Shareholders’ Equity

Common Stock

Initial Public Offering

On August 14, 2018, the Company issued and sold 2,385,000 shares of its common stock at an offering price of $20.00 in an underwritten IPO, for gross proceeds of $47.7 million. The underwriters were granted a 30-day option to purchase up to an additional 357,750 shares of common stock at the IPO price less the underwriting discount. Concurrently with the IPO, the Company’s common stock began trading on the Nasdaq Global Select Market under the symbol “PCB.”

On September 5, 2018, the Company issued an additional 123,234 shares of its common stock upon the exercise by the underwriters of a portion of their 30-day option, for additional gross proceeds of $2.5 million.

Aggregate net proceeds from the IPO were $45.0 million after deducting underwriting discounts, commissions and offering expenses.

Private Placement Memorandum

On August 5, 2016, the Company issued 1,400,300 shares at a share price of $10.91 per share to accredited investors through a private placement memorandum for gross proceeds of $15.3 million (or $15.2 million net of related expenses).

Stock Dividends

On December 21, 2015, the Company announced a 10% stock dividend that is payable on February 22, 2016 to shareholders of record as of the close of trading on January 29, 2016, with cash paid for any fractional shares. As a result of the stock dividend, the Company’s issued and outstanding common shares increased from 9,805,905 common shares to 10,786,496 common shares. In addition, the Company paid $2 thousand for fractional common shares on February 18, 2016.

On December 13, 2016, the Company announced a 10% stock dividend that is payable on January 15, 2017 to shareholders of record as of the close of trading on December 30, 2016, with cash paid for any fractional shares. As a result of the stock dividend, the Company’s issued and outstanding common shares increased from 10,786,496 common shares to 11,865,145 common shares. In addition, the Company paid $2 thousand for fractional common shares on January 12, 2017.

All per share data for all periods presented, including outstanding shares and outstanding stock options, have been retroactively adjusted to reflect the effect of these two stock dividends. These transactions were recorded as of December 31, 2016 and resulted in an increase in common stock and a corresponding decrease of retained earnings in the amount of $12.6 million.

Cash Dividends

The Company declared quarterly cash dividends on its common stock of $0.03 per share for each quarter of 2018 and 2017 and $0.027 per share for each quarter of 2016.

Change in Accumulated Other Comprehensive Loss

Components of accumulated other comprehensive loss consisted solely of the change in unrealized gains or losses on securities available-for-sale, net of taxes. Reclassifications from accumulated other comprehensive loss are recorded in the Consolidated Statements of Income either as a gain or loss. The following table presents changes to accumulated other comprehensive loss for the periods indicated:



	Year Ended December 31,
($ in thousands)	2018			2017			2016
Unrealized loss on securities available-for-sale:
Balance at beginning of year	$	(1,223	)	$	(531	)	$	(396	)
Other comprehensive loss
Unrealized loss arising during the year	(595		)	(778		)	(245		)
Reclassification adjustment from other comprehensive income	—			—			8
Tax effect of current period changes	171			328			102
Total other comprehensive loss	(424		)	(450		)	(135		)
Reclassification of disproportionate tax effect to retained earnings	—			(242		)	—
Balance at end of year	$	(1,647	)	$	(1,223	)	$	(531	)