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IN ACCORDANCE WITH RULE 202 OF REGULATION S-T, THIS FORM 10-QSB IS BEING
FILED IN PAPER PURSUANT TO A CONTINUING HARDSHIP EXEMPTION

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-QSB

QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934


For the Quarterly Period Ended June 30, 2003

Commission File No. 33-4984

PCB BANCORP, INC.

(Exact Name of Registrant as Specified in its Charter)


|                                               |  |  |  |                                        
|---------------------------------------------- |  |  |  | ---------------------------------------
|Tennessee                                      |  |  |  | 62-1641671                             
|                                               |  |  |  |                                        
|(State or other jurisdiction of incorporation) |  |  |  | (I.R.S. Employer Identification Number)
|                                               |  |  |  |                                        
|300 Sunset Dr : Johnson City, Tennessee        |  |  |  | 37604                                  
|                                               |  |  |  |                                        
|(Address of Principal Executive Office)        |  |  |  | (Zip Code)                             

(423) 915-2232




(Issuers Telephone Number Including Area Code)


Securities Registered Pursuant to Section 12(b) or 12(g) of the Act:

None





Indicate by the check mark whether the Issuer: (1) has filed all reports required by Section 13 or 15 (d)of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  x            No  o

835,100




(Outstanding shares of the issuers common stock as of June 30, 2003)


Transitional Small Business Disclosure Format

Yes  o            No  x





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TABLE OF CONTENTS



|                                                                       |  |  |  |  |  |  |  | 
|---------------------------------------------------------------------- |  |  |  |  |  |  |  | 
|ACCOUNTANTS REVIEW REPORT                                            
|CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION                        
|CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)                         
|CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (UNAUDITED)
|CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)                     
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS                        
|PART II. OTHER INFORMATION                                            
|SIGNATURES                                                            
|EX-31.1 SECTION 302 CERTIFICATION OF THE CEO                          
|EX-31.2 SECTION 302 CERTIFICATION OF THE SAO                          
|EX-32.1 SECTION 906 CERTIFICATION OF THE CEO/SAO                      



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PCB BANCORP, INC.

FINANCIAL STATEMENTS

WITH

ACCOUNTANTS REVIEW REPORT

For the Quarters Ended June 30, 2003 and 2002





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ACCOUNTANTS REVIEW REPORT

To the Board of Directors
PCB Bancorp, Inc.
Johnson City, TN 37602

We have reviewed the accompanying consolidated statement of financial condition
of PCB Bancorp, Inc. and wholly-owned subsidiary as of June 30, 2003 and the
related consolidated statement of changes in shareholders equity for the six
months ended June 30, 2003 and the consolidated statements of income for the
three and six months ended June 30, 2003 and 2002 and the consolidated
statements of cash flows for the six months ended June 30, 2003 and 2002 in
accordance with Statements on Standards for Accounting and Review Services
issued by the American Institute of Certified Public Accountants. All
information in these consolidated financial statements is the representation of
the management of PCB Bancorp, Inc.

A review consists principally of inquiries of Company personnel and analytical
procedures applied to financial data. It is substantially less in scope than
an audit in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the consolidated
financial statements taken as a whole. Accordingly, we do not express such an
opinion.

Based on our reviews, we are not aware of any material modifications that
should be made to the accompanying consolidated financial statements for them
to be in conformity with accounting principles generally accepted in the United
States of America.

The consolidated financial statements for the year ended December 31, 2002 were
audited by us and we expressed an unqualified opinion on them in our report
dated February 21, 2003, but we have not performed any auditing procedures
since that date.



| | BLACKBURN, CHILDERS & STEAGALL, PLC
JOHNSON CITY, TENNESSEE
| | -----------------------------------------------------------

July 28, 2003





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PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

|                                                                                      |                                                                                                                                                    |                          |                                            |              |             |             |             |              |            |             |             | 
|------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------ | ------------------------------------------ | ------------ | ----------- | ----------- | ----------- | ------------ | ---------- | ----------- | ----------- | 
|                                                                                      |                                                                                                                                                    |                          |                                            |              |             | June 30,    |             | December 31,
|                                                                                      |                                                                                                                                                    |                          |                                            |              |             | 2003        |             | 2002        
|                                                                                      |                                                                                                                                                    |                          |                                            |              |             |             |             |             
|                                                                                      |                                                                                                                                                    |                          |                                            |              |             | (unaudited) |             |              |            |            
|ASSETS                                                                               
|Cash and Due from Banks                                                               |                                                                                                                                                    | $                        | 7,905,035                                  |              |             |             | 7,836,372   |             
|Federal Funds Sold                                                                    |                                                                                                                                                    |                          | 9,006,000                                  |              |             |             | 209,000     |             
|Securities Held-to-Maturity                                                           |                                                                                                                                                    |                          |                                           |              |             |             | 1,000,000   |             
|Securities Available-for-Sale                                                         |                                                                                                                                                    |                          | 19,411,801                                 |              |             |             | 27,728,986  |             
|Loans Held for Sale                                                                   |                                                                                                                                                    |                          | 1,086,861                                  |              |             |             | 2,431,423   |             
|Loans Receivable, Net of Allowance for Loan
Losses and Deferred Loan Origination Fees |                                                                                                                                                    |                          | 123,804,487                                |              |             |             | 108,818,305 |             
|Interest Receivable                                                                   |                                                                                                                                                    |                          | 716,800                                    |              |             |             | 681,609     |             
|Premises and Equipment, Net of Accumulated Depreciation                               |                                                                                                                                                    |                          | 3,357,333                                  |              |             |             | 2,863,775   |             
|Restricted Investments                                                                |                                                                                                                                                    |                          | 1,118,100                                  |              |             |             | 484,400     |             
|Deferred Tax Asset                                                                    |                                                                                                                                                    |                          | 39,000                                     |              |             |             | 39,905      |             
|Other Assets                                                                          |                                                                                                                                                    |                          | 271,624                                    |              |             |             | 205,323     |             
|                                                                                      |                                                                                                                                                    |                          |                                            |              |             |             |             |             
|                                                                                      |                                                                                                                                                    |                          |                                            | Total Assets |             | $           | 166,717,041 |              |            |             | 152,299,098 | 
|                                                                                      |                                                                                                                                                    |                          |                                            |              |             |             |             |             
|LIABILITIES AND SHAREHOLDERS EQUITY                                                 
|LIABILITIES:                                                                          |                                                                                                                                                    |                          |                                            |              |             |             |             |             
|                                                                                      | Deposits:                                                                                                                                          |                          |                                            |              |             |             |             |              |           
|                                                                                      |                                                                                                                                                    | Demand Deposits          |                                            | $            | 17,622,671  |             |             |              | 16,810,677 |            
|                                                                                      |                                                                                                                                                    | Savings and NOW Deposits |                                            |              | 101,486,925 |             |             |              | 92,583,818 |            
|                                                                                      |                                                                                                                                                    | Other Time Deposits      |                                            |              | 25,540,275  |             |             |              | 21,507,028 |            
|                                                                                      | Federal Funds Purchased                                                                                                                            |                          |                                            |             |             |             |             | 875,000      |           
|                                                                                      | Interest Payable                                                                                                                                   |                          |                                            | 119,221      |             |             |             | 110,587      |           
|                                                                                      | Dividend Payable                                                                                                                                   |                          |                                            | 83,510       |             |             |             | 82,910       |           
|                                                                                      | Line of Credit                                                                                                                                     |                          |                                            | 7,200,000    |             |             |             | 6,000,000    |           
|                                                                                      | Accounts Payable and Other Liabilities                                                                                                             |                          |                                            | 1,233,701    |             |             |             | 1,807,153    |           
|                                                                                      |                                                                                                                                                    |                          |                                            |              |             |             |             |             
|                                                                                      |                                                                                                                                                    |                          | Total Liabilities                          |              |             | 153,286,303 |             |              |            | 139,777,173 |            
|                                                                                      |                                                                                                                                                    |                          |                                            |              |             |             |             |             
|SHAREHOLDERS EQUITY:                                                                 |                                                                                                                                                    |                          |                                            |              |             |             |             |             
|                                                                                      | Common Stock  $1 par value; 3,000,000 shares authorized;
835,100 and 829,100 shares issued and outstanding
at 3/31/03, and 12/31/02, respectively |                          |                                            | 835,100      |             |             |             | 829,100      |           
|                                                                                      | Additional Paid-in Capital                                                                                                                         |                          |                                            | 7,546,300    |             |             |             | 7,492,300    |           
|                                                                                      | Retained Earnings                                                                                                                                  |                          |                                            | 4,440,944    |             |             |             | 3,625,075    |           
|                                                                                      | Accumulated Other Comprehensive Income                                                                                                             |                          |                                            | 608,394      |             |             |             | 575,450      |           
|                                                                                      |                                                                                                                                                    |                          |                                            |              |             |             |             |             
|                                                                                      |                                                                                                                                                    |                          | Total Shareholders Equity                 |              |             | 13,430,738  |             |              |            | 12,521,925  |            
|                                                                                      |                                                                                                                                                    |                          |                                            |              |             |             |             |             
|                                                                                      |                                                                                                                                                    |                          | Total Liabilities and Shareholders Equity |              | $           | 166,717,041 |             |              |            | 152,299,098 |            
|                                                                                      |                                                                                                                                                    |                          |                                            |              |             |             |             |             

See Accompanying Notes and Accountants Review Report.

2



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PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

|                     |                                                      |  |                        |           |                      |  |          |           |          |  |  |           |  |  |  |           | 
|-------------------- | ---------------------------------------------------- |  | ---------------------- | --------- | -------------------- |  | -------- | --------- | -------- |  |  | --------- |  |  |  | --------- | 
|                     |                                                      |  | The Three Months Ended |           | The Six Months Ended
|                     |                                                      |  |                        |           |                     
|                     |                                                      |  | June 30,               |           | June 30,             |  | June 30, |           | June 30,
|                     |                                                      |  | 2003                   |           | 2002                 |  | 2003     |           | 2002    
|                     |                                                      |  |                        |           |                      |  |          |           |         
|INTEREST INCOME:     |                                                      |  |                        |           |                      |  |          |           |          |  |  |           |  |  |  |          
|                     | Interest on Loans                                    |  | $                      | 1,913,519 |                      |  |          | 1,682,820 |          |  |  | 3,719,174 |  |  |  | 3,298,152 | 
|                     | Interest on Investments                              |  |                        | 235,784   |                      |  |          | 342,878   |          |  |  | 563,059   |  |  |  | 668,959   | 
|                     | Interest on Federal Funds Sold                       |  |                        | 15,451    |                      |  |          | 20,700    |          |  |  | 22,076    |  |  |  | 57,241    | 
|                     |                                                      |  |                        |           |                      |  |          |           |          |  |  |           |  |  |  |          
|                     | Total Interest Income                                |  |                        | 2,164,754 |                      |  |          | 2,046,398 |          |  |  | 4,304,309 |  |  |  | 4,024,352 | 
|                     |                                                      |  |                        |           |                      |  |          |           |          |  |  |           |  |  |  |          
|INTEREST EXPENSE:    |                                                      |  |                        |           |                      |  |          |           |          |  |  |           |  |  |  |          
|                     | Interest on Interest Bearing Checking Accounts       |  |                        | 21,108    |                      |  |          | 21,284    |          |  |  | 46,001    |  |  |  | 43,518    | 
|                     | Interest on Money Market Accounts                    |  |                        | 310,253   |                      |  |          | 322,072   |          |  |  | 623,321   |  |  |  | 630,503   | 
|                     | Interest on Passbook Accounts                        |  |                        | 128,564   |                      |  |          | 179,743   |          |  |  | 274,983   |  |  |  | 344,806   | 
|                     | Interest on Certificates of Deposit                  |  |                        | 155,118   |                      |  |          | 189,623   |          |  |  | 295,743   |  |  |  | 442,787   | 
|                     | Interest on Other Borrowed Funds                     |  |                        | 80,143    |                      |  |          | 72,329    |          |  |  | 154,859   |  |  |  | 145,979   | 
|                     |                                                      |  |                        |           |                      |  |          |           |          |  |  |           |  |  |  |          
|                     | Total Interest Expense                               |  |                        | 695,186   |                      |  |          | 785,051   |          |  |  | 1,394,907 |  |  |  | 1,607,593 | 
|                     |                                                      |  |                        |           |                      |  |          |           |          |  |  |           |  |  |  |          
|                     | Net Interest Income                                  |  |                        | 1,469,568 |                      |  |          | 1,261,347 |          |  |  | 2,909,402 |  |  |  | 2,416,759 | 
|                     | Provision for Loan Losses                            |  |                        | 207,000   |                      |  |          | (13,051   | )        |  |  | 324,793   |  |  |  | 33,249    | 
|                     |                                                      |  |                        |           |                      |  |          |           |          |  |  |           |  |  |  |          
|                     | Net Interest Income after Provision for Loan Losses  |  |                        | 1,262,568 |                      |  |          | 1,274,398 |          |  |  | 2,584,609 |  |  |  | 2,383,510 | 
|                     |                                                      |  |                        |           |                      |  |          |           |          |  |  |           |  |  |  |          
|NON-INTEREST INCOME: |                                                      |  |                        |           |                      |  |          |           |          |  |  |           |  |  |  |          
|                     | Service Charges                                      |  |                        | 103,386   |                      |  |          | 107,061   |          |  |  | 211,718   |  |  |  | 199,398   | 
|                     | Loan Origination Fees                                |  |                        | 261,204   |                      |  |          | 207,716   |          |  |  | 468,204   |  |  |  | 377,607   | 
|                     | Net Realized Gain on Sales and Calls of Securities   |  |                        | 119,676   |                      |  |          | 10,046    |          |  |  | 199,250   |  |  |  | 10,046    | 
|                     | Net Realized Gain on Sale of Other Real Estate Owned |  |                        |          |                      |  |          | 24,378    |          |  |  |          |  |  |  | 22,015    | 
|                     | Miscellaneous Income                                 |  |                        | 1,594     |                      |  |          | 839       |          |  |  | 37,067    |  |  |  | 956       | 
|                     |                                                      |  |                        |           |                      |  |          |           |          |  |  |           |  |  |  |          
|                     | Total Non-Interest Income                            |  |                        | 485,860   |                      |  |          | 350,040   |          |  |  | 916,239   |  |  |  | 610,022   | 
|                     |                                                      |  |                        |           |                      |  |          |           |          |  |  |           |  |  |  |          

(Continued)

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PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

|                      |                                                           |                             |   |                        |           |                      |  |          |         |          |  |           |           |  |  |           |           | 
|--------------------- | --------------------------------------------------------- | --------------------------- | - | ---------------------- | --------- | -------------------- |  | -------- | ------- | -------- |  | --------- | --------- |  |  | --------- | --------- | 
|                      |                                                           |                             |   | The Three Months Ended |           | The Six Months Ended
|                      |                                                           |                             |   |                        |           |                     
|                      |                                                           |                             |   | June 30,               |           | June 30,             |  | June 30, |         | June 30,
|                      |                                                           |                             |   | 2003                   |           | 2002                 |  | 2003     |         | 2002    
|                      |                                                           |                             |   |                        |           |                      |  |          |         |         
|NON-INTEREST EXPENSE: |                                                           |                             |   |                        |           |                      |  |          |         |          |  |           |           |  |  |          
|                      | Salaries                                                  |                             | $ | 508,123                |           |                      |  | 419,185  |         |          |  | 1,018,028 |           |  |  | 835,805   |          
|                      | Payroll Taxes                                             |                             |   | 40,705                 |           |                      |  | 33,776   |         |          |  | 86,302    |           |  |  | 70,004    |          
|                      | Employee Benefits                                         |                             |   | 58,831                 |           |                      |  | 39,738   |         |          |  | 103,045   |           |  |  | 80,378    |          
|                      | Occupancy Expense                                         |                             |   | 40,417                 |           |                      |  | 26,017   |         |          |  | 78,847    |           |  |  | 49,006    |          
|                      | Rental Expense                                            |                             |   | 16,050                 |           |                      |  | 12,600   |         |          |  | 36,634    |           |  |  | 20,700    |          
|                      | Furniture and Equipment Expense                           |                             |   | 4,645                  |           |                      |  | 4,802    |         |          |  | 8,517     |           |  |  | 9,392     |          
|                      | Computer Equipment Expense                                |                             |   | 34,790                 |           |                      |  | 35,312   |         |          |  | 53,350    |           |  |  | 54,863    |          
|                      | Stationery, Supplies and Printing                         |                             |   | 28,659                 |           |                      |  | 15,352   |         |          |  | 61,910    |           |  |  | 36,330    |          
|                      | Postage, Express and Freight                              |                             |   | 30,327                 |           |                      |  | 23,748   |         |          |  | 53,133    |           |  |  | 46,318    |          
|                      | Telephone Expense                                         |                             |   | 26,584                 |           |                      |  | 18,463   |         |          |  | 50,950    |           |  |  | 35,395    |          
|                      | Vehicle Expense                                           |                             |   | 5,365                  |           |                      |  | 6,431    |         |          |  | 11,980    |           |  |  | 12,078    |          
|                      | Outside Services                                          |                             |   | 33,468                 |           |                      |  | 31,994   |         |          |  | 91,660    |           |  |  | 87,508    |          
|                      | Teller Over and Short                                     |                             |   | 1,014                  |           |                      |  | 388      |         |          |  | 1,061     |           |  |  | 668       |          
|                      | Advertising and Promotion                                 |                             |   | 21,440                 |           |                      |  | 16,124   |         |          |  | 45,583    |           |  |  | 39,272    |          
|                      | Loan Collection Expense                                   |                             |   | 11,594                 |           |                      |  | 48,439   |         |          |  | 19,795    |           |  |  | 83,032    |          
|                      | Bank Security and Protection                              |                             |   | 3,362                  |           |                      |  | 1,664    |         |          |  | 5,848     |           |  |  | 2,640     |          
|                      | FDIC Assessment                                           |                             |   | 5,197                  |           |                      |  | 4,810    |         |          |  | 10,474    |           |  |  | 9,572     |          
|                      | Insurance                                                 |                             |   | 12,761                 |           |                      |  | 12,890   |         |          |  | 27,863    |           |  |  | 25,815    |          
|                      | Dues and Subscriptions                                    |                             |   | 5,336                  |           |                      |  | 5,606    |         |          |  | 10,859    |           |  |  | 10,672    |          
|                      | Franchise Tax Expense                                     |                             |   | 12,000                 |           |                      |  | 7,500    |         |          |  | 20,071    |           |  |  | 14,750    |          
|                      | Refunds and Reimbursements                                |                             |   | 1,010                  |           |                      |  | 3,856    |         |          |  | 3,026     |           |  |  | 5,959     |          
|                      | Travel and Meetings                                       |                             |   | 1,409                  |           |                      |  | 1,213    |         |          |  | 1,874     |           |  |  | 2,298     |          
|                      | Contributions                                             |                             |   | 2,200                  |           |                      |  | 2,934    |         |          |  | 3,845     |           |  |  | 5,459     |          
|                      | Depreciation                                              |                             |   | 74,493                 |           |                      |  | 73,568   |         |          |  | 133,412   |           |  |  | 145,390   |          
|                      | Directors Fees                                           |                             |   | 20,100                 |           |                      |  | 16,050   |         |          |  | 34,950    |           |  |  | 30,250    |          
|                      | Net Unrealized Impairment Loss on
Other Real Estate Owned |                             |   |                       |           |                      |  | 60,772   |         |          |  | 20,000    |           |  |  | 60,772    |          
|                      | Miscellaneous Expenses                                    |                             |   | 18,917                 |           |                      |  | 14,306   |         |          |  | 36,758    |           |  |  | 29,991    |          
|                      |                                                           |                             |   |                        |           |                      |  |          |         |          |  |           |           |  |  |          
|                      |                                                           | Total Non-Interest Expenses |   |                        | 1,018,797 |                      |  |          | 937,538 |          |  |           | 2,029,775 |  |  |           | 1,804,317 | 
|                      |                                                           |                             |   |                        |           |                      |  |          |         |          |  |           |           |  |  |          
|                      | Income Before Taxes                                       |                             |   | 729,631                |           |                      |  | 686,900  |         |          |  | 1,471,073 |           |  |  | 1,189,215 |          
|                      |                                                           |                             |   |                        |           |                      |  |          |         |          |  |           |           |  |  |          

(Continued)

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PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

|                                       |  |                        |         |                      |  |          |         |          |  |  |           |  |  |  |           | 
|-------------------------------------- |  | ---------------------- | ------- | -------------------- |  | -------- | ------- | -------- |  |  | --------- |  |  |  | --------- | 
|                                       |  | The Three Months Ended |         | The Six Months Ended
|                                       |  |                        |         |                     
|                                       |  | June 30,               |         | June 30,             |  | June 30, |         | June 30,
|                                       |  | 2003                   |         | 2002                 |  | 2003     |         | 2002    
|                                       |  |                        |         |                      |  |          |         |         
|Income Before Taxes (Brought Forward)  |  | $                      | 729,631 |                      |  |          | 686,900 |          |  |  | 1,471,073 |  |  |  | 1,189,215 | 
|INCOME TAX PROVISION:                  |  |                        |         |                      |  |          |         |          |  |  |           |  |  |  |           | 
|Income Tax Expense                     |  |                        | 246,665 |                      |  |          | 172,784 |          |  |  | 488,184   |  |  |  | 297,472   | 
|                                       |  |                        |         |                      |  |          |         |          |  |  |           |  |  |  |           | 
|Net Income                             |  | $                      | 482,966 |                      |  |          | 514,116 |          |  |  | 982,889   |  |  |  | 891,743   | 
|                                       |  |                        |         |                      |  |          |         |          |  |  |           |  |  |  |           | 
|Net Income per Share-Basic             |  | $                      | .58     |                      |  |          | .62     |          |  |  | 1.18      |  |  |  | 1.08      | 
|                                       |  |                        |         |                      |  |          |         |          |  |  |           |  |  |  |           | 
|Net Income per Share-Assuming Dilution |  | $                      | .56     |                      |  |          | .58     |          |  |  | 1.13      |  |  |  | 1.03      | 
|                                       |  |                        |         |                      |  |          |         |          |  |  |           |  |  |  |           | 

See Accompanying Notes and Accountants Review Report.

5



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PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (UNAUDITED)

|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |  |            |   |         | 
|--------------------------- | ----------- | ---------------------------------------------------------------------------------------------------------- | ------- | ------ |  | ------- | --------- | ---------- |  | ------------- | --------- | ----- |  | ----- | ------- | ----------- | ------- |  | ---------- | - | ------- | 
|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         | Accumulated |         |  |            |  
|                            |             |                                                                                                            |         |        |  |         |           | Additional |  |               |           |       |  | Other |         |             |         | 
|                            |             |                                                                                                            |         | Common |  | Paid-in |           | Retained   |  | Comprehensive |           |       |  |      
|                            |             |                                                                                                            |         | Stock  |  | Capital |           | Earnings   |  | Income        |           | Total
|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |      
|Balances, January 1, 2002   |             | $                                                                                                          | 827,500 |        |  |         | 7,474,500 |            |  |               | 2,344,632 |       |  |       | 121,835 |             |         |  | 10,768,467 |  
|COMPREHENSIVE INCOME:       |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |  |            |  
|Net Income                  |             |                                                                                                            |        |        |  |         |          |            |  |               | 1,562,049 |       |  |       |        |             |         |  | 1,562,049  |  
|Other Comprehensive Income  |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |  |            |  
|                            | Net of Tax: |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |  |            |   |        
|                            |             | Change In Unrealized
Gain (Loss) on Securities
Available-For-Sale, Net
of Deferred Income Tax
of $302,410  |         |        |  |         |           |            |  |               |           |       |  |       |         |             | 453,615 |  |            |   | 453,615 | 
|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |  |            |  
|Total Comprehensive Income  |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |  | 2,015,664  |  
|Stock Option Exercised      |             |                                                                                                            | 1,600   |        |  |         | 17,800    |            |  |               |          |       |  |       |        |             |         |  | 19,400     |  
|Cash Dividends              |             |                                                                                                            |        |        |  |         |          |            |  |               | (281,606  | )     |  |       |        |             |         |  | (281,606   | )
|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |  |            |  
|Balances, December 31, 2002 |             | $                                                                                                          | 829,100 |        |  |         | 7,492,300 |            |  |               | 3,625,075 |       |  |       | 575,450 |             |         |  | 12,521,925 |  
|                           
|COMPREHENSIVE INCOME:       |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |  |            |  
|Net Income                  |             |                                                                                                            |        |        |  |         |          |            |  |               | 982,889   |       |  |       |        |             |         |  | 982,889    |  
|Other Comprehensive Income  |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |  |            |  
|                            | Net of Tax: |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |  |            |   |        
|                            |             | Change in Unrealized
Gain (Loss) on Securities
Available-For-Sale, Net
of Deferred Income Tax
of $(21,962) |         |        |  |         |           |            |  |               |           |       |  |       |         |             | 32,944  |  |            |   | 32,944  | 
|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |  |            |  
|Total Comprehensive Income  |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |  | 1,015,833  |  
|Stock Options Exercised     |             |                                                                                                            | 6,000   |        |  |         | 54,000    |            |  |               |           |       |  |       |         |             |         |  | 60,000     |  
|Cash Dividends              |             |                                                                                                            |        |        |  |         |          |            |  |               | (167,020  | )     |  |       |        |             |         |  | (167,020   | )
|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |  |            |  
|Balances, June 30, 2003     |             | $                                                                                                          | 835,100 |        |  |         | 7,546,300 |            |  |               | 4,440,944 |       |  |       | 608,394 |             |         |  | 13,430,738 |  
|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |  |            |  

See Accompanying Notes and Accountants Review Report.

6



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PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

|                                      |                                                                            |                                              |                                                              |                                        |   |                      |          |               |   |             |            |  
|------------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------- | ------------------------------------------------------------ | -------------------------------------- | - | -------------------- | -------- | ------------- | - | ----------- | ---------- | -
|                                      |                                                                            |                                              |                                                              |                                        |   | The Six Months Ended
|                                      |                                                                            |                                              |                                                              |                                        |   |                     
|                                      |                                                                            |                                              |                                                              |                                        |   | June 30, 2003        |          | June 30, 2002
|                                      |                                                                            |                                              |                                                              |                                        |   |                      |          |              
|CASH FLOWS FROM OPERATING ACTIVITIES: |                                                                            |                                              |                                                              |                                        |   |                      |          |              
|                                      | Net Income                                                                 |                                              | $                                                            | 982,889                                |   |                      |          | 891,743       |  
|                                      | Adjustments to Reconcile Net Income to Net Cash                            |                                              |                                                              |                                        |   |                      |          |               |  
|                                      |                                                                            | Provided by (Used for) Operating Activities: |                                                              |                                        |   |                      |          |               |   |            
|                                      |                                                                            |                                              | Depreciation Expense                                         |                                        |   | 133,412              |          |               |   | 145,390     |           
|                                      |                                                                            |                                              | Realized Gain on Sale of Other Real Estate Owned             |                                        |   |                     |          |               |   | (22,015     | )         
|                                      |                                                                            |                                              | Unrealized Impairment Loss on Other Real Estate Owned        |                                        |   | 20,000               |          |               |   | 60,772      |           
|                                      |                                                                            |                                              | Provision for Loan Losses                                    |                                        |   | 324,793              |          |               |   | (13,051     | )         
|                                      |                                                                            |                                              | Discount Accretion Net of Premium Amortization               |                                        |   | 1,858                |          |               |   | (21,615     | )         
|                                      |                                                                            |                                              | Origination of Mortgage Loans Held for Sale                  |                                        |   | (18,232,825          | )        |               |   | (12,403,068 | )         
|                                      |                                                                            |                                              | Proceeds from Mortgage Loans Sold                            |                                        |   | 19,577,387           |          |               |   | 12,478,091  |           
|                                      |                                                                            |                                              | Net Realized (Gains) Losses on Sales and Calls of Securities |                                        |   | (199,250             | )        |               |   | (10,046     | )         
|                                      |                                                                            |                                              | Deferred Income Tax                                          |                                        |   | 272,037              |          |               |   | (135,009    | )         
|                                      |                                                                            |                                              | (Increase) Decrease in Assets:                               |                                        |   |                      |          |               |   |             |           
|                                      |                                                                            |                                              |                                                              | Interest Receivable                    |   |                      | (35,191  | )             |   |             | (26,867    | )
|                                      |                                                                            |                                              |                                                              | Other Assets                           |   |                      | (66,301  | )             |   |             | 176,757    |  
|                                      |                                                                            |                                              | Increase (Decrease) in Liabilities:                          |                                        |   |                      |          |               |   |             |           
|                                      |                                                                            |                                              |                                                              | Interest Payable                       |   |                      | 8,634    |               |   |             | (76,220    | )
|                                      |                                                                            |                                              |                                                              | Accounts Payable and Other Liabilities |   |                      | (573,452 | )             |   |             | (1,580,179 | )
|                                      |                                                                            |                                              |                                                              |                                        |   |                      |          |              
|                                      |                                                                            |                                              | Net Cash Provided by (Used for) Operating Activities         |                                        |   | 2,213,991            |          |               |   | (535,317    | )         
|                                      |                                                                            |                                              |                                                              |                                        |   |                      |          |              
|CASH FLOWS FROM INVESTING ACTIVITIES: |                                                                            |                                              |                                                              |                                        |   |                      |          |              
|                                      | Net (Increase) Decrease in Federal Funds Sold                              |                                              |                                                              | (8,797,000                             | ) |                      |          | 4,516,000     |  
|                                      | Purchases of Available-for-Sale Securities                                 |                                              |                                                              | (4,092,464                             | ) |                      |          | (8,901,475    | )
|                                      | Proceeds from Sales, Maturities and Calls
of Available-For-Sale Securities |                                              |                                                              | 11,199,952                             |   |                      |          | 4,007,984     |  
|                                      | Principal Payments Received on Mortgage Backed Securities                  |                                              |                                                              | 1,272,531                              |   |                      |          | 1,012,345     |  
|                                      | Purchases of Restricted Investments                                        |                                              |                                                              | (633,700                               | ) |                      |          | (57,700       | )
|                                      | Purchases of Premises and Equipment                                        |                                              |                                                              | (625,600                               | ) |                      |          | (77,107       | )
|                                      | Loan Participations Bought                                                 |                                              |                                                              | (5,623,646                             | ) |                      |          | (1,340,814    | )
|                                      | Loan Participations Sold                                                   |                                              |                                                              | 100,000                                |   |                      |          | 8,460,000     |  
|                                      | Proceeds from Sale of Foreclosed Property                                  |                                              |                                                              |                                       |   |                      |          | 402,000       |  
|                                      | Net Increase in Loans                                                      |                                              |                                                              | (9,787,329                             | ) |                      |          | (17,275,261   | )
|                                      |                                                                            |                                              |                                                              |                                        |   |                      |          |              
|                                      | Net Cash Used for Investing Activities                                     |                                              |                                                              | (16,987,256                            | ) |                      |          | (9,254,028    | )
|                                      |                                                                            |                                              |                                                              |                                        |   |                      |          |              
|CASH FLOWS FROM FINANCING ACTIVITIES: |                                                                            |                                              |                                                              |                                        |   |                      |          |              
|                                      | Dividends Paid                                                             |                                              |                                                              | (166,420                               | ) |                      |          | (132,400      | )
|                                      | Stock Option Exercised                                                     |                                              |                                                              | 60,000                                 |   |                      |          | 9,400         |  
|                                      | Net Increase in Deposits                                                   |                                              |                                                              | 13,748,348                             |   |                      |          | 11,354,770    |  
|                                      | Proceeds from Line of Credit                                               |                                              |                                                              | 1,200,000                              |   |                      |          |              |  
|                                      |                                                                            |                                              |                                                              |                                        |   |                      |          |              
|                                      | Net Cash Provided by Financing Activities                                  |                                              |                                                              | 14,841,928                             |   |                      |          | 11,231,770    |  
|                                      |                                                                            |                                              |                                                              |                                        |   |                      |          |              
|                                      |                                                                            |                                              | Increase (Decrease) in Cash and Cash Equivalents             |                                        |   | 68,663               |          |               |   | 1,442,425   |           

(Continued)

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##### Table of Contents



PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

|                                                 |  |                      |           |               |  |  |           | 
|------------------------------------------------ |  | -------------------- | --------- | ------------- |  |  | --------- | 
|                                                 |  | The Six Months Ended
|                                                 |  |                     
|                                                 |  | June 30, 2003        |           | June 30, 2002
|                                                 |  |                      |           |              
|Increase (Decrease) in Cash and Cash Equivalents |  |                      | 68,663    |               |  |  | 1,442,425 | 
|Cash and Cash Equivalents, Beginning of Year     |  |                      | 7,836,372 |               |  |  | 6,040,810 | 
|                                                 |  |                      |           |               |  |  |           | 
|Cash and Cash Equivalents, End of Period         |  | $                    | 7,905,035 |               |  |  | 7,483,235 | 
|                                                 |  |                      |           |               |  |  |           | 
|SUPPLEMENTAL DISCLOSURES:                        |  |                      |           |               |  |  |           | 
|Cash Paid during the Period for Interest         |  | $                    | 1,386,273 |               |  |  | 1,683,813 | 
|                                                 |  |                      |           |               |  |  |           | 
|Cash Paid during the Period for Income Taxes     |  | $                    | 521,785   |               |  |  | 400,619   | 
|                                                 |  |                      |           |               |  |  |           | 

See Accompanying Notes and Accountants Review Report.

8



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##### Table of Contents






PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. SIGNIFICANT ACCOUNTING POLICIES:

The accompanying consolidated financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instruction to Form 10-QSB. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the six month period ended June 30, 2003 are not necessarily
indicative of the results that may be expected for the year ended December 31,
2003. The significant accounting policies disclosed in the December 31, 2002
audited financial statements have been consistently followed. For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Companys Annual Report on Form 10-KSB for the year
ended December 31, 2002.

NOTE 2. FINANCIAL STATEMENT PRESENTATION

Certain amounts in the June 30, 2002 financial statements have been
reclassified to conform to the June 30, 2003 presentation.

9



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PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE 3. INVESTMENTS:

The amortized costs of securities and their approximate fair values are as
follows:

|                                 |  |                           |            |                   |  |            |           |            |  |      |        |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |       |  |  |  |            | 
|-------------------------------- |  | ------------------------- | ---------- | ----------------- |  | ---------- | --------- | ---------- |  | ---- | ------ | --------- |  | ---------- | ---------- | ---------- |  | ----- | ---------- | ----- |  |  | ------- |  |  |  | ----- |  |  |  | ---------- | 
|                                 |  | June 30, 2003 (unaudited) |            | December 31, 2002
|                                 |  |                           |            |                  
|                                 |  |                           |            |                   |  | Gross      |           | Gross      |  |      |        |           |  |            |            |            |  | Gross |            | Gross |  |  |         | 
|                                 |  | Amortized                 |            | Unrealized        |  | Unrealized |           |            |  |      |        | Amortized |  | Unrealized |            | Unrealized |  |       |            |      
|                                 |  | Cost                      |            | Gains             |  | Losses     |           | Fair Value |  | Cost |        | Gains     |  | Losses     |            | Fair Value
|                                 |  |                           |            |                   |  |            |           |            |  |      |        |           |  |            |            |           
|Available-for-Sale               |  |                           |            |                   |  |            |           |            |  |      |        |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |       |  |  |  |            | 
|U.S. Government
Federal Agencies |  | $                         | 3,258,976  |                   |  |            | 20,483    |            |  |      | (1,305 | )         |  |            | 3,278,154  |            |  |       | 8,731,687  |       |  |  | 158,518 |  |  |  | 1,400 |  |  |  | 8,888,805  | 
|State and Municipal
Governments  |  |                           | 13,002,284 |                   |  |            | 892,540   |            |  |      | (916   | )         |  |            | 13,893,908 |            |  |       | 11,775,675 |       |  |  | 510,017 |  |  |  | 1,886 |  |  |  | 12,283,806 | 
|Corporate Securities             |  |                           | 515,364    |                   |  |            | 24,686    |            |  |      |       |           |  |            | 540,050    |            |  |       | 518,372    |       |  |  | 25,678  |  |  |  |      |  |  |  | 544,050    | 
|Mortgage-Backed
Securities       |  |                           | 1,619,938  |                   |  |            | 79,751    |            |  |      |       |           |  |            | 1,699,689  |            |  |       | 5,744,170  |       |  |  | 268,155 |  |  |  |      |  |  |  | 6,012,325  | 
|                                 |  |                           |            |                   |  |            |           |            |  |      |        |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |       |  |  |  |            | 
|Total Available-for-Sale         |  |                           | 18,396,562 |                   |  |            | 1,017,460 |            |  |      | (2,221 | )         |  |            | 19,411,801 |            |  |       | 26,769,904 |       |  |  | 962,368 |  |  |  | 3,286 |  |  |  | 27,728,986 | 
|                                 |  |                           |            |                   |  |            |           |            |  |      |        |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |       |  |  |  |            | 
|Held-to-Maturity                 |  |                           |            |                   |  |            |           |            |  |      |        |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |       |  |  |  |            | 
|State and Municipal
Governments  |  |                           |           |                   |  |            |          |            |  |      |       |           |  |            |           |            |  |       | 1,000,000  |       |  |  | 2,314   |  |  |  |      |  |  |  | 1,002,314  | 
|                                 |  |                           |            |                   |  |            |           |            |  |      |        |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |       |  |  |  |            | 
|Total Held-to-Maturity           |  |                           |           |                   |  |            |          |            |  |      |       |           |  |            |           |            |  |       | 1,000,000  |       |  |  | 2,314   |  |  |  |      |  |  |  | 1,002,314  | 
|                                 |  |                           |            |                   |  |            |           |            |  |      |        |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |       |  |  |  |            | 
|Total Investment
Securities      |  | $                         | 18,396,562 |                   |  |            | 1,017,460 |            |  |      | (2,221 | )         |  |            | 19,411,801 |            |  |       | 27,769,904 |       |  |  | 964,682 |  |  |  | 3,286 |  |  |  | 28,731,300 | 
|                                 |  |                           |            |                   |  |            |           |            |  |      |        |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |       |  |  |  |            | 

The amortized cost and market value of debt securities at December 31, 2002, by
contractual maturity, are shown below. Expected maturities will differ from
contractual maturities because borrowers may have the right to call or prepay
obligations with or without call or prepayment penalties.

|                     |                                    |   |                  |           |                    |  |           |           |       |  |            |           |  |  |            |           | 
|-------------------- | ---------------------------------- | - | ---------------- | --------- | ------------------ |  | --------- | --------- | ----- |  | ---------- | --------- |  |  | ---------- | --------- | 
|                     |                                    |   | Held-to-Maturity |           | Available-for-Sale
|                     |                                    |   |                  |           |                   
|                     |                                    |   | Amortized        |           | Fair               |  | Amortized |           | Fair 
|                     |                                    |   | Cost             |           | Value              |  | Cost      |           | Value
|                     |                                    |   |                  |           |                    |  |           |           |      
|Amounts maturing in: |                                    |   |                  |           |                    |  |           |           |       |  |            |           |  |  |            |          
|                     | One year or less                   |   | $                |          |                    |  |           |          |       |  |            | 1,455,547 |  |  |            | 1,469,913 | 
|                     | After one year through five years  |   |                  |          |                    |  |           |          |       |  |            | 5,973,561 |  |  |            | 6,156,485 | 
|                     | After five years through ten years |   |                  |          |                    |  |           |          |       |  |            | 7,304,082 |  |  |            | 7,610,171 | 
|                     | After ten years                    |   |                  | 1,000,000 |                    |  |           | 1,002,314 |       |  |            | 6,292,544 |  |  |            | 6,480,092 | 
|                     | Mortgage-Backed Securities         |   |                  |          |                    |  |           |          |       |  |            | 5,744,170 |  |  |            | 6,012,325 | 
|                     |                                    |   |                  |           |                    |  |           |           |       |  |            |           |  |  |            |          
|                     |                                    | $ | 1,000,000        |           |                    |  | 1,002,314 |           |       |  | 26,769,904 |           |  |  | 27,728,986 |          
|                     |                                    |   |                  |           |                    |  |           |           |       |  |            |           |  |  |            |          

Accrued interest on investments at June 30, 2003 and December 31, 2002 was
$222,407 and $250,994 respectively. During the six months ended June 30, 2003
and the year ended December 31, 2002 the bank received $11,199,952 and
$6,138,347 proceeds from sales and calls of securities with a carrying value
based on historical cost and adjusted for amortization of premiums and
accretion of discounts of $11,000,702 and $6,115,564 resulting in a realized
gain of $199,250 and $22,783 on sales and calls of securities, respectively.

10



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PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4. LOANS RECEIVABLE:

Loans are summarized as follows:

|                                   |  |               |             |              |  |  |             |  
|---------------------------------- |  | ------------- | ----------- | ------------ |  |  | ----------- | -
|                                   |  | June 30, 2003 |             | December 31,
|                                   |  | (unaudited)   |             | 2002        
|                                   |  |               |             |             
|Commercial                         |  | $             | 29,558,328  |              |  |  | 27,903,470  |  
|Residential Real Estate            |  |               | 25,054,613  |              |  |  | 20,388,409  |  
|Non Residential Real Estate        |  |               | 57,699,808  |              |  |  | 46,824,648  |  
|Installment                        |  |               | 12,690,753  |              |  |  | 14,660,968  |  
|Consumer                           |  |               | 515,799     |              |  |  | 515,787     |  
|Other                              |  |               | 159,176     |              |  |  | 198,703     |  
|                                   |  |               |             |              |  |  |             |  
|                                   |  |               | 125,678,477 |              |  |  | 110,491,985 |  
|Allowance for Loan Losses          |  |               | (1,598,205  | )            |  |  | (1,424,928  | )
|Net Deferred Loan Origination Fees |  |               | (275,785    | )            |  |  | (248,752    | )
|                                   |  |               |             |              |  |  |             |  
|                                   |  | $             | 123,804,487 |              |  |  | 108,818,305 |  
|                                   |  |               |             |              |  |  |             |  

An analysis of the change in the allowance for loan losses follows:

|                               |  |               |           |              |  |  |           |  
|------------------------------ |  | ------------- | --------- | ------------ |  |  | --------- | -
|                               |  | June 30, 2003 |           | December 31,
|                               |  | (unaudited)   |           | 2002        
|                               |  |               |           |             
|Balance at Beginning of Period |  | $             | 1,424,928 |              |  |  | 1,116,566 |  
|Provision for Loan Losses      |  |               | 324,793   |              |  |  | 511,634   |  
|Loans Charged Off              |  |               | (152,719  | )            |  |  | (218,596  | )
|Recoveries on Loans            |  |               | 1,203     |              |  |  | 15,324    |  
|                               |  |               |           |              |  |  |           |  
|Balance at End of Period       |  | $             | 1,598,205 |              |  |  | 1,424,928 |  
|                               |  |               |           |              |  |  |           |  

A summary of loans by estimated maturity as of December 31, 2002 is as follows:

|                         |  |   |             | 
|------------------------ |  | - | ----------- | 
|Maturity within one year |  | $ | 56,121,068  | 
|One to five years        |  |   | 52,353,312  | 
|Over five years          |  |   | 2,017,605   | 
|                         |  |   |             | 
|                         |  | $ | 110,491,985 | 
|                         |  |   |             | 

Accrued interest receivable on loans at June 30, 2003 and December 31, 2002 was
$494,393 and $430,615, respectively.

At December 31, 2002, the total recorded investment in loans on nonaccrual
amounted to $928,129 and the total recorded investment in loans past due ninety
days or more and still accruing interest amounted to approximately $94,190. At
December 31, 2002, the total recorded investment in impaired loans amounted to
$0. The amount of the recorded investment in impaired loans for which there is
no related allowance for credit loss is classified as substandard and is $0.
The amount of any cash receipts is applied to principal on impaired loans.
Interest income in the amount of $0 was recognized for cash receipts during
2002. The entire amount of the impaired loan was written off as a bad debt
during 2002.

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PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4. LOANS RECEIVABLE (CONTINUED):

The Bank has no commitments to loan additional funds to borrowers whose loans
have been modified.

The Bank services loans for others of $12,503,772 at December 31, 2002 under
loan participation agreements. The Bank receives no fees for servicing these
loans and no fees have been received in connection with the origination of the
loan participation agreements.

In the ordinary course of business, the Bank has and expects to continue to
have transactions, including borrowings, with certain of its officers,
executive directors, significant stockholders and their affiliates. In the
opinion of management, such transactions were on substantially the same terms,
including interest rates and collateral, as those prevailing at the time of
comparable transactions with other persons and did not involve more than a
normal risk of collectibility or present any other unfavorable features to the
Bank. Loans to such borrowers at December 31, 2002 were $0. During 2002,
there were additional loans to such related parties in the amount of $0 and
repayments amounted to $237,345.

NOTE 5. EARNINGS PER SHARE:

|                                                                         |                                         |   |                      |         |               |  |                  |         |             |  |               |      |           |  |         |         |                  |  |         |         |  |  |      |      | 
|------------------------------------------------------------------------ | --------------------------------------- | - | -------------------- | ------- | ------------- |  | ---------------- | ------- | ----------- |  | ------------- | ---- | --------- |  | ------- | ------- | ---------------- |  | ------- | ------- |  |  | ---- | ---- | 
|                                                                         |                                         |   | FOR THE PERIOD ENDED
|                                                                         |                                         |   |                     
|                                                                         |                                         |   | June 30, 2003        |         | June 30, 2002
|                                                                         |                                         |   | (unaudited)          |         | (unaudited)  
|                                                                         |                                         |   |                      |         |              
|                                                                         |                                         |   |                      |         |               |  | Weighted-Average |         |             |  |               |      |           |  |         |         | Weighted-Average
|                                                                         |                                         |   | Income               |         | Shares        |  | Per-Share        |         | Income      |  | Shares        |      | Per-Share
|                                                                         |                                         |   | (Numerator)          |         | (Denominator) |  | Amount           |         | (Numerator) |  | (Denominator) |      | Amount   
|                                                                         |                                         |   |                      |         |               |  |                  |         |             |  |               |      |          
|Net Income                                                               |                                         | $ | 982,889              |         |               |  |                 |         |             |  |              |      |           |  | 891,743 |         |                  |  |        |         |  |  |     |     
|Basic EPS                                                                |                                         |   |                      |         |               |  |                  |         |             |  |               |      |           |  |         |         |                  |  |         |         |  |  |      |     
|                                                                         | Income Available to
Common Stockholders |   |                      | 982,889 |               |  |                  | 832,730 |             |  |               | 1.18 |           |  |         | 891,743 |                  |  |         | 827,802 |  |  |      | 1.08 | 
|Effect of Dilutive Options                                               |                                         |   |                      |         |               |  |                  |         |             |  |               |      |           |  |         |         |                  |  |         |         |  |  |      |     
|Stock Options
(using the Treasury Stock
Method)                          |                                         |   |                     |         |               |  | 37,835           |         |             |  |              |      |           |  |        |         |                  |  | 40,155  |         |  |  |     |     
|                                                                         |                                         |   |                      |         |               |  |                  |         |             |  |               |      |           |  |         |         |                  |  |         |         |  |  |      |     
|Diluted EPS                                                              |                                         |   |                      |         |               |  |                  |         |             |  |               |      |           |  |         |         |                  |  |         |         |  |  |      |     
|Income Available to
Common Stockholders plus
Assumed Exercise of Options |                                         | $ | 982,889              |         |               |  | 870,565          |         |             |  | 1.13          |      |           |  | 891,743 |         |                  |  | 867,957 |         |  |  | 1.03 |     
|                                                                         |                                         |   |                      |         |               |  |                  |         |             |  |               |      |           |  |         |         |                  |  |         |         |  |  |      |      | 

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Financial Condition

Peoples Community Bank (the Bank) represents virtually all of the
assets of PCB Bancorp, Inc. (the Company). The Companys
consolidated results of operations are dependent primarily on net
interest income, which is the difference between the interest income
earned on interest-earning assets, such as loans and investments,
and the interest expense incurred on interest-bearing liabilities,
such as deposits and other borrowings. The Bank, which was opened
December 15, 1995, has continued to experience growth during the
first quarter of 2003. Total assets have grown $14.4 million or
9.47% since December 31, 2002.

Loans have increased $15.0 million or 13.77% since December 31,
2002, while investment securities have decreased $8.3 million or
29.99% since December 31, 2002.

Nonperforming Assets and Risk Elements.The bank had $1,027,000 in
nonperforming assets at June 30, 2003. Diversification within the
loan portfolio is an important means of reducing inherent lending
risks. At June 30, 2003, the Bank had no concentrations of ten
percent or more of total loans in any single industry or in any
geographical area outside the immediate market area of the Bank. At
the present time, the Bank has no impaired loans. The Bank also
currently has $82,000 in other real estate owned.

The Bank discontinues the accrual of interest on loans which become
ninety days past due (principal and/or interest), unless the loans
are adequately secured and in the process of collection. Other real
estate owned is carried up to the fair value, determined by an
appraisal. A loan is classified as a restructured loan when the
interest rate is materially reduced or the term is extended beyond
the original maturity date because of the inability of the borrower
to service the debt under the original terms.

Liquidity and Capital Resources

Liquidity is adequate with cash and due from banks of $8 million as
of June 30, 2003. In addition, loans and investment securities
repricing or maturing in one year or less exceeded $57 million at
June 30, 2003. The Bank has approximately $7.8 million in unfunded
loan commitments. It is not known how much of this will be funded
within the next six months. Other commitments, primarily standby
letters of credit, are approximately $948,000 at June 30, 2003. The
Bank has outside funding sources including fed fund lines of credit,
cash management accounts, and security repurchase agreements with
the Federal Home Loan Bank, Compass Bank, and Columbus Bank and
Trust of Georgia. The amount of funding available through these
agreements totaled $15.8 million with $9.5 million having been drawn
as of June 30, 2003. With the exception of unfunded loan
commitments, there are no known trends or any known commitments or
uncertainties that will result in the Banks liquidity increasing or
decreasing in a material way. In addition, the Company is not aware
of any recommendations by any regulatory authorities that would have
a material effect on the Companys liquidity, capital resources, or
results of operations.

Total equity capital of the Company at June 30, 2003 is $13.4
million or 8.06% of

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total assets. The Banks capital position is adequate to meet the
minimum capital requirements as of June 30, 2003 for all regulatory
agencies. The Banks capital ratios as of June 30, 2003 are as
follows:

|                 |  |  |       |  
|---------------- |  |  | ----- | -
|Tier 1 capital   |  |  | 7.81  | %
|Tier 2 capital   |  |  | 1.00  | %
|Total risk-based |  |  | 11.11 | %

Results of Operations

The company had net income of $482,966 during the second quarter of
2003 compared to the net income of $514,116 during the second
quarter of 2002, a slight decrease of $31,000 or 6.06% over the same
period in 2002 brought about by one-time adjustments to accrue
income taxes payable in 2002. Net interest income increased
$208,000 or 16.51%. Total non-interest income also increased
$136,000 or 38.80%.

Interest income increased slightly from 2002 to 2003 primarily
because of our growth in loans, while interest expense decreased
because of the general decrease in interest rates in the past year.
Our Cost/Yield Spread for loans remains strong at 4.39%. The large
increase in non-interest income for the period ending June 30, 2003
is largely because of the $199,000 gains on the sales and calls of
securities year to date.

The provision for loan losses was $324,800 for the first six months
of 2003 up from $33,200 for the first six months in 2002. The
allowance for loan losses of $1,598,000 at June 30, 2003
(approximately 1.28% of total loans) is considered to be adequate to
cover losses inherent in the loan portfolio. Management evaluates
the adequacy of the allowance for loan losses monthly and makes
provisions for the loan losses based on this evaluation.

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PART II. OTHER INFORMATION

|        |  |                                                     |                                                                                                                                         | 
|------- |  | --------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------- | 
|Item 1. |  | Legal Proceedings                                  
|        |  |                                                    
|        |  | None                                               
|        |  |                                                    
|Item 2. |  | Changes in Securities                              
|        |  |                                                    
|        |  | None                                               
|        |  |                                                    
|Item 3. |  | Default Upon Senior Securities                     
|        |  |                                                    
|        |  | None                                               
|        |  |                                                    
|Item 4. |  | Submission of Matters to a Vote of Security Holders
|        |  |                                                    
|        |  | None                                               
|        |  |                                                    
|Item 5. |  | Other Information                                  
|        |  |                                                    
|        |  | None                                               
|        |  |                                                    
|Item 6. |  | Exhibits and Reports on Form 8-K                   
|        |  |                                                    
|        |  | (a)                                                 | Exhibit 31.1  Certifications pursuant to 18 U.S.C. Section
1350, as adopted pursuant to section 302 of the Sarbanes-Oxley
Act of 2002.
|        |  |                                                    
|        |  |                                                     | Exhibit 31.2  Certifications pursuant to 18 U.S.C. Section
1350, as adopted pursuant to section 302 of the Sarbanes-Oxley
Act of 2002.
|        |  |                                                     |                                                                                                                                        
|        |  |                                                     | Exhibit 32.1  Certifications pursuant to 18 U.S.C. Section
1350, as adopted pursuant to section 906 of the Sarbanes-Oxley
Act of 2002.
|        |  |                                                    
|        |  | (b)                                                 | Reports on Form 8-K                                                                                                                    
|        |  |                                                    
|        |  |                                                     | None                                                                                                                                   

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SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.

|          |  |                                                                                        
|--------- |  | ---------------------------------------------------------------------------------------
|          |  | PCB BANCORP, INC.                                                                      
|          |  |                                                                                        
|          |  | (Registrant)                                                                           
|          |  |                                                                                        
|8/13/2003 |  | Phillip R. Carriger                                                                    
|          |  |                                                                                        
|(Date)    |  | Phillip R. Carriger, Chairman and Chief Executive Officer
(Principle Executive Officer)
|          |  |                                                                                        
|8/13/2003 |  | Michael Christian                                                                      
|          |  |                                                                                        
|(Date)    |  | Michael Christian, President                                                           

16