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Exhibit 99.1 PCB BANCORP PCB Bancorp Reports Earnings of $ 8.6 million for Q1 2021 and Declares $ 0.10 Quarterly Cash Dividend Los Angeles , California - April 22 , 2021 - PCB Bancorp ( the " Company " ) ( NASDAQ : PCB ) , the holding company of Pacific City Bank ( the " Bank " ) , today reported net income of $ 8.6 million , or $ 0.55 per diluted common share for the first quarter of 2021 , compared with $ 5.8 million , or $ 0.38 per diluted common share , for the previous quarter and $ 3.6 million , or $ 0.23 per diluted common share , for the year - ago quarter . Q1 2021 Highlights Net income totaled $ 8.6 million or $ 0.55 per diluted common share ; 0 The Company recorded a provision ( reversal ) for loan losses of $ ( 1.1 ) million for the current quarter compared with $ 2.1 million for the previous quarter and $ 2.9 million for the year - ago quarter . Allowance for loan losses to total loans held - for - investment ratio was 1.51 % at March 31 , 2021 compared with 1.67 % at December 31 , 2020 and 1.15 % at March 31 , 2020. Excluding U.S. Small Business Administration ( " SBA " ) Paycheck Protection Program ( " PPP " ) loans , allowance for loan losses to total loans held - for - investment ratio was 1.74 % and 1.83 % at March 31 , 2021 and December 31 , 2020 , respectively . Net interest margin was 3.70 % for the first quarter of 2021 compared with 3.64 % for the previous quarter and 3.85 % for the year - ago quarter . Total assets were $ 2.05 billion at March 31 , 2021 , an increase of $ 127.8 million , or 6.6 % , from $ 1.92 billion at December 31 , 2020 and an increase of $ 250.7 million , or 13.9 % , from $ 1.80 billion at March 31 , 2020 ; Loans held - for - investment , net of deferred costs ( fees ) , were $ 1.69 billion at March 31 , 2021 , an increase of $ 102.3 million , or 6.5 % , from $ 1.58 billion at December 31 , 2020 and an increase of $ 234.9 million , or 16.2 % , from $ 1.45 billion at March 31 , 2020 ; SBA PPP loans totaled $ 218.7 million and $ 135.7 million at March 31 , 2021 and December 31 , 2020 , respectively . During the current quarter , the Company funded $ 104.3 million of SBA PPP loans . Loans under modified terms related to COVID - 19 totaled $ 19.8 million and $ 36.1 million at March 31 , 2021 and December 31 , 2020 , respectively . Total deposits were $ 1.75 billion at March 31 , 2021 , an increase of $ 158.9 million from $ 1.59 billion at December 31 , 2020 and an increase of $ 276.3 million , or 18.7 % , from $ 1.48 billion at March 31 , 2020 ; Announced a repurchase program on April 8 , 2021 for the repurchase up to 5 % of outstanding common stock , which represented 775,000 shares , through September 7 , 2021 ; and Declared a cash dividend of $ 0.10 per share on April 22 , 2021. This represents the 25th consecutive quarterly dividend paid by PCB Bancorp . " We are pleased to announce a record quarter driven by strong core income , positive credit trends and an improving economic outlook that resulted in a release of loan loss reserves , " said Henry Kim , President and Chief Executive Officer . " Our allowance to loan losses remain robust at 1.74 % excluding SBA PPP loans and we continue to successfully reduce our cost of deposits resulting an expansion of net interest margin to 3.70 % compared with 3.64 % in the fourth quarter of 2020. This solid performance is the result of our dedicated team of people who reached out to the customers at the height of the pandemic to genuinely serve and to find solutions to their unprecedented situations . " " Our 2021 first quarter results reflect our sound underwriting and our focus on relationship banking . We are well prepared to expand on this successful momentum as the economy continues to reopen and look forward to the remainder of this year . " 1