Press release
Southern California Bancorp Reports Continued Strong Loan Growth for the Second Quarter of 2022
─ Second quarter non-PPP organic loan growth of $153.1 million, up 9.5% from prior quarter SAN DIEGO--(BUSINESS WIRE)-- Southern California Bancorp (“us,”
About this update from California Bancorp
[{"type":"text","content":"\n─ Second quarter non-PPP organic loan growth of $153.1 million, up 9.5% 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 announced its consolidated financial results for the second quarter of 2022.\n\nSouthern California Bancorp reported a net loss of $736 thousand for the second quarter of 2022, or $0.04 per diluted share, compared to net income of $1.4 million, or $0.08 per diluted share in the first quarter of 2022. As a result of recent developments, including discussions regarding an anticipated comprehensive settlement relating to a legal matter (the \"Anticipated Litigation Settlement\"), the Company’s second quarter results include an after-tax loss contingency for the Anticipated Litigation Settlement expense of $4.6 million, or $0.25 per diluted share. Excluding this after-tax loss contingency for the Anticipated Litigation Settlement expense and merger related expenses of $383 thousand, the Company would have reported net income (non-GAAP) of $4.2 million, or $0.23 per diluted share, for the second quarter of 2022.\n\nSecond Quarter 2022 Highlights\n\n\nNet loss of $736 thousand, down $2.2 million from the prior quarter\n\n\nAdjusted net income (non-GAAP) of $4.2 million, compared to $1.8 million in the prior quarter\n\n\nNon-Paycheck Protection Program (\"non-PPP\") loan interest income increased $3.3 million, or 19.9%, over the prior quarter\n\n\nPre-tax, pre-provision income (non-GAAP) of $608 thousand, compared to $3.8 million in the prior quarter\n\n\nAdjusted pre-tax, pre-provision income (non-GAAP) of $7.7 million, compared to $4.4 million in the prior quarter\n\n\nProvision for loan losses of $1.7 million due to strong loan growth, compared to $1.9 million in the prior quarter\n\n\nNet interest margin of 3.87%, compared with 3.40% in the prior quarter; average yield on non-PPP loans of 4.70% compared with 4.45% in the prior quarter\n\n\nTotal assets of $2.32 billion, up $21.2 million, or 0.92% from March 31, 2022, and up $59.2 million or 2.6% from December 31, 2021\n\n\nTotal organic non-PPP loans increased to $1.77 billion, up $153.1 million or 9.48% from March 31, 2022, and up $321.8 million or 22.3%, from December 31, 2021\n\n\nPaycheck Prote...