Press release
Southern California Bancorp Reports Continued Strong Loan Growth for the First Quarter Of 2022
─ First quarter non-PPP organic loan growth of $165.8 million, up 11.5% from prior quarter SAN DIEGO--(BUSINESS WIRE)-- Southern California Bancorp (“us,”
About this update from California Bancorp
[{"type":"text","content":"\n─ First quarter non-PPP organic loan growth of $165.8 million, up 11.5% from prior quarter\n\n SAN DIEGO--(BUSINESS WIRE)--\nSouthern California Bancorp (“us,” “we,” “our,” or the “Company”) (OTC Pink: BCAL), the holding company for Bank of Southern California, N.A. (the “Bank”) today reported consolidated financial results for the first quarter of 2022.\n\nThe comparability of consolidated financial information for the first quarter of 2022 to the same period of 2021 is affected by the acquisition of Bank of Santa Clarita (“BSCA”) which was completed effective October 1, 2021. Accordingly, BSCA’s operating results are included in the Company’s consolidated financial statements for the periods beginning after October 1, 2021.\n\nFirst Quarter 2022 Highlights\n\n\nTotal organic Non-Paycheck Protection Program loans (“non-PPP”) increased to $1.61 billion, up $165.8 million, or 11.5%, from December 31, 2021\n\n\nTangible book value per common share (\"TBV\") of $11.72 at March 31, 2022, compared with $11.73 at December 31, 2021\n\n\nTotal assets of $2.30 billion, up $38.0 million, or 1.7%, from December 31, 2021\n\n\nTotal deposits of $2.01 billion, up $39.8 million, or 2.0%, from December 31, 2021\n\n\nNoninterest-bearing demand deposits were $1.03 billion, representing 51.3% of total deposits, up from 50.0% at December 31, 2021\n\n\nPaycheck Protection Program (PPP) loan portfolio balance of $15.1 million, down $43.5 million from December 31, 2021\n\n\nNet income of $1.4 million, compared with $3.4 million in the prior quarter\n\n\nNon-PPP loan interest income increased $637,000, or 4.0%, over the prior quarter\n\n\nPre-tax, pre-provision income of $3.8 million, compared with $6.0 million in the prior quarter, as PPP income decreased by $3.5 million from the prior quarter\n\n\nProvision for loan losses of $1.9 million due to strong loan growth, compared to $1.2 million in the prior quarter\n\n\nNet interest margin of 3.40%, compared with 3.74% in the prior quarter; average yield on non-PPP loans of 4.45% compared with 4.58% in the prior quarter\n\n\nCost of deposits was 0.08%, down from 0.09% in the prior quarter\n\n\nNonperforming assets to total assets ratio of 0.09%, compared to 0.04% at December 31, 2021\n\n\nContinued status as “well-capitalized,” the highest regulatory capital category\n\n\n“I am very pleased to report co...