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Exhibit 99.1 PCB BANCORP PCB Bancorp Reports Record Earnings of $ 9.8 million for Q2 2021 Los Angeles , California - July 22 , 2021 - PCB Bancorp ( the " Company " ) ( NASDAQ : PCB ) , the holding company of Pacific City Bank ( the " Bank " ) , today reported net income of $ 9.8 million , or $ 0.64 per diluted common share for the second quarter of 2021 , compared with $ 8.6 million , or $ 0.55 per diluted common share , for the previous quarter and $ 3.4 million , or $ 0.22 per diluted common share , for the year - ago quarter . Q2 2021 Highlights Net income totaled $ 9.8 million or $ 0.64 per diluted common share ; 0 The Company recorded a provision ( reversal ) for loan losses of $ ( 934 ) thousand for the current quarter compared with $ ( 1.1 ) million for the previous quarter and $ 3.9 million for the year - ago quarter . Allowance for loan losses to total loans held - for - investment ratio was 1.45 % at June 30 , 2021 compared with 1.51 % at March 31 , 2021 and 1.30 % at June 30 , 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 1.62 % and 1.74 % at June 30 , 2021 and March 31 , 2021 , respectively . Net interest income was $ 19.0 million for the current quarter compared with $ 17.8 million for the previous quarter and $ 15.4 million for the year - ago quarter . Net interest margin was 3.83 % for the second quarter of 2021 compared with 3.70 % for the previous quarter and 3.22 % for the year - ago quarter . Gain on sale of loans was $ 4.0 million for the current quarter compared with $ 1.3 million for the previous quarter and $ 1.5 million for the year - ago quarter . Total assets were $ 2.06 billion at June 30 , 2021 , an increase of $ 9.3 million , or 0.5 % , from $ 2.05 billion at March 31 , 2021 and an increase of $ 39.2 million , or 1.9 % , from $ 2.02 billion at June 30 , 2020 ; Loans held - for - investment , net of deferred costs ( fees ) , were $ 1.72 billion at June 30 , 2021 , an increase of $ 33.7 million , or 2.0 % , from $ 1.69 billion at March 31 , 2021 and an increase of $ 166.1 million , or 10.7 % , from $ 1.55 billion at June 30 , 2020 ; SBA PPP loans totaled $ 181.0 million and $ 218.7 million at June 30 , 2021 and March 31 , 2021 , respectively . Loans under modified terms related to COVID - 19 totaled $ 16.2 million and $ 19.8 million at June 30 , 2021 and March 31 , 2021 , respectively . Total deposits were $ 1.80 billion at June 30 , 2021 , an increase of $ 43.9 million from $ 1.75 billion at March 31 , 2021 and an increase of $ 150.7 million , or 9.2 % , from $ 1.65 billion at June 30 , 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. As of June 30 , 2021 , the Company repurchased and retired 646,334 shares of common stock ; and Declared an increased cash dividend of $ 0.12 per share on July 22 , 2021. This represents the 26th consecutive quarterly dividend paid by PCB Bancorp . Henry Kim , President and Chief Executive Officer , commented , " We are pleased to announce another record quarter with net income of $ 9.8 million for the second quarter of 2021 , an increase from $ 8.6 million in the first quarter of 2021. On a year - to - date basis , net income totaled $ 18.4 million for the first six months of 2021 , up from $ 6.9 million in the first six months of 2020 , a 165 % increase . We continue to experience positive credit trends and improving economic conditions that resulted in additional release of loan loss reserves in the quarter . Our total loan portfolio excluding SBA PPP loans increased to $ 1.55 billion at June 30 , 2021 , an increase of $ 79.1 million , compared to March 31 , 2021 and an increase of $ 125.9 million compared to June 30 , 2020. During the second quarter of 2021 , we prudently took advantage of our market opportunities to deploy excess liquidity into organic loans . " Mr. Kim continued , " Net interest margin improved by thirteen basis points in the second quarter of 2021 as compared to the first quarter of 2021 primarily due to an expansion in loan interest income and a twelve basis point decline on average cost on total interest bearing liabilities . Although there are persistent uncertainties related to the evolving pandemic , our loan pipeline continues to be solid coupled with ample liquidity to expand our net interest income , and we remain positive in our outlook in delivering strong financial performance for the remainder of the year . 1