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Exhibit 99.1 PCB BANCORP PCB Bancorp Reports Record Earnings of $ 11.0 million for Q3 2021 Los Angeles , California - October 28 , 2021 - PCB Bancorp ( the " Company " ) ( NASDAQ : PCB ) , the holding company of Pacific City Bank ( the " Bank " ) , today reported net income of $ 11.0 million , or $ 0.73 per diluted common share for the third quarter of 2021 , compared with $ 9.8 million , or $ 0.64 per diluted common share , for the previous quarter and $ 3.4 million , or $ 0.22 per diluted common share , for the year - ago quarter . Q3 2021 Highlights Net income totaled $ 11.0 million or $ 0.73 per diluted common share ; The Company recorded a provision ( reversal ) for loan losses of $ ( 1.1 ) million for the current quarter compared with $ ( 934 ) thousand for the previous quarter and $ 4.3 million for the year - ago quarter . Allowance for loan losses to loans held - for - investment ( 1 ) ratio was 1.39 % at September 30 , 2021 compared with 1.45 % at June 30 , 2021 and 1.55 % at September 30 , 2020. Adjusted allowance for loan losses to loans held - for - investment ratio ( 2 ) was 1.48 % at September 30 , 2021 compared with 1.62 % at June 30 , 2021 and 1.70 % at September 30 , 2020 . Net interest income was $ 20.2 million for the current quarter compared with $ 19.0 million for the previous quarter and $ 16.9 million for the year - ago quarter . Net interest margin was 3.93 % for the third quarter of 2021 compared with 3.83 % for the previous quarter and 3.43 % for the year - ago quarter . Gain on sale of loans was $ 4.3 million for the current quarter compared with $ 4.0 million for the previous quarter and $ 821 thousand for the year - ago quarter . Total assets were $ 2.10 billion at September 30 , 2021 , an increase of $ 44.7 million , or 2.2 % , from $ 2.06 billion at June 30 , 2021 and an increase of $ 83.5 million , or 4.1 % , from $ 2.02 billion at September 30 , 2020 ; Loans held - for - investment were $ 1.71 billion at September 30 , 2021 , a decrease of $ 11.8 million , or 0.7 % , from $ 1.72 billion at June 30 , 2021 , but an increase of $ 129.1 million , or 8.2 % , from $ 1.58 billion at September 30 , 2020 ; SBA PPP loans totaled $ 101.9 million and $ 181.0 million at September 30 , 2021 and June 30 , 2021 , respectively . The Company had no loans under modified terms related to COVID - 19 at September 30 , 2021 . Total deposits were $ 1.83 billion at September 30 , 2021 , an increase of $ 35.0 million from $ 1.80 billion at June 30 , 2021 and an increase of $ 185.6 million , or 11.3 % , from $ 1.65 billion at September 30 , 2020 ; The Company repurchased and retired 680,269 shares of common stock totaling $ 10.9 million for a weighted - average price of $ 15.99 per share under the repurchase program announced on April 8 , 2021 that expired on September 7 , 2021 ; and A cash dividend of $ 0.12 per share was declared on October 28 , 2021. This represents the 27th 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 $ 11.0 million for the third quarter of 2021. Our total loans reached a record $ 1.74 billion as of September 30 , 2021. Total loans increased by 19.7 % annualized from June 30 , 2021 , and by 11.5 % from September 30 , 2020 , excluding the changes in the balances of Paycheck Protection Program loans . " " Total deposits increased at an annualized rate of 7.8 % during the quarter to a record $ 1.83 billion as of September 30 , 2021 driven by $ 36.5 million growth in noninterest - bearing demand deposits that now make up 45.4 % of the total balances , compared with 35.0 % a year ago . " Mr. Kim continued , " In addition to the healthy organic loan and deposit growth , our net interest margin improved by ten basis points to 3.93 % in the third quarter of 2021 as compared to the second quarter of 2021 and our credit quality remains solid as evidenced by nonperformance assets to total assets ratio of 0.05 % at September 30 , 2021. " " The momentum in our loan pipeline continues to be strong with equally healthy liquidity to expand our net interest income . We are looking forward to finishing the year strong and remain positive in our outlook in delivering excellent financial performance for the year and heading into 2022. " ( 1 ) Loans held - for - investment are presented net of deferred fees and costs in this press release . ( 2 ) Adjusted allowance for loan losses to loans held - for - investment ratio is a non - GAAP measure , which excludes U.S. Small Business Administration ( " SBA " ) Paycheck Protection Program ( " PPP " ) loans from loans held - for - investment . See " Non - GAAP Measures " for reconciliation of this measure to its most comparable GAAP measure . 1