Press release
Southern California Bancorp Reports Financial Results for the Fourth Quarter and Full Year 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 financial results for the fourth quarter and full year of 2020.\n\nThe comparability of financial information for the fourth quarter and full year of 2020 to 2019 is affected by the Company’s acquisition of CalWest Bancorp (“CalWest”), effective May 29, 2020. Operating results for fourth quarter and full year 2020 include the combined operations of both entities from May 29, 2020.\n\nFull Year and Fourth Quarter 2020 Highlights\n\n\nReorganization of Bank of Southern California into the Company\n\n\nAcquisition of CalWest Bancorp (CalWest)\n\n\nOrigination of $558 million in Paycheck Protection Program (PPP) loans\n\n\nRecord annual revenue of $48.2 million\n\n\nTotal assets increased $749 million from 2019 to $1.6 billion\n\n\nTotal loans increased $557 million from 2019 to $1.2 billion\n\n\nTotal deposits increased $523 million from 2019 to $1.2 billion\n\n\nNoninterest bearing demand deposits were 45% of total deposits at year-end 2020\n\n\nNonperforming assets to total assets of 0.06% at December 31, 2020\n\n\nConsolidation of three branches for increased efficiency\n\n\nCompleted private placement of common stock totaling $42 million\n\n\nCompleted private placement of subordinated debt of $18 million\n\n\nExpanded Executive Management team and Board of Directors\n\n\nContinued status as well-capitalized, the highest regulatory category\n\n\n“2020 was a transformational year for the Bank of Southern California, as we executed on a number of initiatives that positioned us for continued growth in 2021 and beyond,” said Nathan Rogge, President and Chief Executive Officer of Bank of Southern California. “The reorganization of the Bank under a holding company in May allowed us to acquire CalWest, which expanded our footprint into Orange County and added $312 million in assets to our balance sheet. In response to the COVID-19 pandemic, in 2020 we provided more than $558 million in Paycheck Protection Program (PPP) loans to local small businesses to keep their doors open and employees paid, and we continue to offer both first-time and Second Draw PPP loans in 2021. The acquisition of CalWest and participation in PPP grew our total loans in 2020 by $557 mi...