Press release
Southern California Bancorp Reports Financial Results for the First Quarter of 2021
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 financial results for the first quarter of 2021.\n\nThe comparability of financial information for the first quarter of 2021 to the first quarter of 2020 is affected by the Company’s acquisition of CalWest Bancorp (“CalWest”), effective May 29, 2020. Therefore, operating results for the first quarter of 2021 include the combined operations of both entities.\n\nFirst Quarter 2021 Highlights\n\n\nTotal loans increased to $1.4 billion, up $182.5 million or 14.8% from the previous quarter\n\n\nTotal Paycheck Protection Program (PPP) originations of $229 million, with $118 million in forgiveness processed in the first quarter\n\n\nTotal non-PPP loans increased to $903.6 million, up $76.2 million, or 9.2% from the previous quarter\n\n\nNet interest margin of 3.38%, excluding PPP loans the net interest margin was 3.64%\n\n\nTotal assets increased to $1.7 billion, up $94 million or 6.0% from December 31, 2020\n\n\nTotal deposits increased to $1.5 billion, up $258.6 million or 21.6% from the previous quarter\n\n\nNoninterest bearing demand deposits were 48.4% of total deposits\n\n\nNonperforming assets to total assets of 0.05% at March 31, 2021\n\n\nAnnounced acquisition of Bank of Santa Clarita, which expands footprint into northern Los Angeles County and creates pro forma commercial bank with approximately $2.0 billion in assets\n\n\nAnnounced sale of three branches to align the Bank’s branch footprint to support its commercial banking strategy\n\n\nContinued status as well-capitalized, the highest regulatory capital category\n\n\n“The first quarter of 2021 was a very strong quarter for the Bank’s loan originations, which included $76 million in net organic non-PPP loans and $229 million in PPP fundings,” said Nathan Rogge, President and Chief Executive Officer of Bank of Southern California. “Our non-PPP loan portfolio increased to $904 million, with the $76 million in loan growth fairly evenly divided between commercial and industrial loans, and commercial real estate loans. Our PPP loan portfolio increased to $513 million, up $106 million or 26% from the fourth quarter, as we processed $118 million in PPP loan forgiveness during the first quarter. Deposit g...