Press release
Southern California Bancorp Announces Results for the Second Quarter 2020
SAN DIEGO--(BUSINESS WIRE)-- Southern California Bancorp (the “Company”) (OTC Pink: BCAL), the holding company for Bank of Southern California, N.A. (the
About this update from California Bancorp
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nSouthern California Bancorp (the “Company”) (OTC Pink: BCAL), the holding company for Bank of Southern California, N.A. (the “Bank”) today reported results for the second quarter ended June 30, 2020.\n\n\nSECOND QUARTER 2020 HIGHLIGHTS\n\n\nThe Company is pleased to announce strong Q2 results, despite very challenging macroeconomic conditions largely due to the COVID-19 pandemic. At the end of May, the all-cash acquisition of CalWest Bancorp (“CalWest”) was completed, adding $221 million in loans, $241 million in deposits, and $312 million in assets. Nathan Rogge, President and CEO, commented, “The acquisition of CalWest was an important step in progressing the Bank towards our goal of becoming the “bank of choice” for Southern California businesses. CalWest customers now have access to additional branch offices, more products and services, and an increased lending capacity.”\n\n\nAs previously announced, the Bank was an active participant in the Paycheck Protection Program (PPP), funding more than 2,600 loans in Q2. Rogge explained, “Given COVID-19’s unprecedented impact on the business community, we felt it was important to support both customers and non-customers by providing PPP Loans to all Southern California businesses. We are proud to report that as of June 30, 2020 we have funded a total of $523 million PPP loans, providing or retaining jobs for over 55,000 employees.”\n\n\nAs a result of the CalWest acquisition and participation in PPP lending, total assets increased 81% Q/Q from $852 million in Q1 2020 to $1.55 billion in Q2 2020. Furthermore, total loans and total deposits increased significantly, and positively impacted earnings. The following summarizes these results:\n\n\n\nTotal loan portfolio increased $668 million, or 98% Q/Q to $1.35 billion\n\n\n$221 million in total loans from CalWest, including $50 million in PPP Loans\n\n\n$473 million in PPP loans, in addition to those acquired from CalWest\n\n\n\n\nTotal deposits increased $468 million, or 68% Q/Q to $1.16 billion\n\n\nCalWest acquired total deposits were $241 million, including $129 million noninterest DDA\n\n\nAside from CalWest deposits, other deposits increased $227 million, including an increase of $165 million in DDA and $59 million in money market, which were largely deposits associated with PPP lending customers\n\n...