Press release
SOUTHERN CALIFORNIA BANCORP REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2024
San Diego, Calif., July 29, 2024 (GLOBE NEWSWIRE) -- Southern California Bancorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for
About this update from California Bancorp
[{"type":"text","content":"San Diego, Calif., July 29, 2024 (GLOBE NEWSWIRE) -- Southern California Bancorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for Bank of Southern California, N.A. (the “Bank”) announces its consolidated financial results for the second quarter of 2024. The Company reported net income of $190 thousand for the second quarter of 2024, or $0.01 per diluted share, compared to net income of $4.9 million, or $0.26 per diluted share in the first quarter of 2024, and $6.7 million, or $0.36 per diluted share in the second quarter of 2023. “Our second quarter of 2024 financial results were impacted by the sale of other real estate owned (“OREO”) properties that sold for $8.3 million, net of selling costs and taxes, resulting in an additional $4.8 million charge to OREO expense in the second quarter,” said David Rainer, Chairman and CEO of the Company and the Bank. “However, we did see improvement in several important financial metrics during the second quarter, including our net interest margin, which increased to 3.94% from 3.80% in the first quarter, as the yield on total interest-earning assets of 5.97% increased 18 basis points and the yield on average total loans increased by 19 basis points to 6.21%. I’m also pleased to report that in the second quarter our cost of funds increased only modestly by 4 basis points to 2.21%, after increasing by 22 and 33 basis points in the prior two quarters, respectively. “As we announced earlier this month, on July 17, 2024, at their respective shareholder meetings, shareholders of Southern California Bancorp and California BanCorp approved the merger of the two companies, and we expect the transaction to close on July 31, 2024. We are excited about the future and building what we believe will be the premier commercial banking franchise headquartered in the state of California.” Second Quarter 2024 Highlights Net income of $190 thousand, compared with $4.9 million in the prior quarterDiluted earnings per share of $0.01, compared with $0.26 in the prior quarterNet interest margin of 3.94%, compared with 3.80% in the prior quarter; average loan yield of 6.21% compared with 6.02% in the prior quarterReturn on average assets of 0.03%, compared with 0.86% in the prior quarterReturn on average common equity of 0.26%, compared with 6.85% in the prior quarterEfficiency ratio (no...