##### Table of Contents



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 March 31, 2002

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 [   ]

827,500

---

(Outstanding shares of the issuers common stock as of March 31, 2002)


Transitional Small Business Disclosure Format

Yes [   ]
          No [ X ]





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TABLE OF CONTENTS



|                              |                                                             |                                                             |  |  |  |  |  | 
|----------------------------- | ----------------------------------------------------------- | ----------------------------------------------------------- |  |  |  |  |  | 
|PART I. FINANCIAL INFORMATION
|Item 1. Financial Statements 
|                              |                                                             | CONSOLIDATED BALANCE SHEETS                                
|                              |                                                             | CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)              
|                              |                                                             | CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (UNAUDITED)
|                              |                                                             | CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)          
|                              |                                                             | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS             
|                              | Financial Condition                                        
|PART II. OTHER INFORMATION   
|                              | Item 1. Legal Proceedings                                  
|                              | Item 2. Changes in Securities                              
|                              | Item 3. Default Upon Senior Securities                     
|                              | Item 4. Submission of Matters to a Vote of Security Holders
|                              | Item 5. Other Information                                  
|                              | Item 6. Exhibits and Reports on Form 9-K                   



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##### Table of Contents



PCB BANCORP, INC.
INDEX

|        |  |                                                                                         |                                                        |  |    |      |  | 
|------- |  | --------------------------------------------------------------------------------------- | ------------------------------------------------------ |  | -- | ---- |  | 
|Number  |  |                                                                                         |                                                        |  |    | Page
|        |  |                                                                                         |                                                        |  |    |     
|PART 1  |  | FINANCIAL INFORMATION                                                                   |                                                        |  |    |     
|Item 1  |  | Financial Statements                                                                    |                                                        |  |    |     
|        |  | Consolidated Balance Sheets                                                             |                                                        |  |    |     
|        |  |                                                                                         | March 31, 20001 (Unaudited) and December 31, 2001      |  |    | 2    | 
|        |  | Consolidated Statements of Income                                                       |                                                        |  |    |     
|        |  |                                                                                         | Three Months ended March 31, 2002 and 2001 (Unaudited) |  |    | 3    | 
|        |  |                                                                                         | Three Months ended March 31, 2002 and 2001 (Unaudited) |  |    | 3    | 
|        |  | Consolidated Statement of Shareholders Equity                                          |                                                        |  |    |     
|        |  |                                                                                         | Three Months ended March 31, 2002 (Unaudited)          |  |    | 6    | 
|        |  |                                                                                         | Twelve Months ended December 31, 2001                  |  |    |      | 
|        |  | Consolidated Statements of Cash Flows                                                   |                                                        |  |    |     
|        |  |                                                                                         | Three Months Ended March 31, 2002 and 2001 (Unaudited) |  |    | 8    | 
|        |  | Notes to Consolidated Financial Statements (Unaudited)                                  |                                                        |  | 9  |     
|Item 2  |  | Managements Discussion and Analysis of Financial Condition   and Results of Operations |                                                        |  | 13 |     
|PART II |  | OTHER INFORMATION                                                                       |                                                        |  |    |     
|Item 1  |  | Legal Proceedings                                                                       |                                                        |  | 15 |     
|Item 2  |  | Changes in Securities                                                                   |                                                        |  | 15 |     
|Item 3  |  | Default Upon Senior Securities                                                          |                                                        |  | 15 |     
|Item 4  |  | Submission of Matters to a Vote of Security Holders                                     |                                                        |  | 15 |     





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##### Table of Contents



PCB BANCORP, INC.




FINANCIAL STATEMENTS

WITH

ACCOUNTANTS REVIEW REPORT

For the Quarters Ended March 31, 2002 and 2001





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##### Table of Contents



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 March 31, 2002 and the
related consolidated statement of changes in stockholders equity for the three
months ended March 31, 2002 and the consolidated statements of income for the
three months ended March 31, 2002 and 2001 and consolidated statements of cash
flows for the three months ended March 31, 2002 and 2001 in accordance with
statements on Standards for Accounting and Review Services issued by the
American Institute of Certified Public Accountants. All information in these
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 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 generally accepted accounting principles.

BLACKBURN, CHILDERS & STEAGALL, PLC

April 22, 2002





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##### Table of Contents






PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY




CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


|                                                                                      |                                                                                                                                                   |                          |                                            |              |            |             |             |              |            |             |             | 
|------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------ | ------------------------------------------ | ------------ | ---------- | ----------- | ----------- | ------------ | ---------- | ----------- | ----------- | 
|                                                                                      |                                                                                                                                                   |                          |                                            |              |            | March 31,   |             | December 31,
|                                                                                      |                                                                                                                                                   |                          |                                            |              |            | 2002        |             | 2001        
|                                                                                      |                                                                                                                                                   |                          |                                            |              |            |             |             |             
|                                                                                      |                                                                                                                                                   |                          |                                            |              |            | (unaudited) |             |              |            |            
|ASSETS                                                                               
|Cash and Due from Banks                                                               |                                                                                                                                                   | $                        | 6,039,662                                  |              |            |             | 6,040,810   |             
|Federal Funds Sold                                                                    |                                                                                                                                                   |                          | 10,016,000                                 |              |            |             | 7,573,000   |             
|Securities Held-to-Maturity                                                           |                                                                                                                                                   |                          | 100,376                                    |              |            |             | 100,412     |             
|Securities Available-for-Sale                                                         |                                                                                                                                                   |                          | 24,867,551                                 |              |            |             | 22,163,522  |             
|Loans Held for Sale                                                                   |                                                                                                                                                   |                          | 801,035                                    |              |            |             | 732,723     |             
|Loans Receivable, Net of Allowance for Loan
Losses and Deferred Loan Origination Fees |                                                                                                                                                   |                          | 92,750,367                                 |              |            |             | 88,960,311  |             
|Interest Receivable                                                                   |                                                                                                                                                   |                          | 710,114                                    |              |            |             | 608,365     |             
|Premises and Equipment, Net of Accumulated Depreciation                               |                                                                                                                                                   |                          | 2,648,797                                  |              |            |             | 2,671,769   |             
|Restricted Investments  Stock in Federal Home Loan Bank, Cost                        |                                                                                                                                                   |                          | 342,400                                    |              |            |             | 338,700     |             
|Deferred Tax Asset                                                                    |                                                                                                                                                   |                          | 215,838                                    |              |            |             | 181,853     |             
|Other Assets                                                                          |                                                                                                                                                   |                          | 761,321                                    |              |            |             | 822,794     |             
|                                                                                      |                                                                                                                                                   |                          |                                            |              |            |             |             |             
|                                                                                      |                                                                                                                                                   |                          |                                            | Total Assets |            | $           | 139,253,461 |              |            |             | 130,194,259 | 
|                                                                                      |                                                                                                                                                   |                          |                                            |              |            |             |             |             
|LIABILITIES AND SHAREHOLDERS EQUITY                                                 
|LIABILITIES:                                                                          |                                                                                                                                                   |                          |                                            |              |            |             |             |             
|                                                                                      | Deposits:                                                                                                                                         |                          |                                            |              |            |             |             |              |           
|                                                                                      |                                                                                                                                                   | Demand Deposits          |                                            | $            | 13,518,263 |             |             |              | 14,682,509 |            
|                                                                                      |                                                                                                                                                   | Savings and NOW Deposits |                                            |              | 82,607,673 |             |             |              | 67,033,953 |            
|                                                                                      |                                                                                                                                                   | Other Time Deposits      |                                            |              | 24,813,441 |             |             |              | 29,420,183 |            
|                                                                                      | Interest Payable                                                                                                                                  |                          |                                            | 155,452      |            |             |             | 195,124      |           
|                                                                                      | Dividend Payable                                                                                                                                  |                          |                                            | 66,200       |            |             |             | 66,200       |           
|                                                                                      | Line of Credit                                                                                                                                    |                          |                                            | 6,000,000    |            |             |             | 6,000,000    |           
|                                                                                      | Accounts Payable and Other Liabilities                                                                                                            |                          |                                            | 1,077,860    |            |             |             | 2,027,823    |           
|                                                                                      |                                                                                                                                                   |                          |                                            |              |            |             |             |             
|                                                                                      |                                                                                                                                                   |                          | Total Liabilities                          |              |            | 128,238,889 |             |              |            | 119,425,792 |            
|                                                                                      |                                                                                                                                                   |                          |                                            |              |            |             |             |             
|SHAREHOLDERS EQUITY:                                                                 |                                                                                                                                                   |                          |                                            |              |            |             |             |             
|                                                                                      | Common Stock  $1 par value; 3,000,000 shares authorized;
827,500 and 827,500 shares issued and outstanding
at 3-31-02 and 12-31-01, respectively |                          |                                            | 827,500      |            |             |             | 827,500      |           
|                                                                                      | Additional Paid-in Capital                                                                                                                        |                          |                                            | 7,474,500    |            |             |             | 7,474,500    |           
|                                                                                      | Retained Earnings                                                                                                                                 |                          |                                            | 2,658,559    |            |             |             | 2,344,632    |           
|                                                                                      | Accumulated Other Comprehensive Income                                                                                                            |                          |                                            | 54,013       |            |             |             | 121,835      |           
|                                                                                      |                                                                                                                                                   |                          |                                            |              |            |             |             |             
|                                                                                      |                                                                                                                                                   |                          | Total Shareholders Equity                 |              |            | 11,014,572  |             |              |            | 10,768,467  |            
|                                                                                      |                                                                                                                                                   |                          |                                            |              |            |             |             |             
|                                                                                      |                                                                                                                                                   |                          | Total Liabilities and Shareholders Equity |              | $          | 139,253,461 |             |              |            | 130,194,259 |            
|                                                                                      |                                                                                                                                                   |                          |                                            |              |            |             |             |             

See Accompanying Notes and Accountants Review Report

2



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##### Table of Contents



PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY




CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


|                     |                                                      |  |                        |           |           |  |  |           | 
|-------------------- | ---------------------------------------------------- |  | ---------------------- | --------- | --------- |  |  | --------- | 
|                     |                                                      |  | The Three Months Ended
|                     |                                                      |  |                       
|                     |                                                      |  | March 31,              |           | March 31,
|                     |                                                      |  | 2002                   |           | 2001     
|                     |                                                      |  |                        |           |          
|INTEREST INCOME:     |                                                      |  |                        |           |           |  |  |          
|                     | Interest on Loans                                    |  | $                      | 1,615,332 |           |  |  | 1,877,321 | 
|                     | Interest on Investments                              |  |                        | 326,081   |           |  |  | 404,110   | 
|                     | Interest on Federal Funds Sold                       |  |                        | 36,540    |           |  |  | 27,194    | 
|                     |                                                      |  |                        |           |           |  |  |          
|                     | Total Interest Income                                |  |                        | 1,977,953 |           |  |  | 2,308,625 | 
|                     |                                                      |  |                        |           |           |  |  |          
|INTEREST EXPENSE:    |                                                      |  |                        |           |           |  |  |          
|                     | Interest on Interest Bearing Checking Accounts       |  |                        | 22,233    |           |  |  | 26,819    | 
|                     | Interest on Money Market Accounts                    |  |                        | 308,431   |           |  |  | 167,637   | 
|                     | Interest on Passbook Accounts                        |  |                        | 165,063   |           |  |  | 225,105   | 
|                     | Interest on Certificates of Deposit                  |  |                        | 253,164   |           |  |  | 906,887   | 
|                     | Interest on Other Borrowed Funds                     |  |                        | 73,650    |           |  |  | 61,477    | 
|                     |                                                      |  |                        |           |           |  |  |          
|                     | Total Interest Expense                               |  |                        | 822,541   |           |  |  | 1,387,925 | 
|                     |                                                      |  |                        |           |           |  |  |          
|                     | Net Interest Income                                  |  |                        | 1,155,412 |           |  |  | 920,700   | 
|                     | Provision for Loan Losses                            |  |                        | 46,300    |           |  |  | 76,529    | 
|                     |                                                      |  |                        |           |           |  |  |          
|                     | Net Interest Income after Provision for Loan Losses  |  |                        | 1,109,112 |           |  |  | 844,171   | 
|                     |                                                      |  |                        |           |           |  |  |          
|NON-INTEREST INCOME: |                                                      |  |                        |           |           |  |  |          
|                     | Service Charges                                      |  |                        | 92,337    |           |  |  | 99,478    | 
|                     | Loan Origination Fees                                |  |                        | 169,891   |           |  |  | 124,593   | 
|                     | Net Realized Gain on Sales and Calls of Securities   |  |                        |          |           |  |  | 7,720     | 
|                     | Net Realized Loss on Sale of Other Real Estate Owned |  |                        | (2,363    | )         |  |  |          | 
|                     | Miscellaneous                                        |  |                        | 118       |           |  |  | 5,938     | 
|                     |                                                      |  |                        |           |           |  |  |          
|                     | Total Non-Interest Income                            |  |                        | 259,983   |           |  |  | 237,729   | 
|                     |                                                      |  |                        |           |           |  |  |          

(Continued)

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##### Table of Contents



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

|                       |                                   |                             |  |                        |         |           |  |         |         | 
|---------------------- | --------------------------------- | --------------------------- |  | ---------------------- | ------- | --------- |  | ------- | ------- | 
|                       |                                   |                             |  | The Three Months Ended
|                       |                                   |                             |  |                       
|                       |                                   |                             |  | March 31,              |         | March 31,
|                       |                                   |                             |  | 2002                   |         | 2001     
|                       |                                   |                             |  |                        |         |          
|NON-INTEREST EXPENSES: |                                   |                             |  |                        |         |           |  |        
|                       | Salaries                          |                             |  | 416,620                |         |           |  | 365,667 |        
|                       | Payroll Taxes                     |                             |  | 36,229                 |         |           |  | 32,016  |        
|                       | Employee Benefits                 |                             |  | 40,640                 |         |           |  | 35,309  |        
|                       | Occupancy Expense                 |                             |  | 22,989                 |         |           |  | 25,268  |        
|                       | Rental Expense                    |                             |  | 8,100                  |         |           |  | 7,500   |        
|                       | Furniture and Equipment Expense   |                             |  | 4,590                  |         |           |  | 5,330   |        
|                       | Computer Equipment Expense        |                             |  | 19,551                 |         |           |  | 24,243  |        
|                       | Stationery, Supplies and Printing |                             |  | 20,978                 |         |           |  | 20,518  |        
|                       | Postage, Express and Freight      |                             |  | 22,570                 |         |           |  | 22,211  |        
|                       | Telephone Expense                 |                             |  | 16,932                 |         |           |  | 12,535  |        
|                       | Vehicle Expense                   |                             |  | 5,648                  |         |           |  | 5,112   |        
|                       | Outside Services                  |                             |  | 53,014                 |         |           |  | 46,017  |        
|                       | Teller Over and Short             |                             |  | 279                    |         |           |  | 82      |        
|                       | Advertising and Promotion         |                             |  | 23,148                 |         |           |  | 13,475  |        
|                       | Loan Collection Expense           |                             |  | 34,594                 |         |           |  | 2,225   |        
|                       | Bank Security and Protection      |                             |  | 976                    |         |           |  | 890     |        
|                       | FDIC Assessment                   |                             |  | 4,761                  |         |           |  | 5,100   |        
|                       | Insurance                         |                             |  | 12,925                 |         |           |  | 14,702  |        
|                       | Dues and Subscriptions            |                             |  | 5,066                  |         |           |  | 5,335   |        
|                       | Franchise Tax Expense             |                             |  | 7,250                  |         |           |  | 6,800   |        
|                       | Refunds and Reimbursements        |                             |  | 2,103                  |         |           |  | 2,935   |        
|                       | Travel and Meetings               |                             |  | 1,085                  |         |           |  | 251     |        
|                       | Contributions                     |                             |  | 2,525                  |         |           |  | 2,050   |        
|                       | Depreciation and Amortization     |                             |  | 71,822                 |         |           |  | 70,734  |        
|                       | Directors Fees                   |                             |  | 14,200                 |         |           |  | 12,050  |        
|                       | Miscellaneous Expenses            |                             |  | 15,685                 |         |           |  | 8,195   |        
|                       |                                   |                             |  |                        |         |           |  |        
|                       |                                   | Total Non-Interest Expenses |  |                        | 864,280 |           |  |         | 746,550 | 
|                       |                                   |                             |  |                        |         |           |  |        
|                       | Income Before Taxes               |                             |  | 504,815                |         |           |  | 335,350 |        

(Continued)

4



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##### Table of Contents



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

|                                      |                                        |  |                        |         |           |  |         |         | 
|------------------------------------- | -------------------------------------- |  | ---------------------- | ------- | --------- |  | ------- | ------- | 
|                                      |                                        |  | The Three Months Ended
|                                      |                                        |  |                       
|                                      |                                        |  | March 31,              |         | March 31,
|                                      |                                        |  | 2002                   |         | 2001     
|                                      |                                        |  |                        |         |          
|Income Before Taxes (Brought Forward) |                                        |  | 504,815                |         |           |  | 335,350 |        
|INCOME TAX PROVISION:                 |                                        |  |                        |         |           |  |         |        
|                                      | Income Tax Expense                     |  |                        | 124,688 |           |  |         | 107,499 | 
|                                      |                                        |  |                        |         |           |  |         |        
|                                      | Net Income                             |  | $                      | 380,127 |           |  |         | 227,851 | 
|                                      |                                        |  |                        |         |           |  |         |        
|                                      | Net Income per Share-Basic             |  | $                      | .46     |           |  |         | .28     | 
|                                      |                                        |  |                        |         |           |  |         |        
|                                      | Net Income per Share-Assuming Dilution |  | $                      | .43     |           |  |         | .26     | 
|                                      |                                        |  |                        |         |           |  |         |        

See Accompanying Notes and Accountants Review Report

5



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##### Table of Contents



PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY




CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (UNAUDITED)


|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |   |            |   |         |  
|--------------------------- | ----------- | ---------------------------------------------------------------------------------------------------------- | ------- | ------ |  | ------- | --------- | ---------- |  | ------------- | --------- | ----- |  | ----- | ------- | ----------- | ------- | - | ---------- | - | ------- | -
|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         | Accumulated |         |   |            |  
|                            |             |                                                                                                            |         |        |  |         |           | Additional |  |               |           |       |  | Other |         |             |         |  
|                            |             |                                                                                                            |         | Common |  | Paid-in |           | Retained   |  | Comprehensive |           |       |  |      
|                            |             |                                                                                                            |         | Stock  |  | Capital |           | Earnings   |  | Income        |           | Total
|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |      
|Balances, January 1, 2001   |             | $                                                                                                          | 817,700 |        |  |         | 7,367,500 |            |  |               | 1,483,766 |       |  |       | 14,315  |             |         |   | 9,683,281  |  
|COMPREHENSIVE INCOME:       |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |   |            |  
|Net Income                  |             |                                                                                                            |        |        |  |         |          |            |  |               | 1,098,783 |       |  |       |        |             |         |   | 1,098,783  |  
|Other Comprehensive Income  |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |   |            |  
|                            | Net of Tax: |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |   |            |   |        
|                            |             | Change In Unrealized
Gain (Loss) on Securities
Available-For-Sale, Net
of Deferred Income Tax
of $71,681   |         |        |  |         |           |            |  |               |           |       |  |       |         |             | 107,520 |   |            |   | 107,520 |  
|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |   |            |  
|Total Comprehensive Income  |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |   | 1,206,303  |  
|Stock Option Exercised      |             |                                                                                                            | 9,800   |        |  |         | 107,000   |            |  |               |           |       |  |       |        |             |         |   | 116,800    |  
|Cash Dividends              |             |                                                                                                            |        |        |  |         |          |            |  |               | (237,917  | )     |  |       |        |             |         |   | (237,917   | )
|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |   |            |  
|Balances, December 31, 2001 |             | $                                                                                                          | 827,500 |        |  |         | 7,474,500 |            |  |               | 2,344,632 |       |  |       | 121,835 |             |         |   | 10,768,467 |  
|COMPREHENSIVE INCOME:       |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |   |            |  
|Net Income                  |             |                                                                                                            |        |        |  |         |          |            |  |               | 380,127   |       |  |       |        |             |         |   | 380,127    |  
|Other Comprehensive Income  |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |   |            |  
|                            | Net of Tax: |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |   |            |   |        
|                            |             | Change in Unrealized
Gain (Loss) on Securities
Available-For-Sale, Net
of Deferred Income Tax
of $(45,215) |         |        |  |         |           |            |  |               |           |       |  |       |         |             | (67,822 | ) |            |   | (67,822 | )
|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |   |            |  
|Total Comprehensive Income  |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |   | 312,305    |  
|Cash Dividends              |             |                                                                                                            |        |        |  |         |          |            |  |               | (66,200   | )     |  |       |        |             |         |   | (66,200    | )
|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |   |            |  
|Balances, March 31, 2002    |             | $                                                                                                          | 827,500 |        |  |         | 7,474,500 |            |  |               | 2,658,559 |       |  |       | 54,013  |             |         |   | 11,014,572 |  
|                            |             |                                                                                                            |         |        |  |         |           |            |  |               |           |       |  |       |         |             |         |   |            |  

See Accompanying Notes and Accountants Review Report

6



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##### Table of Contents



PCB BANCORP, INC.
AND WHOLLY-OWNED SUBSIDIARY




CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


|                                      |                                       |                                                                     |                                                                                   |   |                |            |                |  |            |            |  
|------------------------------------- | ------------------------------------- | ------------------------------------------------------------------- | --------------------------------------------------------------------------------- | - | -------------- | ---------- | -------------- |  | ---------- | ---------- | -
|                                      |                                       |                                                                     |                                                                                   |   | March 31, 2002 |            | March 31, 2001
|                                      |                                       |                                                                     |                                                                                   |   |                |            |               
|                                      | CASH FLOWS FROM OPERATING ACTIVITIES: |                                                                     |                                                                                   |   |                |            |                |  |           
|                                      |                                       | Net Income                                                          |                                                                                   | $ | 380,127        |            |                |  | 227,851    |           
|                                      |                                       |                                                                     | Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities: |   |                |            |                |  |            |            |  
|                                      |                                       |                                                                     | Depreciation Expense                                                              |   |                | 71,822     |                |  |            | 70,734     |  
|                                      |                                       |                                                                     | Provision for Loan Losses                                                         |   |                | 46,300     |                |  |            | 76,529     |  
|                                      |                                       |                                                                     | Discount Accretion Net of Premium Amortization                                    |   |                | (19,401    | )              |  |            | (41,637    | )
|                                      |                                       |                                                                     | Origination of Mortgage Loans Held for Sale                                       |   |                | (6,470,683 | )              |  |            | (5,740,200 | )
|                                      |                                       |                                                                     | Proceeds from Mortgage Loans Sold                                                 |   |                | 6,403,506  |                |  |            | 5,487,525  |  
|                                      |                                       |                                                                     | Net Realized Gains on Sales and Calls of Securities                               |   |                |           |                |  |            | (7,720     | )
|                                      |                                       |                                                                     | Deferred Income Tax                                                               |   |                | (33,985    | )              |  |            | (39,036    | )
|                                      |                                       |                                                                     | (Increase) Decrease in Assets:                                                    |   |                |            |                |  |            |            |  
|                                      |                                       |                                                                     | Interest Receivable                                                               |   |                | (101,749   | )              |  |            | (25,498    | )
|                                      |                                       |                                                                     | Other Assets                                                                      |   |                | 61,473     |                |  |            | (119,940   | )
|                                      |                                       |                                                                     | Increase (Decrease) in Liabilities:                                               |   |                |            |                |  |            |            |  
|                                      |                                       |                                                                     | Interest Payable                                                                  |   |                | (39,672    | )              |  |            | (65,847    | )
|                                      |                                       |                                                                     | Other Liabilities                                                                 |   |                | (949,963   | )              |  |            | 3,944,022  |  
|                                      |                                       |                                                                     |                                                                                   |   |                |            |                |  |            |           
|                                      |                                       | Net Cash Provided by (Used for) Operating Activities                |                                                                                   |   | (652,225       | )          |                |  | 3,766,783  |           
|                                      |                                       |                                                                     |                                                                                   |   |                |            |                |  |            |           
|CASH FLOWS FROM INVESTING ACTIVITIES: |                                       |                                                                     |                                                                                   |   |                |            |                | 
|                                      |                                       | Net (Increase) Decrease in Federal Funds Sold                       |                                                                                   |   | (2,443,000     | )          |                |  | (2,136,000 | )         
|                                      |                                       | Purchases of Available-for-Sale Securities                          |                                                                                   |   | (3,509,600     | )          |                |  | (5,633,475 | )         
|                                      |                                       | Proceeds from Maturities and Calls of Available-For-Sale Securities |                                                                                   |   |               |            |                |  | 4,541,397  |           
|                                      |                                       | Principal Payments Received on Mortgage Back Securities             |                                                                                   |   | 631,051        |            |                |  | 233,519    |           
|                                      |                                       | Purchases of Restricted Investments                                 |                                                                                   |   | (3,700         | )          |                |  | (5,800     | )         
|                                      |                                       | Purchases of Premises and Equipment                                 |                                                                                   |   | (48,850        | )          |                |  | (2,911     | )         
|                                      |                                       | Loan Participations Bought                                          |                                                                                   |   | (1,089,995     | )          |                |  |           |           
|                                      |                                       | Loan Participations Sold                                            |                                                                                   |   | 4,350,000      |            |                |  |           |           
|                                      |                                       | Proceeds from Sale of Foreclosed Property                           |                                                                                   |   | 125,000        |            |                |  |           |           
|                                      |                                       | Net Increase in Loans                                               |                                                                                   |   | (7,096,361     | )          |                |  | (584,807   | )         
|                                      |                                       |                                                                     |                                                                                   |   |                |            |                |  |            |           
|                                      |                                       | Net Cash Used for Investing Activities                              |                                                                                   |   | (9,085,455     | )          |                |  | (3,588,077 | )         
|                                      |                                       |                                                                     |                                                                                   |   |                |            |                |  |            |           
|CASH FLOWS FROM FINANCING ACTIVITIES: |                                       |                                                                     |                                                                                   |   |                |            |                | 
|                                      |                                       | Dividends Paid                                                      |                                                                                   |   | (66,200        | )          |                |  | (57,239    | )         
|                                      |                                       | Net Increase in Deposits                                            |                                                                                   |   | 9,802,732      |            |                |  | 536,406    |           
|                                      |                                       |                                                                     |                                                                                   |   |                |            |                |  |            |           
|                                      |                                       | Net Cash Provided by Financing Activities                           |                                                                                   |   | 9,736,532      |            |                |  | 479,167    |           
|                                      |                                       |                                                                     |                                                                                   |   |                |            |                |  |            |           
|                                      |                                       | Increase (Decrease) in Cash and Cash Equivalents                    |                                                                                   |   | (1,148         | )          |                |  | 657,873    |           

(Continued)

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

|                                                 |                   |   |                |   |                |  |           |  | 
|------------------------------------------------ | ----------------- | - | -------------- | - | -------------- |  | --------- |  | 
|                                                 |                   |   | March 31, 2002 |   | March 31, 2001
|                                                 |                   |   |                |   |               
|Increase (Decrease) in Cash and Cash Equivalents |                   |   | (1,148         | ) |                |  | 657,873   | 
|                                                 | (Brought Forward) |   |                |   |                |  |           |  | 
|Cash and Cash Equivalents, Beginning of Year     |                   |   | 6,040,810      |   |                |  | 4,289,021 | 
|                                                 |                   |   |                |   |                |  |           | 
|Cash and Cash Equivalents, End of Period         |                   | $ | 6,039,662      |   |                |  | 4,946,894 | 
|                                                 |                   |   |                |   |                |  |           | 
|SUPPLEMENTAL DISCLOSURES:                        |                   |   |                |   |                |  |           | 
|Cash Paid during the Period for Interest         |                   | $ | 859,689        |   |                |  | 1,453,772 | 
|                                                 |                   |   |                |   |                |  |           | 
|Cash Paid during the Period for Income Taxes     |                   | $ | 183,031        |   |                |  | 126,767   | 
|                                                 |                   |   |                |   |                |  |           | 

See Accompanying Notes and Accountants Review Report

8



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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 three month period ended March 31, 2002 are not necessarily
indicative of the results that may be expected for the year ended December 31,
2002. The significant accounting policies disclosed in the December 31, 2001
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, 2001.

NOTE 2.    FINANCIAL STATEMENT PRESENTATION

Certain amounts in the March 31, 2001 financial statements have been
reclassified to conform to the March 31, 2002 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:

|                                 |  |                            |            |                   |  |            |         |            |  |      |         |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |        |  |  |  |            | 
|-------------------------------- |  | -------------------------- | ---------- | ----------------- |  | ---------- | ------- | ---------- |  | ---- | ------- | --------- |  | ---------- | ---------- | ---------- |  | ----- | ---------- | ----- |  |  | ------- |  |  |  | ------ |  |  |  | ---------- | 
|                                 |  | March 31, 2002 (unaudited) |            | December 31, 2001
|                                 |  |                            |            |                  
|                                 |  |                            |            |                   |  | 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 |  | $                          | 7,287,938  |                   |  |            | 27,700  |            |  |      | 108,467 |           |  |            | 7,207,171  |            |  |       | 5,930,185  |       |  |  | 31,893  |  |  |  | 708    |  |  |  | 5,961,370  | 
|State and Municipal
Governments  |  |                            | 10,742,548 |                   |  |            | 154,722 |            |  |      | 75,911  |           |  |            | 10,821,359 |            |  |       | 9,676,293  |       |  |  | 118,493 |  |  |  | 85,964 |  |  |  | 9,708,822  | 
|Corporate Securities             |  |                            | 522,739    |                   |  |            |        |            |  |      | 6,039   |           |  |            | 516,700    |            |  |       |           |       |  |  |        |  |  |  |       |  |  |  |           | 
|Mortgage-Backed
Securities       |  |                            | 6,224,632  |                   |  |            | 117,312 |            |  |      | 19,623  |           |  |            | 6,322,321  |            |  |       | 6,353,985  |       |  |  | 145,780 |  |  |  | 6,435  |  |  |  | 6,493,330  | 
|                                 |  |                            |            |                   |  |            |         |            |  |      |         |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |        |  |  |  |            | 
|Total Available-for-Sale         |  |                            | 24,777,857 |                   |  |            | 299,734 |            |  |      | 210,040 |           |  |            | 24,867,551 |            |  |       | 21,960,463 |       |  |  | 296,166 |  |  |  | 93,107 |  |  |  | 22,163,522 | 
|                                 |  |                            |            |                   |  |            |         |            |  |      |         |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |        |  |  |  |            | 
|Held-to-Maturity                 |  |                            |            |                   |  |            |         |            |  |      |         |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |        |  |  |  |            | 
|State and Municipal
Governments  |  |                            | 100,376    |                   |  |            | 688     |            |  |      |        |           |  |            | 101,064    |            |  |       | 100,412    |       |  |  | 474     |  |  |  |       |  |  |  | 100,886    | 
|                                 |  |                            |            |                   |  |            |         |            |  |      |         |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |        |  |  |  |            | 
|Total Held-to-Maturity           |  |                            | 100,376    |                   |  |            | 688     |            |  |      |        |           |  |            | 101,064    |            |  |       | 100,412    |       |  |  | 474     |  |  |  |       |  |  |  | 100,886    | 
|                                 |  |                            |            |                   |  |            |         |            |  |      |         |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |        |  |  |  |            | 
|Total Investment
Securities      |  | $                          | 24,878,233 |                   |  |            | 300,422 |            |  |      | 210,040 |           |  |            | 24,968,615 |            |  |       | 22,060,875 |       |  |  | 296,640 |  |  |  | 93,107 |  |  |  | 22,264,408 | 
|                                 |  |                            |            |                   |  |            |         |            |  |      |         |           |  |            |            |            |  |       |            |       |  |  |         |  |  |  |        |  |  |  |            | 

The amortized cost and market value of debt securities at December 31, 2001, 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                   |   | $                |        |                    |  |           |        |       |  |            | 215,000   |  |  |            | 216,526   | 
|                     | After one year through five years  |   |                  |        |                    |  |           |        |       |  |            | 3,322,566 |  |  |            | 3,370,958 | 
|                     | After five years through ten years |   |                  |        |                    |  |           |        |       |  |            | 6,537,906 |  |  |            | 6,541,142 | 
|                     | After ten years                    |   |                  | 100,412 |                    |  |           | 100,886 |       |  |            | 5,531,006 |  |  |            | 5,541,566 | 
|                     | Mortgage-Backed Securities         |   |                  |        |                    |  |           |        |       |  |            | 6,353,985 |  |  |            | 6,493,330 | 
|                     |                                    |   |                  |         |                    |  |           |         |       |  |            |           |  |  |            |          
|                     |                                    | $ | 100,412          |         |                    |  | 100,886   |         |       |  | 21,960,463 |           |  |  | 22,163,522 |          
|                     |                                    |   |                  |         |                    |  |           |         |       |  |            |           |  |  |            |          

Accrued interest on investments at March 31, 2002 and December 31, 2001 was
$296,726 and $190,519 respectively. During the year ended December 31, 2001
and the three months ended March 31, 2002 the bank received $12,207,993 and $0
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 $12,125,126 and $0 resulting in a realized gain of $82,867 and $0
on sales and calls of securities, respectively.

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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:

|                                   |  |                |            |              |  |  |            |  
|---------------------------------- |  | -------------- | ---------- | ------------ |  |  | ---------- | -
|                                   |  | March 31, 2002 |            | December 31,
|                                   |  | (unaudited)    |            | 2001        
|                                   |  |                |            |             
|Commercial                         |  | $              | 48,725,980 |              |  |  | 42,439,024 |  
|Residential Real Estate            |  |                | 9,220,342  |              |  |  | 9,155,830  |  
|Installment                        |  |                | 33,569,627 |              |  |  | 36,107,446 |  
|Consumer                           |  |                | 2,390,705  |              |  |  | 2,354,874  |  
|Other                              |  |                | 120,602    |              |  |  | 127,013    |  
|                                   |  |                |            |              |  |  |            |  
|                                   |  |                | 94,027,256 |              |  |  | 90,184,187 |  
|Allowance for Loan Losses          |  |                | (1,147,761 | )            |  |  | (1,116,566 | )
|Net Deferred Loan Origination Fees |  |                | (129,128   | )            |  |  | (107,310   | )
|                                   |  |                |            |              |  |  |            |  
|                                   |  | $              | 92,750,367 |              |  |  | 88,960,311 |  
|                                   |  |                |            |              |  |  |            |  

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

|                               |  |                |           |              |  |  |           |  
|------------------------------ |  | -------------- | --------- | ------------ |  |  | --------- | -
|                               |  | March 31, 2002 |           | December 31,
|                               |  | (unaudited)    |           | 2001        
|                               |  |                |           |             
|Balance at Beginning of Period |  | $              | 1,116,566 |              |  |  | 996,767   |  
|Provision for Loan Losses      |  |                | 46,300    |              |  |  | 335,426   |  
|Loans Charged Off              |  |                | (29,018   | )            |  |  | (203,061  | )
|Recoveries on Loans            |  |                | 13,913    |              |  |  | (12,566   | )
|                               |  |                |           |              |  |  |           |  
|Balance at End of Period       |  | $              | 1,147,761 |              |  |  | 1,116,566 |  
|                               |  |                |           |              |  |  |           |  

A summary of loans by estimated maturity as of December 31, 2001 is as follows:

|                         |  |   |            | 
|------------------------ |  | - | ---------- | 
|Maturity within one year |  | $ | 38,638,067 | 
|One to five years        |  |   | 48,457,575 | 
|Over five years          |  |   | 3,088,545  | 
|                         |  |   |            | 
|                         |  | $ | 90,184,187 | 
|                         |  |   |            | 

Accrued interest receivable on loans at March 31, 2002 and December 31, 2001
was $413,392 and $417,846, respectively.

At December 31, 2001, the total recorded investment in impaired loans amounted
to $298,959. The amount of the recorded investment in impaired loans for which
there is a related allowance for credit losses at December 31, 2001, is
$185,000. The amount of the recorded investment in impaired loans for which
there is no related allowance for credit loss and is classified as substandard
is $113,959. The amount of accrued interest is recognized prior to principal
for any cash receipts on impaired loans. Interest income in the amount of $0
was recognized for cash receipts during 2001.

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

NOTE 5.    EARNINGS PER SHARE:

|                                                                         |                                         |   |                      |         |                  |  |           |         |             |  |               |     |           |  |           |           |  |  |         |         |  |  |      |      | 
|------------------------------------------------------------------------ | --------------------------------------- | - | -------------------- | ------- | ---------------- |  | --------- | ------- | ----------- |  | ------------- | --- | --------- |  | --------- | --------- |  |  | ------- | ------- |  |  | ---- | ---- | 
|                                                                         |                                         |   | FOR THE PERIOD ENDED
|                                                                         |                                         |   |                     
|                                                                         |                                         |   | March 31, 2002       |         | December 31,    
|                                                                         |                                         |   | (unaudited)          |         | 2001            
|                                                                         |                                         |   |                      |         |                 
|                                                                         |                                         |   | Weighted-Average     |         | Weighted-Average
|                                                                         |                                         |   | Income               |         | Shares           |  | Per-Share |         | Income      |  | Shares        |     | Per-Share
|                                                                         |                                         |   | (Numerator)          |         | (Denominator)    |  | Amount    |         | (Numerator) |  | (Denominator) |     | Amount   
|                                                                         |                                         |   |                      |         |                  |  |           |         |             |  |               |     |          
|Net Income                                                               |                                         | $ | 380,127              |         |                  |  |          |         |             |  |              |     |           |  | 1,098,783 |           |  |  |        |         |  |  |     |     
|Basic EPS                                                                |                                         |   |                      |         |                  |  |           |         |             |  |               |     |           |  |           |           |  |  |         |         |  |  |      |     
|                                                                         | Income Available to
Common Stockholders |   |                      | 380,127 |                  |  |           | 827,500 |             |  |               | .46 |           |  |           | 1,098,783 |  |  |         | 818,657 |  |  |      | 1.34 | 
|Effect of Dilutive Options                                               |                                         |   |                      |         |                  |  |           |         |             |  |               |     |           |  |           |           |  |  |         |         |  |  |      |     
|Stock Options                                                            |                                         |   |                      |         |                  |  |           |         |             |  |               |     |           |  |           |           |  |  |         |         |  |  |      |     
|                                                                         | (using the Treasury Stock
Method)       |   |                      |        |                  |  |           | 53,888  |             |  |               |    |           |  |           |          |  |  |         | 62,731  |  |  |      |     | 
|                                                                         |                                         |   |                      |         |                  |  |           |         |             |  |               |     |           |  |           |           |  |  |         |         |  |  |      |     
|Diluted EPS                                                              |                                         |   |                      |         |                  |  |           |         |             |  |               |     |           |  |           |           |  |  |         |         |  |  |      |     
|Income Available to
Common Stockholders plus
Assumed Exercise of Options |                                         | $ | 380,127              |         |                  |  | 881,388   |         |             |  | .43           |     |           |  | 1,098,783 |           |  |  | 881,388 |         |  |  | 1.25 |     
|                                                                         |                                         |   |                      |         |                  |  |           |         |             |  |               |     |           |  |           |           |  |  |         |         |  |  |      |     

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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 2002. Total assets have grown $9.06 million or 7%
since December 31, 2001.

Loans have increased $3.79 million or 4.26% since December 31, 2001.
Investment securities have increased $2.7 million or 12.15% since
December 31, 2001.

Nonperforming Assets and Risk Elements.The bank had $114,000 in
nonperforming assets at March 31, 2002. Diversification within the
loan portfolio is an important means of reducing inherent lending
risks. At March 31, 2002, 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 impaired loans totaling $299,000. In
reference to the impaired loans, the Bank has related allowance for
credit losses totaling $185,000, leaving a balance classified as
substandard of $114,000. The Bank also currently has $588,000 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 $6.04 million
as of March 31, 2002. In addition, loans and investment securities
repricing or maturing in one year or less exceeded $38 million at
March 31, 2002. The Bank has approximately $7.3 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 $1.2 at March 31, 2002. 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 $14.6 million with $8.3 million having been drawn
as of March 31, 2002. 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.

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Total equity capital of the Company at March 31, 2002 is $11 million
or 7.9% of total assets. The Banks capital position is adequate to
meet the minimum capital requirements as of March 31, 2002 for all
regulatory agencies. The Banks capital ratios as of March 31, 2002
are as follows:

|                 |  |  |       |  
|---------------- |  |  | ----- | -
|Tier 1 capital   |  |  | 7.88  | %
|Tier 2 capital   |  |  | .85   | %
|Total risk-based |  |  | 11.04 | %

Results of Operations

The company had net income of $380,127 during the first quarter of
2002 compared to the net income of $227,851 during the first quarter
of 2001. Net interest income increased $265,000 or 31.4%, and total
non-interest income was up $22,000 or 9.4%.

Interest income and interest expense both decreased from 2001 to
2002 because of the decrease in the prime rate and Fed Fund rate
from March 2001 to March 2002. Our Cost/Yield Spread for the Bank
remains strong at 4.47%, improving over 70 basis points compared to
the first quarter in 2001. The growth in non-interest income for
the period ending March 31, 2002 reflects the increase in deposits
and gains realized on securities and other real estate sold by the
Bank during 2001 and 2002.

The provision for loan losses was $46,000 in the first quarter of
2002 down from the $77,000 in the first quarter in 2001. The
allowance for loan losses of $1,148,000 at March 31, 2002
(approximately 1.2% 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                   
|       
|        |  | 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)                                                                           | 
|        |  |                   |                                                                                        |  |  | 
|        |  |                   |                                                                                        |  |  | 
|        |  |                   |                                                                                        |  |  | 
|5/15/02 |  |                   | /s/   Phillip
R. Carriger                                                              | 
|        |  |                   |                                                                                       
|(Date)  |  |                   | Phillip R.
Carriger, Chairman and Chief Executive Officer(Principal Executive
Officer) | 
|        |  |                   |                                                                                        |  |  | 
|        |  |                   |                                                                                        |  |  | 
|5/15/02 |  |                   | /s/   Michael
Christian                                                                | 
|        |  |                   |                                                                                       
|(Date)  |  |                   | Michael Christian,
President                                                           |