares of common stock.
As of December 31, 2024, the Bank is a single operating segment that operates 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 Palisades Park, New Jersey), two full-service branches in Texas (Carrollton and Dallas), and four loan production offices ( LPOs ) located in Los Angeles and Orange Counties, California; Bellevue, Washington; and Atlanta, Georgia.
As of December 31, 2024, the Bank s lending limit was approximately $57.9 million per borrower for unsecured loans.
The funds are used to finance a residential mortgage or CRE loan that a borrower uses to purchase property or refinance an existing loan.
As of December 31, 2024 and 2023, approximately 87.0% and 86.2%, respectively, of residential mortgage loans were ARM loans.
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