分组1 - PCB Bancorp reported quarterly earnings of $0.46 per share, matching the Zacks Consensus Estimate, and an increase from $0.41 per share a year ago [1] - The company posted revenues of $26.21 million for the quarter, exceeding the Zacks Consensus Estimate by 1.28%, compared to $24.43 million in the same quarter last year [2] - Over the last four quarters, PCB Bancorp has surpassed consensus EPS estimates two times and topped revenue estimates once [2][3] 分组2 - The stock has underperformed, losing about 6.2% since the beginning of the year, while the S&P 500 gained 2.7% [3] - The current consensus EPS estimate for the upcoming quarter is $0.48 on revenues of $26.21 million, and for the current fiscal year, it is $1.99 on revenues of $109.49 million [7] - The Zacks Industry Rank for Banks - Southwest is in the top 4% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - Net income available to common shareholders for Q4 2024 was $6.7 million, or $0.46 per diluted common share, a decrease of 10.5% from the previous quarter and an increase of 13.1% year-over-year[1]. - For the full year 2024, net income available to common shareholders was $25.0 million, or $1.74 per diluted common share, down 18.7% from $30.7 million in 2023[1]. - Total noninterest income for Q4 2024 was $3,043,000, an increase of 16.1% from Q3 2024 and 21.6% from Q4 2023[15]. - Gain on sale of loans reached $1,161,000 in Q4 2024, up 54.8% from Q3 2024 and 44.6% from Q4 2023[15]. - The company reported a net income of $7,030 thousand, reflecting a 10.0% decrease from the previous quarter but a 19.0% increase year-over-year[44]. - Return on average assets was reported at 0.94%, with a year-over-year increase from 0.89%[44]. - Return on average tangible common equity (TCE) for the year ended December 31, 2024, was 8.72%, compared to 11.31% for the previous year[53]. Credit Losses - Provision for credit losses increased to $2.0 million in Q4 2024 from $50 thousand in Q3 2024, and $1.7 million in Q4 2023[3]. - The provision for credit losses saw a significant increase to $2,002 thousand, a 3,904.0% rise compared to the previous quarter[44]. - The allowance for credit losses (ACL) on loans increased by 5.9% to $30.63 million as of December 31, 2024, compared to $28.93 million on September 30, 2024[28]. - Non-performing loans (NPLs) decreased by 29.0% to $4.69 million as of December 31, 2024, from $6.61 million on September 30, 2024[27]. Assets and Liabilities - Total assets reached $3.06 billion at December 31, 2024, reflecting a 6.0% increase from $2.89 billion at September 30, 2024, and a 9.8% increase from $2.79 billion at December 31, 2023[4]. - Total liabilities increased to $2,616,813 thousand, up from $2,509,331 thousand[46]. - Total funding increased to $2,548,818,000, a 4.3% increase from the previous quarter and a 13.3% increase year-over-year[7]. - Total assets grew to $2,877,886 as of December 31, 2024, compared to $2,549,759 at the end of 2023[49]. Loans and Deposits - Loans held-for-investment grew to $2.63 billion, up 6.6% from $2.47 billion at September 30, 2024, and up 13.2% from $2.32 billion at December 31, 2023[4]. - Total deposits increased to $2.62 billion, a rise of 6.3% from $2.46 billion at September 30, 2024, and an 11.2% increase from $2.35 billion at December 31, 2023[4]. - Retail time deposits increased by $94.7 million due to new accounts in the current quarter[31]. - Noninterest-bearing demand deposits decreased to 20.9% of total deposits as of December 31, 2024, down from 25.3% a year earlier[30]. Interest Income and Expenses - Net interest income for Q4 2024 was $23.2 million, a 2.0% increase from the previous quarter and a 5.7% increase year-over-year[4]. - Total interest income reached $46,319 thousand, reflecting a 4.9% increase from the prior quarter and a 13.1% increase year-over-year[44]. - The average yield on loans decreased to 6.63% for the current quarter, down from 6.82% in the previous quarter, primarily due to a decrease in market rates[9]. - The net interest margin for the current quarter was 3.18%, down from 3.25% in the previous quarter[7]. Operational Efficiency - The efficiency ratio improved to 53.02% in Q4 2024, down from 57.63% in Q3 2024 and 59.23% in Q4 2023[4]. - Total noninterest expense decreased to $13,894,000 in Q4 2024, down 4.8% from Q3 2024 and 4.0% from Q4 2023[16]. - Salaries and employee benefits for Q4 2024 were $8,417,000, a decrease of 4.4% from Q3 2024[16]. - Marketing and business promotion expenses decreased by 19.0% year-over-year to $1,886,000[16]. Shareholder Information - Shareholders' equity rose to $363.8 million, reflecting a 4.3% increase from $348.9 million at December 31, 2023[33]. - The company repurchased 14,947 shares of common stock in 2024 at a weighted-average price of $14.88, totaling $222 thousand[34]. - The company began paying quarterly dividends on Series C Preferred Stock at an annualized rate of 2% in Q2 2024, totaling $346 thousand for the current quarter[37]. - The company is authorized to purchase an additional 577,777 shares under its current stock repurchase program, which expires on August 2, 2025[34].

Group 1 - PCB Bancorp is expected to see a significant increase in provisioning for expected loan losses in Q1 2025 due to wildfires affecting the Los Angeles market [1] - The company is experiencing continued loan growth alongside some margin expansion [1]

Company Overview - PCB Bancorp (PCB) is expected to report a year-over-year increase in earnings, with a projected EPS of $0.46, reflecting a +12.2% change, and revenues of $25.88 million, up 5.9% from the previous year [3][12] - The Most Accurate Estimate for PCB Bancorp is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +3.30%, indicating a bullish outlook from analysts [10][11] Earnings Expectations - The consensus EPS estimate for PCB Bancorp has been revised 1.06% higher in the last 30 days, suggesting a positive reassessment by analysts [4] - The stock's performance may be influenced by how actual results compare to these estimates, with potential for stock price movement based on earnings report outcomes [1][2] Earnings Surprise History - PCB Bancorp has a history of beating consensus EPS estimates, having surpassed expectations in two out of the last four quarters [13][12] - In the last reported quarter, PCB Bancorp delivered a surprise of +15.56%, with actual earnings of $0.52 compared to an expected $0.45 [12] Industry Comparison - In the Zacks Banks - Southwest industry, Texas Capital (TCBI) is expected to post earnings of $1.07 per share, indicating a year-over-year change of +64.6%, with revenues projected at $284.19 million, up 15.6% [17] - Texas Capital's consensus EPS estimate has been revised 1.3% lower, but a higher Most Accurate Estimate results in an Earnings ESP of +1.87%, suggesting a likely earnings beat [18]

Core Viewpoint - PCB Bancorp has consistently beaten earnings estimates and is well-positioned for future earnings surprises, with a recent average surprise of 12.91% over the last two quarters [1][4]. Earnings Performance - For the most recent quarter, PCB Bancorp reported earnings of $0.52 per share, exceeding the expected $0.45 per share, resulting in a surprise of 15.56% [2]. - In the previous quarter, the company reported $0.43 per share against an expectation of $0.39 per share, leading to a surprise of 10.26% [2]. Earnings Estimates - There has been a favorable change in earnings estimates for PCB Bancorp, with a positive Earnings ESP of +3.30%, indicating bullish sentiment among analysts regarding the company's earnings prospects [4][7]. - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a high likelihood of another earnings beat [7]. Predictive Metrics - Stocks with a positive Earnings ESP and a Zacks Rank of 3 or better have a nearly 70% chance of producing a positive surprise [5]. - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [6]. Investment Strategy - It is crucial for investors to check a company's Earnings ESP before quarterly releases to enhance the likelihood of successful investment decisions [9].

Core Insights - RS has launched DesignSpark PCB version 12, enhancing its commitment to its 1.4 million-member community by introducing new features for both free and paid subscription plans [2][3] - The software is supported by Infineon, Germany's largest semiconductor manufacturer, which signifies a strong endorsement of its capabilities [4][10] Company Overview - RS is a global product and service solutions provider for industrial customers, operating in 36 markets and stocking over 800,000 industrial products [5][6] - The company reported revenue of £2,942 million for the year ending March 31, 2024 [7] Product Features - DesignSpark PCB version 12 includes advanced functionalities such as pre-plot checks, new edit component options, angular precision settings, dual measurement units, and enhanced design rule checks [4][3] - The software aims to empower engineers with user-friendly technology, facilitating faster innovation and a more efficient design process [4][3] Community and Support - DesignSpark has been providing accessible, professional-grade PCB design tools since July 2010, becoming popular for its user-friendly interface and free layout design capabilities [3][9] - The platform promotes responsible engineering through initiatives like 'Mission Responsible', aiming to create positive engineering outcomes [9]

Core Viewpoint - PCB Bancorp (PCB) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system tracks the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts, and is a key factor in determining stock ratings [1][2]. - Changes in earnings estimates are strongly correlated with near-term stock price movements, as institutional investors use these estimates to assess fair value [4][5]. Recent Performance and Projections - PCB Bancorp is expected to earn $1.74 per share for the fiscal year ending December 2024, reflecting a year-over-year decline of 17.9% [8]. - Over the past three months, the Zacks Consensus Estimate for PCB Bancorp has increased by 4.5%, indicating a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Only the top 5% of Zacks-covered stocks receive a 'Strong Buy' rating, highlighting their superior earnings estimate revision features [9][10]. Conclusion - The upgrade of PCB Bancorp to a Zacks Rank 1 positions it favorably for potential stock price increases in the near term due to improved earnings outlook [11].

Financial Performance - For the three months ended September 30, 2024, net income was $7.814 million, an increase from $7.023 million for the same period in 2023, representing a year-over-year growth of approximately 11.3%[130] - The annualized return on average shareholders' equity for the third quarter of 2024 was 8.70%, up from 8.12% in the same quarter of 2023[130] - The company’s net income available to common shareholders for the three months ended September 30, 2024, was $7.468 million, compared to $7.023 million in the same period of 2023, reflecting a year-over-year increase of approximately 6.4%[130] - Net income for the three months ended September 30, 2024, was $7,814, compared to $7,023 for the same period last year, reflecting an increase of 11.3%[132] - Earnings per common share (diluted) increased to $0.52 from $0.49, representing a growth of 6.1%[132] Asset Growth - Total assets as of September 30, 2024, were $2.889 billion, an increase from $2.568 billion as of September 30, 2023, reflecting a growth of approximately 12.5%[130] - Total assets increased to $2,889,833, up from $2,567,974, representing a growth of 12.5% year-over-year[132] - Total assets increased to $2.89 billion at September 30, 2024, up $100.3 million, or 3.6%, from $2.79 billion at December 31, 2023[136] - Total assets reached $2,843,389 thousand, up from $2,518,624 thousand year-over-year[140] Equity and Capital - The tangible common equity per common share increased to $20.55 as of September 30, 2024, compared to $19.05 as of September 30, 2023, indicating a growth of approximately 7.8%[130] - The company’s total shareholders' equity increased to $362.300 million as of September 30, 2024, from $341.852 million as of September 30, 2023, representing a growth of approximately 6%[130] - Shareholders' equity increased to $362.3 million, reflecting a rise of $13.4 million or 3.8% from $348.9 million[176] - Common tier 1 capital ratio to risk-weighted assets was 11.92% as of September 30, 2024, exceeding the minimum regulatory requirement of 4.5%[178] Deposits - Total deposits rose to $2,459,682, up from $2,192,129, reflecting an increase of 12.2% year-over-year[132] - As of September 30, 2024, total deposits increased to $2,459,682 thousand, up by $108,070 thousand or 4.6% from $2,351,612 thousand on December 31, 2023[173] - Total interest-bearing deposits rose to $1,919,614 thousand, an increase of $162,675 thousand or 9.3% from $1,756,939 thousand[173] - Retail money market accounts saw an increase of $72,816 thousand or 18.3%, growing from $397,531 thousand to $470,347 thousand[173] Credit Losses and Nonperforming Loans - The allowance for credit losses (ACL) is projected to increase by approximately $8.4 million under a more adverse downside scenario as of September 30, 2024[126] - Nonperforming loans increased to $6,614, compared to $3,730, indicating a rise of 77.5%[134] - The provision for credit losses was $50, a significant decrease from $751 in the previous year[132] - The total nonperforming loans rose to $6,614 thousand as of September 30, 2024, a 68.9% increase from $3,916 thousand at the end of 2023[171] - The provision for credit losses on loans was $193 thousand for the three months ended September 30, 2024, compared to $822 thousand in the same period last year[166] Interest Income and Expenses - Interest income rose to $45,998, up from $38,852, marking a 18.5% increase year-over-year[132] - Total interest income for the three months ended September 30, 2024, was $45,998 thousand, an increase of 18.4% compared to $38,852 thousand in 2023[143] - Interest expense on deposits rose by 40.6% to $23,057 thousand due to a 21.2% increase in average balance of interest-bearing deposits and a 68 basis point increase in average cost[145] - Net interest income was $22.7 million for Q3 2024, compared to $22.4 million in Q3 2023, with a net interest margin of 3.25% in Q3 2024, down from 3.57% in Q3 2023[136] Noninterest Income and Expenses - Total noninterest income increased by $118 thousand, or 4.7%, to $2,620 thousand in 2024 compared to $2,502 thousand in 2023[151] - Total noninterest expense increased by $395 thousand, or 2.8%, to $14,602 thousand in 2024 compared to $14,207 thousand in 2023[154] - Salaries and employee benefits increased by $229 thousand, or 2.7%, to $8,801 thousand in 2024 compared to $8,572 thousand in 2023[154] Economic Outlook - The projected national unemployment rate for year-end 2024 and 2025 increased to 4.4% from previous estimates of 4.0% and 4.2%, respectively, leading to higher probability of default rates[166] - The projected year-over-year change in real GDP for 2024 decreased to 2.0% from 2.1% in the previous forecast[166] Interest Rate Risk Management - Net interest income sensitivity shows an asset sensitive profile, with a projected increase of 5.7% under a +200 basis point rate change scenario[195] - Economic Value of Equity (EVE) sensitivity indicates a slight liability sensitive profile, reflecting a shift from non-maturity deposits to time deposits[195] - The Company has established broad policy limits regarding interest rate risk, monitored by the Board Asset Liability Committee (ALCO)[192] - Management utilizes a simulation model to measure interest rate risk exposure, reporting results to the Board ALCO at least quarterly[193]

Core Viewpoint - PCB Bancorp is identified as a potentially undervalued stock with strong value metrics and a favorable earnings outlook, making it an attractive option for value investors [4][8]. Valuation Metrics - PCB Bancorp has a P/E ratio of 10.83, significantly lower than the industry average of 14.39, indicating potential undervaluation [4]. - The P/B ratio for PCB is 0.95, compared to the industry's average P/B of 2.03, suggesting that PCB's market value is low relative to its book value [5]. - PCB's P/S ratio stands at 1.45, while the industry average is 2, reinforcing the notion of PCB being undervalued based on revenue [6]. - The P/CF ratio for PCB is 9.43, which is much lower than the industry's average of 18.60, indicating a strong cash flow outlook relative to its market value [7]. Investment Potential - The combination of PCB's strong value grades, low valuation ratios, and positive earnings outlook positions it as a compelling investment opportunity for value-focused investors [3][8].

For the quarter ended September 2024, PCB Bancorp (PCB) reported revenue of $25.34 million, up 1.6% over the same period last year. EPS came in at $0.52, compared to $0.49 in the year-ago quarter.The reported revenue represents a surprise of -0.63% over the Zacks Consensus Estimate of $25.5 million. With the consensus EPS estimate being $0.45, the EPS surprise was +15.56%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street e ...